Umee's Monthly Newsletter #5
Hey there Umee community,
The month of May has come and gone so quickly, and we hope it has been as good to you as it has been to us!
In the last 30 days, we had the launch of stUMEE, the commencement on the final stages of our bridge migration, and so much more. Here's how the month of May was for Umee.
stUMEE Officially Launched
After months of collaborative development with the Stride team, stUMEE, the liquid staking derivative of UMEE went live on their protocol this month. Check it out here. What's more, stUMEE was listed on the Crescent Network as soon as it launched, and you can swap for it here. Users now get to enjoy their liquidity while staking their UMEE tokens! We can't wait to see what new strategies you come up with!
qATOM Listing
We continue to believe that liquid staking derivatives are the future of liquidity across the Cosmos and the next big narrative of DeFi. Hint hint, we like to call it LSDeFi Summer internally. This is why we were happy to finally list Quicksilver’s qATOM as part of our ever-growing asset pool of over 20 tokens to lend and borrow with! Lend and Borrow your qATOM here.
We Raised the Supply of Popular Assets
stOSMO continues to be a much sought-after LSD on Umee, and it wasn't long before a vote was put forward to increase the supply of its available tokens to 3 million. We're happy to report that it passed, and should be taking effect soon.
It wasn't even 24 hours after officially listing qATOM on our markets before its supply cap was met. It happened almost immediately! We take this as a sign that this particular LSD is popular, and will be raising its supply cap to meet the growing demand.
We're in the Final Stages of Our Bridge Migration
The last stages of our bridge migration to Axelar began this month. It included the shutdown of all transfers to allow for more effective implementation of the change. Soon Axelar will be our main connection to Ethereum. Don't worry if you miss the transfer window. By the end of Q2, we will have a swap function on our website for you to exchange your old ERC20 $UMEE tokens for the new ERC20 $UMEE tokens created through the Axelar bridge.
But Wait, There’s More…
Lastly, we're happy to share new QoL features with you. You can now find assets on the market more easily using the new search feature! That's not all, every time you check out the app, our new Featured Markets feature will let you know what new and popular assets you should look out for. Finally, the new "Read-Only" mode makes it easier to keep tabs on your preferred assets without even connecting your wallet.
We have more neat features planned, as we continue to build out Umee for you and me! Stay tuned for more announcements!
It's mostly been a month of big releases for us, and we're happy to see the interest in Umee is continually being adopted by Cosmos-native protocols and communities. We're on track to becoming the go-to lending and borrowing platform in Cosmos, and we're fortunate to have your dedicated support. We welcome your constant feedback on ways we could improve your DeFi lending experience on our platform, so keep them coming!
Stay in the loop and follow our socials.
Best regards,
The Umee Team.