Announcing the Umee Testnet on #WaveDay!

We are preparing for a testnet launch which will include opportunities for Community Development, Bug Bounties, Testnet Participation, and Ecosystem Engagement.

Umee is planning the next generation of cross chain DeFi tools. Be on the lookout as the team is preparing for a testnet release on August 20th. This first iteration of Umee will allow multiple features to be used between the Cosmos and Ethereum blockchains.

This version of the testnet will include a working implementation of the Gravity Bridge for bridging assets between the Cosmos and Ethereum ecosystem, along with an IBC compatible Umee network. We will also have a pooled borrowing and lending protocol on the Ethereum side that will allow the ability to leverage Cosmos based assets to be used for borrowing and lending.

As AMM Dex’s are starting to gain traction in the Cosmos ecosystem, we see a plethora of use cases emerge for interchain leverage. We will allow users to leverage assets from the Cosmos ecosystem towards borrowing assets on other blockchains such as Ethereum.

• Be on the lookout for opportunities to join our Umee testnet programs. As the network expands, we will provide ecosystem incentive programs for more folks to become part of the #Umeeverse.
• We will be creating bug bounty programs to further investigate the platform and provide feedback and input on how to improve the overall cross chain defi protocol.
• We are also looking forward to folks testing out the functionalities. To better align with the broader open source ecosystem of users, we will be creating network incentives for all of the initial users.

IBC assets will be able to be used for borrowing and lending activities!