May 9, 2023

Umee's Monthly Newsletter

April has been good to us, coming with new assets listed, increased funding, the continuation of our bridge migration, and more!
By Daniel

Umee’s Achievements in the month of April 2023

Hey Umee Community,

We've come to the end of another fantastic month, and we hope this update finds you well.

April has been good to us, coming with new assets listed, increased funding, the continuation of our bridge migration, and more. In this newsletter, we'd like to give you a brief rundown of our most memorable moments.

We Listed 5 New Assets

Through our community participation efforts, we were able to list 5 new assets with the passing of governance props 68 and 73. Our library of collateral assets now expands to include:

  • stkATOM
  • AKT
  • LUNA
  • JUNO

We reached +$12M in Total Liquidity

We may have ended March with a total of $9M in liquidity, but April has been the month where we've experienced the fastest growth in funding YET. We went from $10M supplied all the way to $12M!! We're also proudly standing at a total of $3M borrowed as of the time of publishing this newsletter! We're extremely grateful for such strong support!

We Raised Interest Rates and Supply Caps for ATOM and $OSMO

Two of the most actively lent and borrowed assets on our portfolio are $ATOM and $OSMO. Such enthusiasm for activity prompted the community demand for raised supply caps, which we implemented at 500K and 2M respectively. OSMO's liquid staking derivative stOSMO had its maximum supply raised to $1M, while both of these assets had their interest rates increased as well.

Our Bridge Migration Continues

We remain dedicated to providing our users with the best inter-chain experience in the cosmos. This month, we continued with the second phase of our Gravity Bridge Shutdown as we migrate to Axelar, our new bridge connection to Ethereum.

More Good News

Finally, in partnership with liquid staking protocol Stride, we're happy to announce that the onboarding of stUMEE has begun! Users will soon be able to enjoy more liquidity for their staked assets while also maximizing their earning potential!

The crypto sphere is on an upward growth trajectory, and as our CEO, Brent Xu explains to Coindesk, most platforms are looking to long-term investment, including Umee. We're quickly becoming one of the fastest-growing lending and borrowing protocols in the cosmos ecosystem, and it is your continued support that keeps us rising. Don't hesitate to reach out to us with any questions or suggestions.

Find us here.

Best regards,

The Umee Team


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