Hey Umee Community,
We hope this email finds you well as we begin a new month here at Umee. For us, March has been fantastic, and we’re delighted to be sharing some of its most memorable parts with you in this newsletter. We listed a few more chains and got to +$9M in Total Liquidity supplied, and so much more.
Here’s a quick rundown of this month’s key moments:
With the passing of governance props 56-58, we were happy to be the first cosmos lending protocol to list both $MATIC and $AXL. We were also able to add $DOT to our ever-growing library of collateral assets. Additionally, we’re the ONLY cosmos lending protocol to have these assets listed all together!
We are excited to have reached a combined total of +$9M in supplied funding, once again, all without ANY liquidity mining incentives. We’re also up to +$2M supplied so far for our users. This growth is phenomenal, and we have our wonderful community to thank for making it happen.
V4.2 Upgrade: IBC Rate Limiting and Minimum Gas Prices
We rolled out the v4.2 update with these two features, added specifically to bring an additional layer of security protection and to combat spam transactions and dusting attacks which could be extremely harmful to our platform if left unchecked.
IBC rate limiting caps the possible losses of any malicious exploits or hacks. It provides users with the last resort under a security breach with a capped maximum loss while providing institutional traders with the liquidity to make interchain transactions.
The minimum gas price is a setting that ensures that all transactions have a minimum fee attached to them. This both filters out spam transactions and makes it too expensive for bad actors to run dusting attacks. With these two implementations, we continue to put our users’ experience, privacy, and security first.
In response to the growing demands of our users, we raised the deposit cap of $stATOM from 35k to 150k - and were immediately surprised by how quickly deposits filled up. We might have to raise it again before long!
We Celebrated Our Second Anniversary
Finally, this month was the anniversary of when we first started this journey with Umee. It is a time of reflection on how far we’ve come, and a time of celebration, which we enjoyed with our community.
In the face of an ongoing banking crisis, our CEO, Brent Xu took the time to reassure the wider crypto community, spreading even more awareness about DeFi as the future of banking on CoinDesk TV.
Of course, we join him in continuing to bring you the best possible DeFi lending and borrowing experience on the cosmos ecosystem with Umee. We always welcome your feedback, and encourage you to not hesitate to reach out with any questions or suggestions.
You can find us here.
The Umee Team