General FAQ
What is Umee?
Umee is a cross chain DeFi hub that interconnects between blockchains.
As a base layer blockchain, applications and money lego primitives can be built on top of Umee to access cross chain leverage and liquidity. The Umee Blockchain facilitates interoperability between the Cosmos ecosystem, Ethereum network, side chain architectures, layer two scaling solutions, and alternative base layer protocols. As a Cosmos SDK blockchain, Umee is interoperable with blockchains including Terra, Crypto.com, Binance Chain, Osmosis, Secret Network, and 30+ other chains, plus Ethereum, from Day 1.
The native UMEE token is a Proof of Stake asset that can exist as a Cosmos SDK token and an ERC20 token on Ethereum.
Why was Umee created?
Umee was created to address three main issues that exist in DeFi:
- Detached Yields
- Concentrated Systematic Risks
- Isolated Capital
Umee plans to break the inherent silos between blockchains by utilizing bridging solutions towards interconnecting blockchains and encouraging better capital efficiency. The eventual goals will be to enable interchain lending and borrowing, multi-chain staking and delegations, plus cross chain defi rates.
What does the name “Umee” mean?
The name Umee was inspired by the Japanese word “Umi”, which translates to ocean. We use this water analogy to refer to the vision that transactions can happen without being restricted to specific systems; i.e. money can flow freely like water across different blockchains.
How can I get involved?
Umee releases new community programs and events on an ongoing basis to gather the community for fun events, new product testing, or to simply crowdsource wisdom on various topics. Join the discussion on Discord and follow Umee on Twitter to learn more. All of Umee’s official links can be found here.
UMEE Token FAQ
Where can I purchase the UMEE token?
The UMEE token is currently AVAILABLE for purchase. The Coinlist public sale has ended, and the TGE occured on February 15th, 2022. More information about where UMEE can be purchase can be found here.
Has UMEE been issued?
The UMEE token has been issued. The token was issued to Coinlist buyers during the TGE that occured on February 15th, 2022. You are now able to purchase UMEE on available markets.
What is the UMEE token used for?
UMEE tokens are used to pay for network fees on the Umee blockchain, to provide Proof of Stake consensus to the Umee network, and for protocol governance. You can read more about UMEE token uses in Umee’s documentation
What is the total UMEE token supply?
10 billion. You can learn more about the inflation and deflation mechanisms in place here
What is the initial distribution and release schedule of the UMEE token?
Details about Umee’s token distribution and release schedule can be found here
What is the blockchain configuration of the UMEE token?
The UMEE token will exist in both ERC20 and Cosmos SDK format. If users want to convert from one blockchain to another, all they need to do is to go to the Umee Application page and use the convert function through Umee’s gravity bridge; such transactions will take sub minutes. Find more details here
I have another question that’s not answered here.
Take a look at the official documentation - if you can’t find the answer to your question here, share it with us in the #support-chat on Discord or in the Umee Telegram.