Umee, a cross-chain DeFi hub, raises $32 million through a Coinlist token sale.
Umee, the Cosmos-inspired DeFi platform, achieved a Coinlist public sale record with over one million unique applications and 63,000 total donors.
Umee, a cross-chain DeFi hub, held a token sale on Coinlist that shattered the platform’s record for user interest, raising approximately $32 million.
Coinlist said that more than 922,000 Coinlist accounts have registered for choices 1 and 2 of the UMME token sale, the most ever for a token sale on the site. In the end, around 63,000 accounts donated.
According to a Medium post from the Umee team yesterday, funding will be utilised to increase the development and engineering teams.
The platform’s Beta web app will be available “in the next days,” and the mainnet will be available by mid-February.
The $32 million offer is the sixth highest public raise on Coinlist this year, according to reports. This also places it among the top public token sale rounds this year, including BitDAO (BIT), which raised more than $43 million, GuildFi (GF), which raised more than $139 million, and others.
It adds to the $6.3 million in private capital Umee received in June from Polychain, Alameda Research, Coinbase, CMS Holdings, and others.
Umee is a decentralized platform that allows for cross-chain leverage trading as well as yield staking.
According to its website, it can assist customers in discovering new yield opportunities and exploring DeFi apps overlapping networks in a smooth and trustless way.
It is led by Brent Xu, an Ethereum (ETH) and Cosmos (ATOM) contributor who considers decentralized finance (DeFi) to be “the most revolutionary notion in crypto.” The team wants to build on the ideas and technology pioneered by Tendermint on Cosmos to make disparate layer-one blockchains compatible.
According to Xu, Umee employs the Cosmos ecosystem’s Inter-Blockchain Communication (IBC) protocol to allow assets from Ethereum Virtual Machine (EVM)-based blockchains to be utilised interoperably on other layer-one blockchain networks in DeFi applications. This is a system similar to Cosmos, except Umee concentrates on cross-chain interest rates, multi-chain staking, and interchain transactions.