The first native oracle for IBC coins, Orion, has just been launched, according to the Layer-1 blockchain project Umee (UMEE), founded on Cosmos. Oracle data came from centralized and decentralized exchanges, and Umee’s distributed validator set funded the project.
What is Umee?
Umee is a blockchain-agnostic DeFi platform that connects blockchains. Other developers can use the platform to create application-layer agreements on top of the Umee public ledger. It uses the Tendermint PoS consensus and can communicate with other blockchains such as Ethereum, Cosmos, layer-2 solutions, etc. To connect other DeFi applications, Umee is technically constructed on top of the Cosmos SDK and Ethereum Virtual Machine (EVM). Umee employs the Cosmos protocol’s IBC (Inter-Blockchain Communication) to create cross-chain compatibility. It will serve as a platform for developers and users to take advantage of liquidity and cross-chain compatibility.
What is the Umee token utility?
The UMEE token’s primary purpose is to power the PoS general agreement of the Umee blockchain while also enabling the community to use and regulate Umee and the apps built on top.
- · Validator Infrastructure
Tokens are linked to validators who stake to give the network Proof of Stake consensus. An inclusive ecosystem of participants and infrastructure providers produces validators, and users can also assign tokens to validators to participate in the fundamental consensus mechanism.
- · Network Fees & PoS Consensus
Validator infrastructure providers will earn network fees in the form of UMEE tokens. Validators receive UMEE as block rewards, comparable to how trading fees are handled in native blockchain procedures.
- · Protocol Governance
When staked, the UMEE token can be used to vote on procedure parameters and upgrades that will improve the capabilities of the blockchain framework. The UMEE token will also regulate the DeFi parameters of top-level applications, community donations, and future development.
Is this project a good investment?
On the one hand, while Umee would seem to be a potentially useful framework, it is still in its early stages, so it is not possible to predict how well it will entice users. You also need to be reminded that we are currently in a crypto bear market, so whether UMEE can return to previous levels is something we may not know for a while. On the other, Umee, as a relatively new blockchain platform, has the potential to challenge other public blockchain platforms.
Umee’s success will be enormous if they are capable of attracting individuals who are willing to build. As of July 2022, the Umee token has a market cap of about $31 million. Before investing in the project, remember to conduct your own research, as this is not financial advice.
How can I invest in the Umee token?
To find Umee token you can search for Umee on CoinMarketCap. You can find a list of exchanges where you can buy the token and the money you can use. You may see the abbreviation for Umee, UMEE, under “Pairs”. Also You can find the best pairs on OKX, FTX, Gate.io, and MEXC-global.