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Highlights
- Umee (UMEE) is primarily a cross-chain decentralised platform that looks to increase communication between different blockchain networks.
- Built by a team of blockchain infrastructure engineers, software architects, Defi strategists etc., it aims to target three core areas related to detached yields, systematic risks, and lack of capital.
- On 16 February, the UMEE token was trading at US$ $0.255205 with a volume of US$2,797,122 over a day. UMEE over the past 24 hours has been down by 1.91%.
Umee (UMEE) is primarily a cross-chain decentralised platform that looks to increase communication between different blockchain networks. Built by a team of blockchain infrastructure engineers, software architects, Defi strategists etc., it aims to target three core areas related to detached yields, systematic risks, and lack of capital.
Implementing the Tendermint Proof-of-Stake consensus can seamlessly operate between multiple blockchains such as Ethereum and other Layer-2 solutions, etc. Founded by Brent Xu, Umee protocol in June last year had raised US$ 6.3 Million during a seed round which was led by Polychain along with the likes of Coinbase, Tendermint, Alameda Research.
The UMEE token witnessed a significant rally on 16 February as it was up by 24% over a day, according to CoinGecko.
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Why is UMEE trending?
UMEE token has been rallying for a couple of reasons now. One of the reasons for its rally is the news of its new MainNet wallet getting live on its platform. The MainNet launch is expected to be the first step in UMEE’s expanding scaling and interoperability on the Defi platform.
The UMEE users will now lend or borrow assets from different networks on the Umee platform. Besides, it will also widen the leverage opportunity while having access to liquidity and diversified sources of yield.
Another reason for its rally is its Gate.io listing. Although Gate.io listed the Umee token on 15 February, it will start trading only on 16 February in the trading pairs of $UMEE/$USDT from 02:00 AM (UTC). The initial launch price on the Gate.io platform is likely to be at US$0.1, with a start-up supply of 400,000 UMEE coins.
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How is Umee token faring?
On 16 February, the UMEE token was trading at US$ $0.255205 with a volume of US$2,797,122 over a day. Though UMEE had seen an impressive rally post the developments, it seems to have pulled back a bit, and at the time of drafting, the UMEE token was down by 1.91%. However, from the volume perspective, it did manage to see a bit of rally of over 18%. The UMEE token comes in with a live market cap of US$2,552,047,171 with 10,000,000,000 coins in total supply.
The MainNet launch is a significant development because the Umee ecosystem aims to provide freedom to its user’s seamless movement across blockchain networks in a truly decentralised manner. Besides, the Gate.io listing could perhaps garner more participation in its ecosystem, seeing renewed interest in the asset.
