The sale of Umee tokens on CoinList has broken the record of user interest on the platform and has concluded with almost $ 32 million raised.
CoinList reported that more than 922,000 CoinList accounts had signed up for options 1 and 2 of the UMME token sale, which is the highest number ever for a token sale on the platform. In the end, around 63,000 accounts contributed.
In a Medium post from the Umee team on Thursday, it is stated that The funds will be used to expand the development and engineering teams. The platform’s beta web application will be launched “in the next few days” and the main network is scheduled to go online in mid-February.
The $ 32 million fundraiser is reportedly the fifth-highest public fundraiser on CoinList for the entire year.. This also places it among the top rounds of public token sales this year, alongside BitDAO (BIT), which raised more than $ 430 million, GuildFi (GF), which raised more than $ 139 million, and others.
It adds to the USD 6.3 million that Umee raised in June in its first round of private financing led by Polychain Capital, Alameda Research, Coinbase, CMS Holdings and others.
Umee is a decentralized platform that enables cross-chain leverage trading and yield staking. Its website claims it can help users “discover new performance opportunities and explore DeFi applications that cross networks seamlessly and without trust.”
It is led by Brent Xu, a contributor to Ethereum and Cosmos, who considers DeFi to be “the most innovative concept in the crypto space.” The team wants to expand on the ideas and technology used by Tendermint in Cosmos, which allow separate-layered blockchains to be interoperable.
According to Xu, Umee uses the Inter-Blockchain Communication protocol of the Cosmos ecosystem so that the assets of the blockchains based on Ethereum Virtual Machine can be used interoperably in other blockchain layer one networks in DeFi applications.. It is a similar design to Cosmos, but Umee focuses on cross-chain interest rates, multi-chain staking and inter-chain leverage.
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