The cross-chain DeFi hub's Umee token sale on Coinlist has broken the record for user interest on the platform and concluded with nearly $ 32 million raised.
Currency 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 recorded for a token sale on the platform. In the end, they contributed around 63,000 accounts.
TO Medium The Umee team's post yesterday indicated that the funds will be used to expand development and engineering teams. The Beta web application for the platform is scheduled to launch "in the next few days" and the mainnet is scheduled to ship in mid-February.
The $ 32 million increase is reported to be the fifth-largest public increase on Coinlist for the entire year. This also places it among this year's top public token sale rounds with BitDAO (BIT), which high more than $ 43 million, GuildFi (GF) that high more than $ 139 million, and others.
It is in addition to the $ 6.3 million that Umee raised in June in its first round of private financing led by Polychain, Alameda Research, Coinbase, CMS Holdings and others.
Umee is a decentralized platform that enables cross-chain leverage trading and performance sharing. Its website claims it can help users "discover new performance opportunities and explore DeFi applications that cross networks seamlessly and without trust."
It is run by Brent Xu, a taxpayer to Ethereum (ETH) and Cosmos (ATOM), which sees decentralized finance (DeFi) as "the most innovative concept in crypto". The team wants to expand on the ideas and technology used by Tendermint in Cosmos that enable layer one blockchains to become interoperable.
Related: DAO Treasuries Increased 40-fold in 2021: DeepDAO
According to Xu, Umee applications the Inter-Blockchain Communication (IBC) protocol of the Cosmos ecosystem so that Ethereum Virtual Machine (EVM) -based blockchain assets can be used interoperably in others layer one blockchain networks in DeFi applications. This is a similar design to Cosmos, but Umee focuses on cross-chain interest rates, multi-chain bets, and cross-chain leverage.
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