The upgrade follows the successful launch of Umee’s institutional lending DAO UDX and contributes to its vision for onboarding the $200 trillion global debt markets on the blockchain
NEW YORK--(BUSINESS WIRE)--Umee, a blockchain enabling seamless cross-chain borrowing and lending of digital assets, announced the mainnet upgrade of its native borrowing and lending module to support all Cosmos IBC assets. Umee is now the first Inter-Blockchain Communication (IBC)-compatible lending-specific blockchain, interoperable with Ethereum and the entire Cosmos ecosystem.
Enhancing interoperability through IBC across blockchains in the Cosmos ecosystem and further integrating with Ethereum unlocks fragmented liquidity and DeFi users across various protocols. This facilitates the lending and borrowing of IBC assets, enables significantly faster and more cost-efficient transactions, and lays the foundation for enterprise scale debt-trading applications.
“An Umee-native product suite for seamless lending and borrowing across chains is the next step in building a unified ecosystem and freeing the current pockets of locked capital to find their most valuable uses,” said Brent Xu, founder and CEO of Umee. “We will soon add additional cross chain DeFi functionality to deliver unprecedented debt market functionality across a variety of interconnected blockchains, ultimately facilitating a vibrant web3 debt market.”
This upgrade is a significant step towards onboarding global bond markets on-chain and follows Umee’s recent launch of UDX, its institutional lending DAO that offers a suite of tools - including a DeFi native yield curve and Loan Specific Blockchains - designed to enable quantitatively derived DeFi interest rates. Collectively, UDX and the upgraded mainnet make Umee the only borrowing and lending blockchain with the requisite scalability, interoperability, and debt primitives capable of hosting enterprise-scale blockchain bond markets.
Umee is a permissionless, autonomous rate algorithm built as a blockchain that is pioneering the next generation of the global open financial markets. As a base layer blockchain, applications and money lego primitives can be built on top of Umee to access cross chain leverage, liquidity and debt instruments. To learn more, visit umee.cc.