Subsequent to the Umee Mainnet Launch in February 2022, the Umee core team has successfully shipped several major protocol upgrades to onboard the most innovative features for cross-chain lending. So far, we have successfully built
- The first Cosmos native leverage blockchain
- Umee gravity bridge that connects with Ethereum
- The first smart oracle, Historacle, for crypto
- IBC rate limiting
Moving forward, the network will showcase a series of enhanced functionalities and additional use cases, all aimed at improving the cross-chain DeFi experience. These advancements will be delivered through three distinct phases: Marina, Hali, and Yara.
- Leverage our foundational price feeds to expand the range of DeFi products, incorporating safety parameters via the IBC rate limiting module.
- Establish a robust smart contract framework to facilitate the seamless onboarding of dApps onto the Umee blockchain.
- Optimize Umee's infrastructure to minimize validator operational costs and overhead, thereby enhancing overall efficiency.
- Provide community incentives to foster the growth and expansion of the Umee ecosystem.
- Expansion of leverage offerings to accommodate diverse use cases and markets, with a portfolio of over 20 tokens available for lending and borrowing.
- Introduction of an improved Liquidation Protocol to ensure the stability of the loan stack, implementing incremental position liquidation (approximately 5%) for effective loan rebalancing.
- Enhancement of governance features to address emergency scenarios and establish robust response mechanisms.
- Development of a cross-chain interface prototype with the Ethereum ecosystem, enabling seamless interoperability and broader accessibility for Umee.
- Implementation of new tokenomics to optimize the crypto-economics of the entire Umee network.
- Introduction of Outpost and Virtual Liquidity mechanisms to showcase the extended functionality of DeFi money legos, allowing users to effortlessly create a wide range of financial products using Umee technology.
- Integration of superior interest rate algorithms to enhance the lending experience, accompanied by innovative fixed duration lending tools for the development of a native cryptocurrency yield curve. This shift ensures a departure from opportunistic capital practices, instilling confidence in market-driven rates.
- Pursuit of a multi-chain vision to integrate the broader crypto ecosystem into the IBC network, expanding Umee's presence across various chains.
- Expansion of product development to onboard the global bond markets into the realm of DeFi. With an estimated $200T in the global debt market, Umee aims to capture significant potential while only scratching the surface.