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What is Umee
What is UMEE?
Umee is a cross-chain DeFi hub and a universal, permissionless platform meant to serve all types of users and projects throughout their DeFi journeys. Umee provides users with the ability to easily lend and borrow across different blockchains. As a base layer DeFi protocol, Umee will provide the necessary infrastructure for users and builders to access cross-chain leverage and liquidity.
$UMEE is the Umee blockchain’s native token. The main purpose of the $UMEE token is to power the PoS consensus of the Umee blockchain while allowing the community to use and govern Umee and the applications built on top.
There is a total supply of 10 billion $UMEE, uncapped, with an inflation and deflation mechanism in place to align the UMEE token distribution with long-term Umee supporters over time.
The $UMEE will exist in both ERC20 and Cosmos SDK format. If users want to convert from one blockchain to another, all they need to do is to go to the Umee Application page and use the convert function through Umee’s gravity bridge; such transactions will take sub minutes.
Cosmos is a decentralized network of independent, parallel blockchains that can scale and interoperate with each other. The Cosmos network is powered by a decentralized network of validators that run the Cosmos software and maintain the integrity of the network by reaching a consensus on the order and validity of transactions.
One of the main goals of Cosmos is to enable the interoperability of different blockchains, which means allowing them to exchange information and assets with each other.
In addition to these features, the Cosmos network also includes a number of tools and technologies designed to make it easier for developers to build and deploy decentralized applications (dApps) on the platform.