Cross-chain decentralized finance (DeFi) hub Umee’s token sale on CoinList has broken the record for user interest on the platform and concluded with nearly $32 million raised.
CoinList reported that more than 922,000 CoinList accounts had registered 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.
A Medium post from the Umee team on Thursday stated that funds will be used to expand the development and engineering teams. The beta web app for the platform is set to launch “in the coming days,” and the mainnet is scheduled to go live by mid-February.
The $32 million raise is reportedly the fifth-largest public raise on CoinList all year. This also puts it among the top public token sale rounds this year with BitDAO (BIT), which raised over $430 million, GuildFi (GF), which raised over $139 million, and others.
It adds to the $6.3 million Umee raised in June in its first private funding round led by Polychain Capital, Alameda Research, Coinbase, CMS Holdings and others.
Umee is a decentralized platform that allows cross-chain leverage trading and yield staking. Its website claims it can help users “discover new yield opportunities and explore DeFi applications intersecting networks in a seamless and trustless manner.”
It is led by Brent Xu, a contributor to Ethereum and Cosmos, who sees DeFi as “the most innovative concept in crypto.” The team wishes to expand on ideas and technology used by Tendermint on Cosmos that allow separate layer-one blockchains to become interoperable.
Xu told Cointelegraph that while the project ostensibly aims to "help users leverage assets on a blockchain to borrow assets across other chains," Umee's broader goal is to "fix the $200 trillion debt markets and introduce the concept of time-value of money to become the LIBOR of crypto."
The London Inter-Bank Offered Rate (LIBOR) is an average interest rate from London's leading banks.
According to Xu, Umee uses the Inter-Blockchain Communication protocol from the Cosmos ecosystem so that assets from Ethereum Virtual Machine-based blockchains can be used interoperably on other layer-one blockchain networks in DeFi apps. This is a similar design to Cosmos, but Umee focuses on cross-chain interest rates, multichain staking and interchain leverage.