Umee

Cosmos SDK

Overview

Umee is a Cosmos SDK-based cross-chain DeFi network focused on borrowing, lending, and staking. More specifically, by using Umee’s version of the Gravity bridge Ether holders can lend their ETH, for example, and borrow ATOMs against it.

Staking Information

APY
~52%
Compounding
Manual
Reward Distribution Period
Every block (~6 seconds)
Unbonding Period
14 Days
Inflation
7-14% depending on staking rate
Figment Validator Address
umee1hjct6q7npsspsg3dgvzk3sdf89spmlpf63n3dv
Recommended Wallet
Keplr

Slashing Information

Double Signing
5%
Downtime
0.01%

Staking Guide

See Staking Guide here
Umee is a Cosmos SDK-based cross-chain DeFi network focused on borrowing, lending, and staking. More specifically, by using Umee’s version of the Gravity bridge Ether holders can lend their ETH, for example, and borrow ATOMs against it.
In the near term, users will also be able to stake their tokens (ETH or ATOM, for example) and borrow against the staked position for maximum capital efficiency.

Need $UMEE? Head over to Osmosis:

If you are in need of the cosmos-based $UMEE token, simply head over to Osmosis where you can swap into $UMEE tokens.
Once you swap into $UMEE on Osmosis, head down to the “Assets” section. Here within the “Assets” section, you are able to withdraw the $UMEE to your Keplr wallet. Click “Withdraw” and then the $UMEE will appear in your Keplr wallet.

Ready to Stake? Here’s what you need to know:

Key Staking Considerations:

  • Staked tokens are non-transferable
  • There is a 14-day unbonding period for all staked UMEE tokens
  • There is an ERC20 version of the Umee token - this cannot be staked, the Cosmos-based, or native, token is the only version which can be staked
  • You need an Umee blockchain compatible wallet (Keplr)

Staking: Step by step

Once you have $UMEE tokens in your Keplr wallet, you are ready to begin staking. To begin the process, sign in to your Keplr wallet and go to the dashboard (https://wallet.keplr.app/#/dashboard)
Once you have $UMEE in your wallet ready, find Umee on the list on the left and select “Stake
Select the Figment validator from the list and click “Manage” when you are ready to begin the staking process.
Enter the amount of $UMEE you wish to stake, click “Delegate” and “Approve” the transaction.
As a reminder, be sure to leave a small amount of $UMEE in your balance for staking and unstaking fees.
Once the transaction goes through, congratulations! You successfully staked $UMEE to Figment’s validator.
To claim your $UMEE rewards, simply come back to the Umee section of the Keplr wallet and click the “Claim Reward” button in the top right corner.
In case you missed it, check out our article on Umee titled “Why Stake when you can Stake and Borrow?” to learn more about Umee.
Please reach out to [email protected] if you plan to stake more than 1 Million USD in UMEE tokens.

Governance Overview

The staked UMEE token, can be used to vote on protocol proposals and upgrades for improving functionality of the blockchain infrastructure. It is important to note that UMEE has both a Cosmos SDK native token as well as a ERC-20 (Ethereum) token. Only the Cosmos SDK native UMEE token when staked can be used for governance participation. Proposals can be found here.

Ecosystem Overview

Given Umee’s age (launched February 2022) and the fact that it provides cross chain borrowing, lending and staking there is not much of an ecosystem yet (i.e., apps or protocols built on top of it). Currently Umee offers cross chain borrowing and lending and is set to offer cross chain staking (i.e., the ability to borrow against a staked position) later this year. Umee offers lots of possibilities; external groups building on Umee may come in the future.
Umee FAQs
What is Umee?
Umee is a Cosmos SDK-based cross-chain DeFi network focused on borrowing, lending, and staking. More specifically, by using Umee’s version of the Gravity bridge Ether holders can lend their ETH, for example, and borrow ATOMs against it.
What is protocol staking?
On a Proof of Stake blockchain, protocol staking is the act of depositing tokens in order to become a validator; that is, to participate in proposing and attesting to transaction blocks. Anyone with a minimum necessary coin balance can validate transactions and earn staking rewards on these blockchains.
What is the name of the asset being staked?
The native token on Umee is called UMEE. Umee has also an ERC-20 token to be used across the Ethereum ecosystem. The UMEE ERC-20 can’t be used for staking purposes nor to participate in the protocol governance or pay for the gas fees in the network.
What is the native UMEE token used for?
The staked UMEE token can be used to participate in governance proposals, to pay the gas fees for transactions on the Umee Blockchain as well as rewards validators
Where can I explore the network and create a Umee wallet?
Explorer: https://www.mintscan.io/umee Wallet: Keplr
How long does it take to stake and unstake?
From the moment you initiate the unbonding process, it takes 14 days to unstake. During this time, you will not earn rewards. When the process is complete, you can transfer/trade your UME tokens.
Will I keep receiving rewards after I unbond?​
No. Once you unbond you stop receiving rewards.
Which type(s) and what rate of rewards can I expect?
You should expect approx. 52% APY.
How is staking income disbursed and when does reward get distributed?
Staking rewards get automatically distributed every block (approx. 6 seconds). Figment is never in control of your rewards. There’s no auto compounding feature in Umee therefore staking income remains liquid and is not staked automatically.
Is staking income liquid or automatically staked?
There’s no auto compounding feature in Umee therefore staking income remains liquid and is not staked automatically.
Can I lose potential staking rewards?
Your potential rewards depend upon validator performance. When your validator is down, you will not be earning staking income.
Can my staked UMEE be slashed (seized or destroyed)?
Yes. Umee penalizes both double-signing and downtime: Downtime: if a validator misses more than 95% of the last 10,000 blocks (roughly ~19 hours) both validators and delegators would be slashed by 0.01% of their stakes. Double-signing: Validators sign two blocks at the same height. Once detected and reported, the protocol will slash all stakes by 5% and permanently remove the validator from the active set.
What is the total supply of the UMEE token?
The total uncapped supply of UMEE tokens of 10 billion.
What is the rate of new issuance (aka "annual inflation") for UMEE? How does the token supply change? Umee has a dynamic inflation and deflation mechanism in place.
INFLATION: Umee’s inflation is dynamic and dependent on the staking participation rate when the network meets the targeted staking rate the inflation rate remains constant when the network has more than the targeted staking rate, the inflation rate decreases until reaching the floor inflation rate (7%) when the network has fewer tokens staked, the inflation rate will increase until reaching the ceiling inflation rate (14%)
DEFLATION: Via governance-determined mechanisms the community can make decisions regarding buybacks and burns of UMEE tokens. Do I maintain custody of my UMEE tokens? Who or what controls my staked UMEE token? Yes. Figment is non-custodial, which means we are never in control of your staking income and staked asset. Figment has partnerships with a number of top-in-class custodians: For inquiries, please contact [email protected]
How are decisions about Umee made and executed?
Only the native UMEE token, not the ERC-20, gives voting rights. Proposals are generally discussed on Umee’s Discord channel. UMEE token holders must use the Keplr dashboard to browse proposals and participate in voting.
Website
Discord
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