Umee’s DeFi Hub integrates Chainlink’s oracles – Crypto Economy

Just a few days after collecting 32 million dollars in a token sale, the decentralized platform Umee announced the integration with Chainlink.

With this development, Chainlink is now the official oracle of Umee. According to the publication of official blog, by integrating with price feeds, Umee intends to provide its users with pricing data from Cosmos’s native token, ATOM, to help ensure that DeFi functions are executed in accordance with aggregated and premium market data.

Umee-Chainlink

For the uninitiated, Umee describes itself as a decentralized cross-chain financial center [DeFi]. Basically, it connects to the broader Cosmos ecosystem and Web 3.0 with the help of the estándar Inter-Blockchain Communication (IBC). This facilitates liquidity and functionality through Cosmos SDK DeFi to flow from various other chains through Umee and sets the stage for numerous use cases for decentralized applications [DApps].

Umee revealed to have weighed other blockchain oracle solutions before settling on Chainlink, citing as potential advantages: high quality data, secure node operators, decentralized network, transparency and economy of scale. The goal of the platform is to connect the $ 100 billion of value built on the Cosmos blockchain with the rest of the decentralized financial space.

Following the development, Brent Xu, founder and CEO of Umee, stated,

“Chainlink is the most reliable price oracle provider in the cryptocurrency space. With Umee’s vision to be a base layer cross-chain DeFi hub, we hope to have full-scale integration with Chainlink to allow us to connect multiple blockchains, and the ATOM Price Feed integration is just the first step on our roadmap. »

Umee secures $ 32 million in public sale

Umee collection

The latest announcement of Chainlink integration comes after Umee token sale will conclude with a record $ 32 million gross. According to reports, more than 922K CoinList accounts had signed up for options 1 and 2 of the UMM token sale, making it the highest in terms of a token sale on its platform. The insured fund is reportedly the fifth largest of its kind on CoinList for the entire year. Other notable public sales rounds include – BitDAO [BIT] with $ 430 million, GuildFi [GF] which raised more than $ 139 million.

In June 2021, Umee had raised $ 6.3 million in a private funding round in which Polychain Capital, Alameda Research, Coinbase, CMS Holdings, etc. participated.

The funds raised in the last event will be deployed to encourage development and engineering teams. Also, Umee has other releases in the coming days. The first is the beta web app of the platform. The following is the red principal, which is scheduled to go into operation in mid-February this year.

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Umee’s DeFi Hub integrates Chainlink’s oracles – Crypto Economy

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