Hey Crypto Buddies!
Being official ambassadors of Umee we report to you a very important news that may prove to be crucial for this DeFi.
A few days ago this Tweet from the official Twitter account of the same project announced:
Looks like you guys caught wind of our plans to join the ATOM economic zone!
We appreciate Thyborg for considering Umee a prime DeFi money market candidate and look forward to joining this collective to further support the growth of the Cosmos Ecosystem together!
Shortly before the Twitter Thread from the same Thyborg (Cosmos Lead at Informal Systems - Advisor at Axelar Network and Curator-in-chief of the Interchain Reports):
The ATOM economic zone has a smart-contract platform, a liquid staking provider and hopefully soon enough a cutting-edge DEX.
Still missing a key DeFi primitive: a money-market.
To remedy that, Umee is joining the list of potential new consumer chain candidates.
Should be noted that the onboarding is contingent on a number of things, including support & approval by the Umee community and the Cosmos Hub community.
That said, there's a number of reasons why Umee is a great candidate:
Using Timewave's smart-contracts on Neutron, the Cosmos Hub could may lend some of the liquidity currently sitting idle in its community pool.
Umee is a great partner for Stride and Duality Labs
With Duality's hybrid stable pools, Umee will be able to process Stride's assets liquidations with much lower slippage and safely go for more capital-efficient risk parameters.
At Informalinc we're also spec-ing some unique features enabled by replicated security.
Some of these features would greatly benefit a lending & borrowing protocol like Umee.
A good example of that is atomic IBC, which discussed by JTremback here:
Atomic IBC would enable flash loans for the first time in Cosmos.
Flash loans allows users to borrow a specific amount without the need for collateral, as long as the loan is repaid within the same transaction.
Although they are responsible for an impressive number of hacks on Ethereum, AEZ flash loans would also empower any user (i.e, not just whales) to execute useful (and often very profitable) transactions that improve the health of all the markets in AEZ.
On a separate note, as the number of consumer chains increase, so does the cost of validation. In order to protect small validators, several solutions are being discussed.
If you don't know Umee and you like DeFi we highly recommend you check it out, in our opinion it has a huge potential, if you already know it we are very curious about your opinion about it!
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