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One example would be UMEE and Nolus, both L1 in cosmos ecosystem that focus on borrowing/lending protocol. They both have their own token if you want to stake and participate in governance. But you can use both protocols without needing the token (just a bit for gas token). UMEE is an overcollaterized protocol, so a borrower can use $1k in asset to borrow $800. While Nolus has a different approach, you can borrow up to 150% your asset. $1k of assets can be used to borrow $1.5k. Both have their own liquidation process and interest rate. Depending on the user, they will use whichever protocol fits their needs. Maybe in the future, a new chain that incorporates both methods will take all the users and these two protocol end up shutting down.
That’s sorta the point of cosmos, anyone can use their tech (cosmos sdk) and build their own chain for free. The idea is having sovereignty over their own project but also being application specific. Looking at NFTs as an example, it led to high gas fees/congestion on eth and Sol for popular mints. Same with ordinals on BTC. Instead of having one L1 with numerous dApps, cosmos ecosystem has specific L1s with specific purpose including Stargaze (L1 specifically suited for NFT projects and NFT related tools). Stride (now utilizing atom replicated security) and quicksilver originally were L1 designed to focus on liquid staking services in the cosmos. You have a couple projects competing with each other for dex/trading/borrowing/lending in the ecosystem (osmosis/UMEE/Nolus/Comdex). The best user experience and innovations will end up with most of the users and liquidity in those specific areas.
Godspeed with that one. I was super into Juno and a few other Cosmos coins that I'm just not sure will survive winter and see ATH again. Down to just ATOM, OSMO, and UMEE at the moment. Kinda feel like I need to pick up some Gelotto again lately though as a flyer.
You’re very welcome. I’ve been into DeFi for about a year now so I know how hard it can be to get an idea for exactly a “reasonable” staking APY is coming with a real world background where banks feel threatened about exchanges offering 2% on stablecoins. I’m not gonna say to buy anything, but from my experience in DeFi the staking rewards on Cosmos seem to be fairly representative of the range of “hardly even worth it”, to the edge of what I’d even consider touching as far as staking rewards goes. I looked for a current list but couldn’t find anything in a couple mins so I’ll just look at my wallet and list 10 of those for you so you can get an idea: ATOM: 21.96% OSMO: 20.87% CRO: 12.95% JUNO: 31.57% UMEE: 17.05% EVMOS: 82.33% SCRT: 24.24% AKT: 10.53% KAVA: 15.78% INJ: 16.62% Anything in the 3 digits as far as simple staking I consider highly risky. Sometimes you’ll get that high and have it not be sketchy if you get into an LP with fixed rewards early and you’re splitting rewards with like 5 other people before other people come in and the % drops a couple hours later, but also a project listing % returns in days and not annually, that’s a bit of a red flag too. Don’t give up though, when you find a good DeFi platform it’s fantastic, I’d definitely just have a separate exploratory wallet you only keep like $20 in for that, and make sure you manually disconnect from dapps regularly.
Lots of IBC (coins that can swap networks ATOM) with good returns.EVMOS 10% SCRT 9% UMEE 10% to name a few
Off the top of my head, DIA and band are probably the other big oracle projects. I know UMEE is creating their own oracle which will be used in the cosmos. Tokenomic wise, I think 60% is held by the team and other 40% was sold in ICO. More competition and only half the supply circulating, doesn’t sound like the greatest bet. I haven’t read their recent roadmap but past discussion revolves around lack of token utility. Unless your running a node, but I think staking might help.
Specially in cosmos ecosystem, band protocol and UMEE is creating one for cosmos defi.
Understand Tendermint IBC, download Keplr and use it. It is a great ecosystem with some brilliant devs constantly building on it. The ATOM token will also likely become deflationary following a tokenomics upgrade in the coming weeks/months. Plus interchain security means its valset will be used to secure other chains, so stakers of ATOM will receive constant airdrops of other tokens leveraging the security of ATOM. I would also look at JUNO and EVMOS if you want to gain exposure to the Cosmos ecosystem. HUAHUA too: it seems like a meme coin but it has massive utility since it uses Tendermint consensus (same as Cosmos), is IBC enabled, fast & cheap, has a strong valset, active governance and a super low market cap, smart contracts were also just enabled and the first dapps are being deployed while inflation is rapidly reducing A large chunk of supply is also being burnt every day and a long-term fee burn mechanism is being implement. Remember to stake any cosmos coins you buy, you will gain access to lots of airdrops (provided you meet minimum staking requirements) and by compounding frequently, you will keep building your stacks. UMEE is also a great IBC chain which is very young and yet to enable its core feature. Get in early. Enjoy!
I've used both Dot and Cosmos networks. Cosmos wins at the moment. Hands down. The best Dot Dapp is PolkaSocial and only because of the quality not by adoption(probably dead now). Cosmos has better DEXs with Superfluid staking (earn two rewards at the same time) liquid staking (No lockup time) and the smoothest, nicest UI/UX in crypto. They have useful products such as a privacy browser(Decentr), DVPN(Sentinel), the best auditing service in crypto (Certik), NFT markets (Stars, OmniFlix) Lending and borrowing (Kava, UMEE, soon Crescent), Social media similar to PolkaSocial(Like, Desmos), business solutions and synthetic trading(Comdex, Lum), and Ethereum, Bitcoin bridges that are smooth, fast, and cheap. The airdrops are unique to Cosmos. No other project in crypto pays stakers as much as this ecosystem. I've received over 30K in airdrops within the last year, most from less than a few hundred dollars in ATOM. Cosmos embraces decentralization by distributing large allocations of a projects supply to holders. Just this month I've received over $5k in airdrops. Here's a list of upcoming airdrops: Signal (SGNL) Cronus Finance (CRN Obscure Finance JACKAL DAO (JKL) Owlies Game Hub (GAME) Exswap Bitsong CoolCat (CCAT) Universe DAO Cosmon Diffusion Finance (DIFF) Passage3d (PASG) Hansum (HANSUM) Decentr Quicksilver Protoco Senate (SPQR) OmniFlix (FLIX Craft Economy (CRAFT) Orbem Wars (NFT) Andromaverse Bostrom (BOOT) (a.k.a. CyberGift) As it stands, Cosmos is the winner in my opinion. It's smoother, nicer, and more rewarding for supporters. That's not to say Gavin won't pull ahead in the future. He's brilliant and I would never count anything he works on out. I also believe there's a future for both Cosmos and Polkadot.
tldr; Umee was founded by Brent Xu in April 2021 to bring cross-chain DeFi use cases to the Cosmos and Ethereum ecosystems. The native UMEE token is a Proof of Stake asset that can exist as a Cosmos SDK token and as an ERC20 token on Ethereum. The Umee blockchain includes a working implementation of the Gravity Bridge for bridging assets between Cosmos and the Ethereum ecosystem. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
What do you guys think about UMEE? I got some for using their testnet
Had me until he started talking about UMEE . That project is on my scam radar!