DEX Osmosis And Lending Protocol UX Chain Propose A “Merger”

Osmosis, the leading decentralized exchange on Cosmos, and lending protocol UX Chain are proposing to merge with each other, with the goal of becoming a full-blown DeFi project.

Dex Osmosis And Lending Protocol Ux Chain Propose A “merger”_65b97d715aff5.webp

According to a proposal dated December 4, DEX Osmosis and lending protocol UX Chain (formerly Umee) are negotiating a merger to take advantage of the strengths of both. This plan will bring the two platforms into a common ecosystem within Cosmos.

If the proposal is accepted, the process will begin by integrating the UX Chain source code into Osmosis, after which the total value locked (TVL) of both will be combined. In the early stages, each platform still uses its own token.

dex osmosis and lending protocol ux chain propose a merger 65b97d715db69

TVL of Osmosis

Once the merger is stable, the project can deploy a bridge to swap between the two tokens, creating one token that represents both platforms.

Brent Xu, co-founder of UX Chain, told:

“Each network will have a separate governance vote. Community governance will manage separate processes for each network to achieve consensus around the ultimate goal of creating a DeFi hub.”

Sunny Aggarwal, co-founder of Osmosis, shared about the collaboration:

“This proposal to merge the Umee UX DeFi experience into Osmosis will bring some really powerful new features and functionality to our users – and we are excited to continue our partnership with UX Chain from community decisions.”

Both projects received significant funding from development groups. UX Chain raised $32 million in a CoinList offering and $6.3 million in a seed round, led by Polychain Capital. Osmosis also raised $21 million in a token sale round, led by Paradigm.

Related: KyberSwap Hackers Start Laundering Money Through Tornado Cash

DEX Osmosis experienced an outage for several hours last week. Although operating quite discreetly and without many outstanding developments, Osmosis faced a technical vulnerability in June 2022, making it possible for the protocol to be exploited and mint tokens in large numbers.

5.0/5

(100 votes)

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

Bingx Announces Listing Of Swarm Markets (smt)

Altcoin | Editor Choice

BingX Announces Listing of Swarm Markets (SMT)

BingX exchange announces the listing of Swarm Markets (SMT) - a DeFi platform licensed by the Germany's Federal Financial Supervisory Authority (BaFin).

Azcnews Nigeria Confirm

News | Editor Choice | Policy & Regulations

Central Bank of Nigeria Confirms Not Blocking Crypto Users

The Central Bank of Nigeria (CBN) has officially confirmed reports of their freezing of user accounts on platforms such as Bybit, OKX, Kucoin, and Binance as fraudulent.

Azcnews President Joe Biden Proposes Highest Tax Rate In History

News | Editor Choice | Policy & Regulations

President Joe Biden Proposes Highest Tax Rate in History

US President Joe Biden has just proposed increasing capital gains tax to 44.6%, marking the highest federal capital tax rate ever.

Bitcoin Dip 64500

News | Bitcoin | Editor Choice

Bitcoin Dips to $64,500, Yet Scarcity Remains High

Despite Bitcoin dipping slightly to $64,500 currently, most experts believe that prices will soon enter a bullish cycle.

What Is Gas Fee

Blockchain | Editor Choice | Research

What is Gas Fee? A Guide to Optimizing Gas Fees Effectively

In any blockchain environment, Gas fees play a crucial and nearly irreplaceable role. So, what is Gas fee? How can you optimize Gas fees? Let's find out!