Cosmos-based networks Umee and Osmosis to merge, creating ‘DeFi Hub’
Through a software upgrade, Umee UX Chain code will be implemented on Osmosis, combining the two networks.
Cosmos-based networks Umee and Osmosis will merge via a software upgrade, according to a Dec.
Umee is a decentralized lending protocol that runs on its own dedicated Cosmos chain called “UX Chain.” Osmosis, on the other hand, is one of the largest decentralized exchanges (DEXs) in the Cosmos ecosystem, which also runs on its own dedicated network. It has over $23 billion in cumulative volume and is the fourth largest Cosmos chain in terms of total value locked (TVL), according to DeFiLlama.
According to the announcement, the development teams behind the protocols agreed to combine the two networks, allowing the lending app and DEX to exist on the same chain.
“The combined architecture of both chain functionality will open up the door for flash loans and new forms of MEV on the same DeFi Hub,” said Osmosis co-founder Sunny Agarwal, adding “we originally thought of flashmint via protorev for multiple types of cross chain arb, and realize[d] a lending protocol on the same chain would further optimize this vision.”
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The announcement did not state a specific date for the merger.
