Umee and Osmosis ecosystems will merge with a software update based on Cosmos. According to the announcement made on December 4th, the integration of Umee’s UX Chain code into the Osmosis ecosystem will allow the combination of the two networks’ features and enable development teams to create a DeFi Hub for the Cosmos ecosystem.
Umee stands out as a decentralized credit protocol that operates on its unique Cosmos ecosystem UX Chain, while Osmosis serves its users with its own decentralized exchange (DEX) as one of the largest in the Cosmos ecosystem.
According to DeFiLlama, a blockchain analysis firm, Osmosis ranks as the fourth largest Cosmos chain in terms of Total Value Locked (TVL), with over 23 billion dollars in accumulated volume.
According to the announcement made on December 4th, the development teams behind the protocols have agreed to merge the two networks to ensure the coexistence of the lending application and the DEX on the same chain.
With this step, the teams will offer advanced features that were previously unavailable to users. These features include spot margin trading, shorting, liquidations, stablecoin pools, cross-chain instant loans, MEV markets, and other services. A specific date for the merger has not been mentioned, but officials have urged users to stay alert for further updates. Regarding Umee’s UX Token, CEO Brent Xu stated that a proposal will be made to discuss and decide how the community’s UX token should be managed, ensuring that it remains in circulation.