As the decentralised finance and NFT space is booming and bringing more players into the cryptocurrency ecosystem, the demand for cross-chain, multifunctional staking & yield farming initiatives is ever increasing. Umi aims to be a one-stop-shop for all things DeFi & NFT.
What Makes Umi Different?
Umi provides a number of cross-chain services to its users. These include but are not limited to an innovative DeFi Farm - staking NFTs & Tokens for high %APY rewards, an NFT Minting Service, an NFT Marketplace, an NFT Airdrop Tool, a Coin Minting Service & a Coin Airdrop Tool. On top of this the Umi platform is a multichain application that works across different chains, allowing users to pick the blockchain that is most suitable for their personal needs and specifications.
Underlying all of the work done by Umi, is a love of the Arts. Umi has a small but growing number of in-house artists who have a cemented presence in the real-world Bohemian Art scene. Umi aims to merge Art with Finance by creating a platform for artists and cryptocurrency enthusiasts alike to mint, trade and airdrop NFTs to anyone they so wish. The team are actively looking forward to bringing innovative features to NFT lovers, opening doors to all whilst helping to streamline the minting and reward process for artists and collectors, with the use of disruptive DeFi technology. It should be noted that each Umi Art piece entitles the collector to a limited edition physical print, personally signed, version of the artwork. This physical print can be delivered to each art collector, free of charge to anywhere in the world! Bridging the gap between the physical and digital art world whilst adding cryptographic value and utility to NFTs is an important focus of development for the Umi project going forward.
Magical Yield Boosting NFTs!
As previously alluded to, users will be able to stake all Umi NFTs, along with other crypto assets, for rewards, airdrops and limited edition NFTs. Each NFT will have its own magical yield generating powers which when staked with other crypto assets (such as UMI LP tokens, etc) will turbo-charge and boost APY% returns. This includes all Umi x Sora NFTs, PSWAP v UNISWAP NFTs, Crypto Wizards NFTs, and the much-admired Dictator NFTs series.
More Umi Tokens + More Umi NFT’s = More Umi
This means staking multiple NFTs combined with different assets will increase the APY% further and further, compounding infinitely!
For example if a user stakes the following assets:
- UMI
- UMI/ETH Liquidity Pool token
- 2 x Crypto Wizard NFT
- 5 x Dictator NFT
Then the total combined APY% will be 525%, calculated like this:
12%+33%+40%+40%+80%+80%+80%+80%+80% = 525%
Please note staking interest % is compounded automatically in the app. For more information on staking rewards please visit our Medium article explaining all.
So, What's With The Cross-Chain?
Launched in 2020, Umi states their goal is to become a multi-chain decentralised art initiative developed on both the Ethereum & Sora networks. At this time $UMI token can be traded on both Ethereum and Sora blockchains, with plans to launch trading on Binance Smart Chain (BSC) and Matic Network in the coming months. Many users will be familiar with the Ethereum network but what about Sora and their in-house DEX, Polkaswap?
Polkaswap is a blockchain interoperability service provider and lightning fast non-custodial liquidity aggregator; a cross-chain AMM DEX, that was founded in July 2020. The project is hosted on the SORA blockchain. Being an interoperable DEX, it is the perfect place for interoperable tokens such as UMI to trade.
Through the development of smart contract bridge technologies, Polkaswap enables the trading of Ethereum-based tokens and tokens from other blockchains. This trading is done seamlessly, at high speed with low fees, while exchanging assets in a non-custodial manner on the SORA network.
It is also important to note that Polkaswap will operate on a parachain, meaning it will be natively interoperable with the entire Polkadot and Kusama ecosystems, and with the addition of Ethereum bridges Polkaswap will be the first-ever cross-chain, fully decentralized exchange.
What’s Next?
Umi Token’s trading launch will commence simultaneously on Saturday 21st August across both Uniswap & Polkswap exchanges. $UMI is the utility token of the Umi Digital platform, it can be used to pay for service and it can be staked to generate rewards and earn rare NFTs.