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Home»ADOPTION NEWS»Osmosis and UX Chain propose merger within the Cosmos ecosystem
ADOPTION NEWS

Osmosis and UX Chain propose merger within the Cosmos ecosystem

By Crypto FlexsDecember 4, 20233 Mins Read
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Osmosis and UX Chain propose merger within the Cosmos ecosystem
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osmosis Osmo

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UX Chain (formerly), Cosmos’ largest decentralized exchange and lending protocol Umee) proposed a merger, heralding a large-scale integration of the Cosmos ecosystem. If approved, the merger could integrate the lending logic and algorithms of Osmosis’ DEX and UX chains and create a comprehensive DeFi hub.

The proposal, a joint effort by contributors from Osmosis and UX Chain, details the strategic plan for the proposed merger. This process unfolds in stages, starting with integrating UX Chain’s codebase into Osmosis Chain. This integration aims to integrate the functionality of both platforms. Expected outcomes of this initial phase include blending the total value of shared shares locked across both networks. During this initial phase, both chains will continue to trade their respective tokens, Osmosis tokens and UX tokens, distinctly.

Afterwards, steps related to combining the two tokens are likely to occur, including potential token swaps or migrations. According to the proposal, this step will create a unified token representing both networks. Token swap configuration is determined by community governance.

“Each chain will have a governance vote that is separate from each blockchain network,” said Brent Xu, co-founder of UX Chain. “Community governance will manage each network’s processes separately to achieve consensus on the end goal of creating a DeFi hub. “It will,” he said. Block at the door.

Umee and Osmosis proposed functional integration.

This proposed merger also allows UX Chain to add value to Osmosis’ mesh security (the network’s capacity to secure other blockchain projects) by leveraging the combined expertise of both networks or merging the validator sets of both networks. Our goal is to make it happen. UX Chain and Osmosis can leverage each other to explore the potential to develop advanced clearing, native margin trading, and MEV markets.

“This proposal to merge the Umee UX DeFi experience into the Osmosis chain will provide truly powerful new capabilities for our users. We are excited to continue our collaboration with UX Chain as the community determines it is best.” Osmosis co -founder Sunny Aggarwal said:

The development teams of both projects have previously secured significant funding. UX Chain raised $32 million through its CoinList coin offering in 2021, prior to a $6.3 million seed round led by Polychain Capital. That same year, Osmosis secured $21 million in a token sale round, with Paradigm leading the investment.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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