Friends, we regularly inform you that UMI cryptocurrency never stops to develop. Today’s news is the most dramatic confirmation of this statement.
🔥 UMI cryptocurrency has successfully entered the Decentralized Finance market — DeFi!
Our partners from ISP Club have tokenized UMI cryptocurrency and added it to the most popular decentralized crypto exchange Uniswap with operations based on the Ethereum blockchain.
What is tokenized UMI? What is decentralized exchange? Why do we need this? Read on to find out. 👇
Tokenization is the today’s trend in the cryptocurrency industry. It helps cryptocurrency based on one blockchain exist in another blockchain (it means a tokenized coin can also be used for transfers in other cryptocurrency networks).
For instance, BTC successfully operates within the Ethereum blockchain as the WBTC token.
ISP Club Team:
⚡️ Tokenized UMI cryptocurrency within the Ethereum blockchain (thus having created WUMI in equivalent to WBTC);
⚡️ Also added a trading pair with the USDT stablecoin on the most popular decentralized crypto exchange Uniswap —
⚡️ In future, ISP Club will tokenize UMI on other popular blockchains: Binance Smart Chain, TRON and Solana.
How and why can you obtain tokenized coins?
⚡️ ISP Club Team has created the Umiswap fast buy/sell service (not to be confused with Uniswap) — https://umiswap.online/. Here, users can exchange conventional UMI coins for tokenized UMIs on other blockchains (initially, you can exchange coins for tokenized UMIs on the Ethereum blockchain). The service is currently out of operation, but will soon be launched.
⚡️You can also buy tokenized UMIs for USDT on the Uniswap exchange: https://v2.info.uniswap.org/token/0x46943113ae84e732bb510b5f7686d8b76ff56774
You can use tokenized UMIs as you see fit. You can make transfers, use coins within the DeFi ecosystem and trade them for USDT at Uniswap. Users can already launch DeFi Staking and will soon be able to launch Yield Farming of tokenized UMI.
What does it mean for UMI and network users?
✅ It means we can use DeFi Staking and Farming of UMI. Even now anyone can add WUMI to the liquidity pool at the Uniswap decentralized exchange and thus launch DeFi Staking — it’s when you enable use of your coins for trading and are paid a fee collected from traders for running trading transactions. The fee amounts to 0.3% and is distributed among liquidity providers in proportion to their input. Moreover, in future ISP Club will enable us to engage in profitable Yield Farming of WUMI — when liquidity providers will be awarded with both a fee and an additional reward in the form of tokenized UMI.
✅ Opportunity to buy/sell UMI for the most popular stablecoin USDT, with its price directly pegged to the US dollar. For instance, if you want to buy UMI for USDT, you can easily do so: buy WUMI for USDT at Uniswap, then exchange WUMI for UMI at the Umiswap service. You can also sell UMI for USDT the same way, in reverse order.
✅ Expansion into new markets. Decentralized Finance is the key trend on the cryptocurrency market in 2020–2021, and UMI follows this trend. Our cryptocurrency can now be used in any app of the DeFi ecosystem. We’d like to stress that the DeFi sector is already worth $136 bln in cryptocurrency while the trading volume has reached $163 bln in April.
✅ Coverage of a huge audience. Expansion to the DeFi market will present UMI as a promising cryptocurrency to an enormous number of crypto enthusiasts who might start using it. It means millions of new potential users.
✅ More opportunities for the UMI community. The DeFi sector opens up new horizons and UMI use cases on the cryptocurrency market. If you need to use UMI on the Ethereum, Binance Smart Chain and other blockchains, you will now be able to do it.
🔥 The cryptocurrency market is now estimated at over $2 trln, and UMI is now closer to each user in the industry. It’s another step on the path to large-scale acceptance of UMI all over the world. It’s just great.👍
We’d like to express our deep gratitude to our partners from ISP Club for their great contribution to developing the UMI cryptocurrency. It’s an important thing to do, a stepping stone to the future. We’re really proud of our collaboration and appreciate your work and high professionalism as you did all this on your own, from scratch. Expansion to the DeFi market means that millions of new users from all over the world can find out about UMI and it’s largely your achievement.
We’d like to remind you that ISP Club is our strategic, powerful IT partner that is also developing some other products, including UMI cards. We’re always happy to support them as we work together towards a common goal of making UMI as easy-to-use and efficient as possible for users from all over the world. ISP Club and the UMI Team together bring the decentralization ideology to the masses, and today’s news is one of the most important steps on the path to achieving all our goals. That’s just the beginning. ISP Club, you’re awesome!
Sincerely yours, UMI Team!
P. S. Expansion to the DeFi market is a nice supplement to the existing UMI functionality. Meanwhile, UMI blockchain as well as staking smart contract continue to operate as usual. You can still use UMI blockchain for free and instant transfers of cryptocurrency to anywhere in the world as well as for staking at the rate of up to 40% a month. Users who are not interested in DeFi will notice no changes (except new prospects). All others will have more opportunities as to how they can use UMI.
P. S. S. Here are all links as a reminder:
– Buy/sell tokenized UMI (WUMI) for USDT and launch DeFi Staking at the Uniswap exchange:
– Exchange UMI coins for tokenized WUMI and vice versa at the Umiswap service: https://umiswap.online/
– In the near future we will also publish a detailed guideline on buying/selling tokenized coins and using them in DeFi.