Composable Finance Has Collaborated With UMEE
Composable Finance is proud to announce a collaboration with UMEE, an IBC-enabled chain built on Cosmos, to introduce the leading lending market to Picasso, further demonstrating our vision for ecosystem-agnostic functionality across DeFi.
A partnership that pioneers cross-chain interoperability
Composable Finance collaboration with UMEE ushers in a leading lending market on Cosmos to Picasso through the Centauri bridge. Together, we will enable a new era of cross-ecosystem communication between Cosmos and Kusama by demonstrating the significant value of moving assets across chains and pioneering the use-cases of cross-chain function calls. For example, users will be able to borrow on Angular — Picasso’s lending protocol, against collateral held on UMEE, thereby allowing DeFi users to discover and utilize new yield opportunities that have not been possible before. The connection pioneers the infrastructure that both UMEE and Composable are building, bringing significant value to users as both liquidity and functionality will now be able to move seamlessly through Cosmos and Picasso, and by extension the broader Dotsama ecosystem.
Composable Finance is passionate about addressing the critical state of siloed blockchains and splintered liquidity across DeFi. Hence, connecting these two robust networks is a huge boost in furthering cross-chain interoperability as the bridge between both networks will significantly expand resources available to developers wishing to build interoperable dApps, increasing their use cases and creating new opportunities.
Through cutting-edge research and an unwavering commitment to inter-blockchain communication, Composable Finance continues to push the boundaries of DeFi beyond its currently explored zones. We are indeed excited for the future as we believe our collaborative efforts with UMEE will translate to significant growth and further help us achieve our vision for the future of cross-chain interoperability.
About Centauri
Composable Finance announced the release of Centauri — the first-ever bridge between the Cosmos and Kusama ecosystems. The Centauri bridge links the Inter-Blockchain Communication Protocol (IBC) with our Kusama parachain — Picasso. This connection grants users on the Cosmos Network an entry point to the Dotsama ecosystem and vice versa.
As the first-ever bridge between these two ecosystems, Centauri is a significant infrastructure milestone for shaping the interoperable future of DeFi, and we are indeed proud to be championing that. This bridge further demonstrates our drive and commitment to delivering innovative solutions that propel DeFi towards absolute blockchain agnosticism, in line with our ethos of interoperability as a continuum for the entire DeFi industry.
About UMEE
UMEE is the simplest way to kickstart a user’s DeFi experience for staking, rates, and interoperable solutions on Cosmos and Ethereum. As a decentralized infrastructure for cross-chain communication built on Cosmos, UMEE facilitates the seamless movement of lending and borrowing positions by leveraging the IBC protocol.
UMEE specializes in allowing staked assets from Proof-of-Stake (POS) chains to be used as collateral for borrowing across different blockchains, thus unlocking new levels of capital efficiency throughout the Cosmos ecosystem. With UMEE already connected to the Ethereum network leveraging the Gravity Bridge, this integration with Centauri further expands cross-chain communication across DeFi.
➡️Source:
https://medium.com/composable-finance/composable-x-umee-41eccb219c88
