Osmosis, the largest decentralized exchange in the Cosmos ecosystem, proposes to merge with the lending protocol UX Chain.
The plan, jointly developed by Osmosis and UX Chain developers formerly known as Umee, includes details about the combination of the two platforms.
The combination of Osmosis’s decentralized exchange and the algorithms used by UX Chain for credit transactions, and strengths of both platforms is planned to be used.
In the plan, which will proceed gradually, UX Chain’s code will first be transferred to Osmosis. Meanwhile, mixing of assets held on platforms can only be Osmosis and UX’s tokens continue to be traded separately is being evaluated.
In the following stages, these tokens Merging and becoming a single token it’s going to be possible.
Both projects in the Cosmos (ATOM) ecosystem have received significant investments in the past. UX Chain received a seed investment of $6.3 million from a group led by Polychain Capital, and later made an offering of $32 million in 2021. Osmosis also raised $21 million by selling tokens the same year.
The merger of the projects creates a new era in the Cosmos and ATOM ecosystem. The birth of the DeFi hub can provide.
Sunny Aggarwal, co-founder of Osmosis “The proposal to combine the Umee UX DeFi experience with the Osmosis chain could introduce very powerful new features to our users, and we are excited to continue collaborating with UX Chain in whatever direction the community decides.” said.