Umeeverse Party: Umee’s Incentivized Web App Testnet

Kenny Najarro
UX Old Blog
Published in
4 min readFeb 7, 2022

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Welcome to the Umeeverse Party! As Umee approaches mainnet launch, we invite you to dive into Umee’s incentivized testnet and help us improve security and UX before mainnet launch. Join the festivities by learning to use Umee’s cross-chain lending and borrowing functions while having the opportunity to earn some UMEE tokens!

How It Works

Umeeverse Party-goers are encouraged to contribute the highest total value locked (TVL) of assets onto Umee.

Total value locked (TVL) is the overall value of crypto assets deposited in a DeFi protocol. This can be achieved by strategically depositing and borrowing various testnet tokens while maintaining healthy collateralization ratios to prevent liquidation. The Umee core team will be taking snapshots randomly to check individual TVL contributions. These snapshots will be used to determine token reward allocations later on.

The Umeeverse Party will be held on our current testnet, connected to Ethereum’s Goerli Testnet and the Umee Testnet.

New to DeFi? Late to the party? No worries! The Umeeverse Party will also be selecting some lucky participants to receive token drops. Get ready to experience cross chain DeFi while earning some UMEE token rewards ;)

What’s Needed to Participate?

How to Participate

  1. Make sure you have both an Umee blockchain compatible wallet and an Ethereum wallet set up;
  2. Follow this step-by-step guide to connect to the web app, fund your wallets with testnet tokens, and start using Umee’s bridging, lending, and borrowing features to start adding to Umee’s TVL!

Guides

Follow the guides in the order presented to learn how to use the Umee testnet web app!

Getting Started

Funding Your Wallets With Testnet Tokens

Transferring & Bridging Testnet ATOM

Lending & Borrowing on the Testnet Web App

Helpful Tips

  • Accumulating TVL through one wallet works better than using multiple wallets.
  • In this testnet all lending and borrowing will take place on Ethereum — if you’d like to supply ATOM you will need to transfer it from Cosmos to Umee and then bridge it from Umee to Ethereum.
  • There are multiple faucets within the testnet web app to claim testnet tokens; each faucet can be used once a day, and not all faucets release the same amount of tokens!
  • Participants can use their deposits as collateral to borrow in order to further increase their TVL contribution while simultaneously managing their risk.
  • If you are technical, build a liquidation bot and earn more tokens from liquidating under-collateralized positions.
  • Pay attention to changes in interest rates and atom price to maintain a healthy LTV ratio and avoid getting liquidated!
  • Use this block explorer to check on the status or your transactions from your testnet Cosmos wallet address;
  • Use this block explorer to check on the status or your transactions from your testnet Umee wallet address.

UMEE token rewards will be distributed to select Umee wallet addresses that contributed to the TVL at TGE. Rewards will be distributed in the form of native UMEE tokens. Learn how you can use your native UMEE tokens after TGE here.

Found a Bug?

If you encounter a bug while using the testnet web app, please use this form to report it so the Umee team can squash it.

Questions?

For general questions about Umee or the UMEE token, please take a look at Umee’s documentation and/or the #faq channel on the Umee Discord.

If you have questions regarding the Umeeverse Party please refer to the “Using The Testnet Web App’’ guide in documentation and make sure you are following the steps in the order they are presented. If you cannot find the answer to your question in the guide, share it in the General channel in the Umee Discord.

If you have any suggestions to improve the web app, please share them in the #suggestions channel on the Umee Discord.

Learn More

Terms & Conditions

The Umee team will take into account all network events and activities that occurred during Umeeverse Party. Umee reserves the right to change its reward structure and policy during or after the event and reward participants according to its own terms.

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About Umee

Umee is a cross chain DeFi hub that interconnects between blockchains.

As a base layer blockchain, applications and money lego primitives can be built on top of Umee to access cross chain leverage and liquidity. The Umee Blockchain facilitates interoperability between the Cosmos ecosystem, Ethereum network, side chain architectures, layer two scaling solutions, and alternative base layer protocols. As a Cosmos SDK blockchain, the Umee Network is interoperable with blockchains including Terra, Crypto.com, Binance Chain, Osmosis, Secret Network, and 30+ other chains, plus Ethereum, from Day 1.

You can learn more about Umee and the UMEE token here.

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