Protocol for lending and decentralized exchange Osmosis In an important step toward the Cosmos ecosystem being the next leading defi hub, Umee’s UX Chain has proposed a merger.
The partnership seeks to combine Osmosis’ decentralized exchange and UX Chain’s lending logic to produce a comprehensive DeFi center. The strategy for the merger calls for actions including merging the codebase of UX Chain onto Osmosis Chain and initially keeping Osmosis and UX tokens apart for trade.
Subject to community control, further actions can include token consolidation through swaps or migrations. In accordance with community consensus, each chain will hold a separate governance vote.
The goal of the merger is to investigate cutting-edge features including margin trading, liquidations, and MEV markets while also improving Osmosis’ mesh security. Co-founder of Osmosis Sunny Aggarwal expressed enthusiasm about the possible addition of more features.
Both Osmosis and UX Chain have raised a significant amount of money in the past; Osmosis raised $21 million in a token sale in the same year, while UX Chain raised $32 million in a CoinList offering in 2021.
The planned combination of Osmosis and UX Chain represents a calculated step toward building a robust DeFi hub inside the Cosmos ecosystem, which could open up new features and functions.
More From The Kangaroo Times