Following a recent community governance vote, users are now able to borrow and lend IST on the Umee platform! This marks an exciting step in the proliferation of IST across the interchain, and a key milestone for Umee as they offer support for their first native Cosmos stable token.
Stable tokens play an important role in the success of lending markets because they provide stability and liquidity to the market while reducing volatility. IST, a leading interchain stable token, not only works to provide those benefits, but will also enable the introduction of new Umee platform and trading features thanks to being a native asset.
Umee is a cross chain DeFi hub, and is focused on increasing composability between the Cosmos and Ethereum ecosystems. This is accomplished via their cross-chain technology called bridgeless collateralization. This allows users to leverage assets on Ethereum to use on Cosmos – and vice versa – without the need to create wrapped versions of assets. This helps bring a new level of composability to IST that until now has not been possible.
We’re excited about the value this integration with Umee can bring to the interchain and look forward to ongoing developments and ecosystem functionality that a native stable token like IST can bring to DeFi in Cosmos. We’re also thrilled to see what strategies and tactics Umee users will start to explore!