New questions answeredFriends, we continue to answer the most popular questions from UMI crypto users.
Let’s get down to answering questions right away. Here we go!
1. When will the UMI OneApp platform be launched?Immediately after the vote for stopping UMI staking and entering the DeFi market was over, we started developing UMI OneApp — a DeFi platform that will include a lot of decentralized finance (DeFi) solutions.
The first version of the DeFi ecosystem will be available in December. The beta version will include such DeFi solutions as:
U-Wallet multi-currency wallet. At the first stage, it will support assets from the UMI, Ethereum, and Binance Smart Chain blockchains. The support for other networks will be implemented later.
U-DEX decentralized exchange. Users will be able to make a quick exchange of their assets from the Ethereum and Binance Smart Chain networks. It will also allow users to provide liquidity to pools and farm supported assets.
U-Staking is a cryptocurrency and token staking service. At the first stage, only GLIZE staking will be available. Staking of other crypto assets will be added later.
U-GameFi is a page that will show a variety of “Play and Earn” games based on the Ethereum and Binance Smart Chain blockchains.
U-ProfitCenter is a page where users can review all available ways of making a profit on UMI OneApp.
U-Burn beta version will display statistics on UMI burning and have an interface for burning coins.
We have already published a full list of products that will be available in the first beta version of UMI OneApp:
https://blog.umi.top/en/first-umi-oneapp-release-coming-in-december/We also plan to add the other services that we announced before and expand the functionality of already existing solutions. This will be a long journey. We must develop and integrate all the solutions described in the Manifest.
UMI OneApp Manifest:
https://umi.top/OneApp_en.pdf2. When will the crypto cards with UMI support be launched?
Crypto cards with UMI support are still under development. Our long-term partner ISP Club is working on their launch.
The latest version of the cards was successfully released in October. In the current version, to make a payment, users have to convert UMI to fiat currency manually by using a special app. The future version will have automated conversion.
Our partners from the ISP Club are responsible for distributing the cards with UMI support and keeping users up to date with the latest information.
The latest news about crypto cards:
https://t.me/umi_news_eng/4093. Why did you stop staking?UMI staking was stopped because the community decided to stop it. We took a decentralized vote on stopping staking. The overwhelming majority of users decided to stop staking and switch to the decentralized finance (DeFi) market.
We couldn’t enter the DeFi market without stopping UMI staking. The truth is that the high staking rate caused the generation of an excess number of coins and, as a result, a steady drop in the UMI price. In that situation, UMI wouldn’t attract new participants in the crypto industry, even with a wide range of products presented in UMI OneApp.
Now, after stopping staking and developing DeFi protocols, we can market UMI as a top blockchain platform for a variety of DeFi products. On top of it, by having stopped staking and integrated the burning mechanism, we turned UMI into a deflationary asset. It can have a positive impact on the coin’s shortage in the long run.
4. Why did you not foresee that high emission can cause a price drop?Initially, the high staking rate helped UMI grow and draw an audience. It was one of our main advantages which helped the cryptocurrency stand out among other cryptocurrencies. UMI has always had and still has other strong points such as super-high blockchain throughput and no fee on the network.
Looking back at the past, you could see that the growth of the UMI price was not connected to the high staking rate. From January to June 2021, the cryptocurrency price increased from $1 to $3.
But then we generated too many coins. The market situation changed, which led to the limitation of development resources. As the coin price began to fall, we offered the community a solution — stop staking and entering the DeFi market to popularize the cryptocurrency. Users made their choice.
5. What are your plans regarding listing on major exchanges? When will UMI be listed on Binance?We plan to have UMI listed on major exchanges, including Binance. In parallel with UMI OneApp, we are working on adding UMI to a range of trading platforms. As a result, you may have already noticed that UMI has been added to several platforms. The largest and most popular ones are BitGlobal (formerly Bithumb Global, an international trading platform from Bithumb crypto exchange) and Bibox.
We also plan to have UMI added to other exchanges. It’s just the beginning.
6. Will U-DEX support stablecoins?Yes, it will. The beta version which will be launched in December will have this functionality. At the initial stage, U-DEX will support the exchange of assets from the Ethereum and Binance Smart Chain networks. These networks feature a range of popular stablecoins, including USDT, USDC, and DAI, which will also be available for trading on U-DEX.
Similarly, the multi-currency crypto wallet U-Wallet at the first stage will support assets from the Ethereum and Binance Smart Chain networks. So users will be able to efficiently work with all popular stablecoins: store, transfer, receive, and trade them in pairs with other crypto assets.
7. When will the UMI rate grow?The UMI rate depends solely on supply and demand on the market. We do not influence the coin price and cannot know when the rate will rise.
But at the same time, we have focused all our efforts on popularizing the cryptocurrency, its development, and creating a deflationary mechanism, which will encourage the growth of demand and create a shortage of coins on the market.
That was why we stopped staking, launched burning, Manifest, and started the development of UMI OneApp. As a native coin of the DeFi platform, it will be used to access various products. If users want to use some solutions, they will need to buy UMI.
Thanks for your time!