Dear Umee Community Members,
We hope this message finds you well. Today, we have some important updates to share with you regarding our project's identity and token structure.
This includes a major structural upgrade as well as economic developments for the Umee chain ecosystem.
To better align the Umee token’s emission schedule with the function of the token and the current market environment, we have introduced a new inflation mechanism in a recent update:
We’ve made additional adjustments to the existing parameters:
This means that the UMEE token has transitioned to a fixed supply compared to the infinite supply from the previous network configuration.
The general trajectory of this inflation transition means that the network would likely reach the range of the max supply within the next 9-12 years.
Of course, at any time, Umee governance can vote to modify this inflation schedule if the external environment changes materially and requires a different plan.
We have gathered a lot of community feedback on tokenomics. In the spirit of community alignment, we’ll be having a massive token burning event!
The chain will burn up to a total of 1 billion UMEE tokens from the early backers and founders allocation, reducing the overall liquid supply and potentially enhancing the value for our community. This constitutes an almost 10% burn of the total token supply.
This token burn event will occur throughout the next 6 month period leading up to the 2nd anniversary of the launch of the Umee chain and every burn event will be managed through the governance process of the Umee chain.
Be on the lookout for more details to come!
In the spirit of decentralization, we’re also putting together a Governance Drop program. This means that contributing members of the community and other chains in the overall Cosmos and DeFi ecosystems will have the opportunity to manage a portion of Umee governance.
This governance drop program will target key projects and stakeholders throughout the Cosmos, Ethereum and beyond!
We’ll keep you updated as we set this program up for maximum decentralization with regard to the future governance of the Umee chain.
We are thrilled to announce that we are changing the name of the Umee Chain to the UX Chain, which stands for UmeeX. This change reflects our commitment to providing an exceptional user experience and simplifying our branding.
In alignment with our new identity, we will be changing our token's symbol to UX. The UX token exemplifies the future outlook of the UmeeX Chain, highlighting our continued dedication to innovation within the blockchain space.
Why the change? This transition is driven by two key factors:
Stay tuned for more details regarding these developments. We will provide you with all the information you need to fully participate and benefit from this exciting initiative.
This transformation marks a pivotal moment in our project's journey, and we are grateful for your continued support. We believe these changes will strengthen our position in the blockchain space and create a more transparent and secure ecosystem for everyone.
Thank you for being part of the Umee community. Together, we will shape the future of blockchain technology.
The Umee Team.