News - Osmosis Chain and UX Chain propose merger

By Sam Fröling

Osmosis Chain and UX Chain propose merger

Osmose Chain en UX Chain, stellen fusie voor

Osmosis, the leading decentralized exchange at Cosmos, and lending protocol UX Chain (formerly known as Umee) have submitted a merger proposal within the Cosmos ecosystem.

This proposal, a joint initiative between teams from Osmosis and UX Chain, includes a strategic plan for the merger. If given the green light, this proposal could lead to the integration of UX Chain's lending logic and algorithms into Osmosis' decentralized exchange (DEX). This could create a comprehensive decentralized financial center (DeFi).

The process begins by merging the UX Chain codebase into the Osmosis Chain, with the goal of combining the strengths of both platforms. This first phase attempts to align the shared total value across the two networks, while maintaining separate trading in the Osmosis token and the UX token.

Aim to later merge the coins together

Further steps will explore how to merge the two tokens through a token swap or migration. The specific details of this token swap will be determined by the community through governance, with the goal of creating a unified token representing both networks.

Both projects have previously secured significant funding: UX Chain raised $32 million through a CoinList coin offering in 2021, while Osmosis brought in $21 million in a token sale round led by Paradigm.

Sunny Aggarwal, co-founder of Osmosis, expressed excitement about the potential for exciting new features and opportunities as a result of the merger. He emphasized the commitment to making decisions based on community engagement in collaboration with UX Chain. Brent Xu, co-founder of UX Chain, emphasized that each chain retains independent governance, with the community overseeing the processes, but with a common goal of creating a DeFi center.

Read also: Cosmos (ATOM): founder wants to fork network

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