Umbrella Network Announces Token Generation Event with Polkastarter
When we set out on this journey to create a community-owned, scalable oracle, we never would have imagined the amount of enthusiasm and validation we would get from the market. Our initial Seed Round sold out before we could complete our investor deck. We had to increase our private round and it was still oversold, forcing us to turn down several well known funds as a result of the overwhelming demand.
And so, we are excited to announce our upcoming IDO. Umbrella Network, a scalable, cost efficient and community-owned oracle for the DeFi and blockchain community, is proud to announce an IDO with Polkastarter for its UMB Token in early February. Full details about the whitelisting process once they are finalized will be released later this week.
While we looked at a number of platforms to potentially partner with for our IDO, Polkastarter was the clear choice for us. Not only are they a leading provider of decentralized cross-chain token pools and auctions with a stellar track record, but they also host a thriving community of international crypto enthusiasts and maintain an ecosystem of highly qualified projects.
We believe running our IDO with Polkastarter will provide the best overall experience, one that will be both fair and efficient, for all those interested in participating.
Umbrella Network’s tokenomics are very focused on promoting long-term token holding instead of short-term speculators. So with that in mind, everything is designed to put tokens directly into the hands of our community which includes the public token buyers, developers on the network, validators running the system, and our data partners. Ultimately, almost two thirds of all the tokens issued will be community owned.
With demand high and the listing just a few weeks away, stay tuned for more details later this week as we finalize our whitelist processes, final dates and token generation details.
ABOUT POLKASTARTER
Polkastarter is a permissionless protocol built for cross-chain token pools and auctions, enabling projects to raise capital on a decentralized and interoperable environment based on Polkadot. With Polkastarter, decentralized projects will be able to raise and exchange capital cheap and fast. Users will be able to participate in a secure and compliant environment and to use assets that go way beyond the current ERC20 standard.
ABOUT UMBRELLA NETWORK
Umbrella Network is a scalable, cost-efficient, and community-owned oracle for the DeFi and blockchain community. Its Layer 2 technology uses the latest advances in Merkle tree technology to write multiple data points on a single on-chain transaction, so it allows for batching data to smart contracts accurately, securely, and inexpensively. Umbrella believes a community-owned oracle is not only possible, but essential to creating a truly decentralized financial system.
Please contact us at marketing@umb.network with any inquiries.
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