Umbrella Network Month in Review: February 2021
Month In Review: February 2021
February has been a growth-fueled, eventful month, to say the least. As we enter into March, we wanted to take a look back on what’s happened over the past four to five weeks, from our explosive IDO, to the growth and excitement within our community, to all the partnerships and notable announcements made. So without further ado, let’s get into it.
IDO & Community Growth
Our most notable achievement in February was our Token Generation Event and subsequent Polkastarter IDO and Uniswap Listing. 110,000 applications were received for just 1,000 whitelist spots. 625 people ended up finally getting through to buy our newly minted UMB token at the offering price of 0.05, selling out in 4 minutes, and raising $250K. Cointelegraph even covered our IDO. After listing on Uniswap, we reached 6,000 unique token holders in under 2 weeks. Growth in our community during this period was also unprecedented. We gained over 30,000 new Telegram followers, hit 40,000+ Twitter followers, and achieved over 250,000 views on our Medium publications.
Community Rewards Programs
We also successfully launched our staking and rewards platform just one week after our IDO, reaching an incredible $8 million staked after just 12 hours from launch. As of end of February, we have about $11 million in total stake. We also launched various other programs geared for our community, including an NFT auction released in partnership with Bounce, auctioning off 250 exclusive NFT artworks to some of the original 1,000 members of our Telegram community, along with a total of 1.25 million UMB tokens attached to those NFTs that were distributed. Other community programs launched included a UI/UX competition to help improve our staking dashboard (still in progress), as well as the just launched Liquidity Rewards program which will reward contributors to our UMB/ETH liquidity pool on Uniswap with 20,000 UMB tokens distributed per month pro rata.
The Umbrella team has spent the past weeks very focused on forging strong partnerships with other leading projects within the DeFi ecosystem, leveraging our advantages in delivering a broader set of data at a larger scale and lower cost point than any other oracle in the market today.
We announced partnerships with major projects like Elrond to integrate into their ecosystem, while at the same time adding their EGLD token into our price feed platform, as well as extended partnerships with leading DeFi platforms like Linear Finance to provide them with alternative and sophisticated specialty asset pricing like brent crude, inverse VIX and others.
We also partnered up with the likes of Unilend, YOP Finance and Modefi to provide a broad mix of mid and long tail crypto asset data as well as time weighted average pricing, among others. And with new partners like fellow Polkastarter projects Bridge Mutual, MahaDAO and Fire Protocol, we are looking to provide a variety of different pricing feeds including real world, specialty asset, as well as stablecoins to support their various platform use cases.
We also announced a strategic partnership with Bounce Finance this month, providing them with accurate price data on real world equities like Gamestop, Tesla, and the FAANG index of Facebook, Apple, Amazon, Netflix, and Google.
These partnerships will continue to grow and blossom, as we look to deepen relationships and develop more innovative solutions with them in the coming months. Look for the relentless pace of partnership announcements to continue as we maintain our focus on forging more strategic partnerships in the coming weeks and months.
Looking ahead, we expect the momentum to continue. We released our 2021 Roadmap in February with a clear vision of where Umbrella needs to go as a project, with public testnet ready to launch by 15th March, and our main goal of getting onto Ethereum Mainnet by June of this year.
We already have over 750 data pairs available in our platform, by far the largest selection available from any oracle. This data includes major crypto key pairs, mid and long tail crypto assets, indexes, volatility metrics, and a mix of commodities and equities thrown in, among others. Other leading oracles in the market, like Chainlink and Band, are currently offering just 100–200 data pairs. Additionally, given our low cost data advantage, we will be offering 84 of our major key pairs for free.
There is a lot more product development in the works, and in the coming weeks we will be highlighting more key areas which we feel give Umbrella’s solution a competitive edge in the oracle market. We will be announcing several product highlights to the community in the coming days.
Operationally, we have also been busy growing our team on all fronts, as we are actively hiring more members to join our engineering, marketing, product, and support teams.
We have a lot more exciting product developments, partnership announcements, community programs and announcement surprises in store for March and beyond, so stay tuned. Things are just getting started, and we are thrilled for our community to be on this journey with us.
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