UIP009 — Proposal for Payment of Oracle Services in UMB
Background:
Umbrella Network continues to look for ways to increase the utility of the UMB token. Currently it is used as the utility token to reward our community of validators as they perform vital services to process and verify data and secure our oracle network. It is also used in governance by the community, where token holders are able to vote on proposals. It is also currently distributed as the rewards token in our Hadley and Polar staking programs available to our community.
Proposed changes:
In line with our Token Utility Planning Proposal 2.0 that was released in November 2023, Umbrella Network will look to implement the UMB token as the preferred method of payment by data users of our oracle solutions.
Should the proposal pass, customers and data users of Umbrella Network’s oracle solutions will be given the preferred option to make payment of the transaction fees as well as the oracle fees in the UMB token instead of stable coins. Legacy customers will have the option to continue paying in stable coins such as USDC or USDT, but would only be able to continue to enjoy a discounted price tier if they transition to payment in UMB.
Impact and benefits:
- Increased utility of the UMB token
- Alignment of partners with Umbrella Network and the community in the usage of the UMB token
Timeline:
- Should the proposal be approved, implementation will begin immediately, with the plan to transition to payment using UMB by June 2024.
Vote type: Single Choice Voting
Start Date: May 14, 2024 2pm UTC
End Date: May 17, 2024 2pm UTC
Our community’s opinion means a lot to us, and voting on these proposals is a great way to show it. Keep an eye out — we’ll be sending out the Snapshot link tomorrow!
About Umbrella Network
Umbrella Network, is a decentralized oracle service that provides blockchain projects with secure, scalable, and customizable data solutions.
Umbrella offers smart contracts a broad suite of solutions, whether it is high frequency pricing updates, aggregating large volumes of data at scale, or providing tailored price feeds for specific needs. Secured by a network of decentralized community validators, Umbrella can provide any data that you need when you need it.
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