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Umbrella Network Achieves Milestone 1 And Begins rUMB to UMB Conversion

Umbrella Network is pleased to announce that the trigger for the 1st Milestone — writing 40M data points on the Blockchain over a period of 7 days, has been achieved. This achievement will unlock the conversion of your rUMB tokens to UMB tokens!!

TL;DR

  • rUMB1 to UMB conversion is now open. You can convert your ERC20 rUMB1 tokens to ERC20 UMB tokens here.
  • This conversion event was conditional to achieving the target of writing 40M data points on the Blockchain over a period of 7 days
  • rUMB1 can now be converted to UMB on a 1:1 basis
  • Alternatively, rUMB1 can be staked on our new Astro Stream to earn even more rewards
  • Hadley 2.0 and Polar 2.0 streams will launch soon that will reward rUMB2 tokens

With the community’s support and with momentum from recent major partnerships, Umbrella Network is pleased to announce we have reached our first targeted achievement — writing 40M data points on the blockchains over a 7 day period.

This achievement can be attributed to an influx of recent partnerships including the integration of Uniswap pricing feeds into our decentralized oracle, adding close to another 1,000 data pairs. This brings the total number of data pairs to over 3,500. With blocks being minted every minute and across 4 blockchains, the number of data points being written on the Blockchain successfully breached the 40M mark and is on pace to exceed more than 70M across all 4 chains.

We’d like to go over what ‘writing a data pair on the blockchain’ means, but let’s table that for another post. Today, let’s keep it all about rUMB1 to UMB conversion and what strategy would best serve your interests.

rUMB to UMB Conversion Event is Here — Now What?

The first thing that you’ll need to do is get your rUMB1 tokens on a supported wallet.

The supported wallets are given below:

Depending on where you were staking/HODLing your UMB, you might have rUMB1 tokens strewn across different wallets, exchanges, and/or chains.

You could choose to either:

  • To Redeem rUMB1 to UMB on a 1:1 basis
  • Stake rUMB1 for bonus rewards

To Redeem rUMB1 to UMB on a 1:1 basis

If you were staking at staking.umb.network on the Ethereum chain

Your flow is the simplest.

  1. Head over to — https://staking.umb.network/redeem/hadley/rumb1
  2. Click on ‘Claim Rewards’ to claim any rUMB1 that haven’t been claimed
  3. Click on ‘Redeem Tokens’ and click on ‘Confirm’
  4. Pay the ETH GAS fees applicable and your rUMB1 tokens are now UMB tokens

(Note: There shall be a max cap on the total number of rUMB1 that can be converted to UMB on a given day.)

Convert rUMB to UMB: https://staking.umb.network/redeem/hadley/rumb1

If you were staking at staking.umb.network on the Binance Smart Chain

You need to perform an additional step.

  1. Visit staking.umb.network and ‘Claim Rewards’ from your UMB tokens staked on the BSC Network
  2. Visit bridge.umb.network and migrate your BEP20 rUMB1 tokens to ERC20 rUMB1 tokens
  3. Head over to — https://staking.umb.network/redeem/hadley/rumb1
  4. Click on ‘Claim Rewards’ to claim any rUMB1 that haven’t been claimed
  5. Click on ‘Redeem Tokens’ and click on ‘Confirm’
  6. Pay the ETH GAS fees applicable and your rUMB1 tokens are now UMB tokens

If you were staking on the AscendEx Exchange

You need to withdraw your rUMB1 to a supported wallet first

  1. Login to your Ascendex account, go to your wallet, and withdraw your rUMB1 tokens to a supported wallet
  2. Head over to — https://staking.umb.network/redeem/hadley/rumb1
  3. Click on ‘Claim Rewards’ to claim any rUMB1 that haven’t been claimed
  4. Click on ‘Redeem Tokens’ and click on ‘Confirm’
  5. Pay the ETH GAS fees applicable and your rUMB1 tokens are now UMB tokens

(Note: There is a 100rUMB1 withdrawal fee charged by AscendEx. We’re also working with AscendEx to offer Hadley 2.0 and Astro Streams on AscendEx. This would offer users staking there the option to both start earning rUMB2 via their rUMB1 and stake existing rUMB1 for rUMB2.)

To Stake rUMB1 for Bonus Rewards

Umbrella Network has launched a new staking portal — The Astro Stream.

Astro Stream enables users to directly stake their rUMB1 tokens and start earning rUMB2 tokens — completely skipping a step!

But wait, there’s more — for staking on the Astro Stream, you would also receive a higher APY% than any other Umbrella Network stream.

What’s the catch, you ask? Your rUMB1 tokens (not UMB tokens) shall be locked for a period of 6 months/12 months (depending on your choice). The rUMB2 tokens emitted by your staked rUMB1 tokens shall not be locked though.

At the end of the staking period, you shall receive rUMB2 tokens 1:1 instead of the rUMB1 tokens.

This is the path of max APY% on Umbrella Network.

(Tentatively, the staking APY% on the Astro Stream shall be 1.5x of the Hadley 2.0 staking APY% for the six-month locked staking and 2.0x on locked staking for 12 months. This however is subject to final confirmation of the community.)

What’s Next After Achievement 1?

The first step is new staking pools — Hadley Stream 2.0 and Polar Stream 2.0. These 2.0 streams shall be the ones that emit rUMB2 tokens for staked UMB tokens.

(Note: The Polar Stream 2.0, Hadley Stream 2.0, and Astro Stream are currently being audited by Certik and shall be launched on successful completion of these and some subsequent tests.)

However, concurrent to reaching the target of the 1st Achievement, the Hadley Stream 1.0 and Polar Stream 1.0 shall stop emitting rUMB1 tokens. All rUMB1 token emissions shall cease simultaneously.

Let’s better understand the next steps with a couple of examples for representative purposes:

When you have been staking UMB for some time now and now have both UMB and rUMB1 tokens

In this case, you have the following options to choose from:

  • Redeem rUMB1 for UMB and then Stake UMB on a 2.0 Stream
  • Stake rUMB1 on Astro Stream and UMB on a 2.0 Stream

When you HODL UMB in your wallet but are not staking

Nothing changes for you. If you wish to stake though, you shall be able to stake on any of the Umbrella Network 2.0 streams

General Notes on The rUMB1 to UMB Conversion Event

  • There shall be a daily cap of 237,787 rUMB1 that can be converted.
  • This cap is linear and shall slowly refill over time continually
  • Astro Stream, Hadley Stream 2.0, and Polar Stream 2.0 shall launch before the end of February 2022
  • Until then, Umbrella Network’s 1.0 streams shall continue emitting and distributing rUMB1 rewards

About Umbrella Network

Umbrella Network is a scalable, decentralized, and community-owned oracle that utilizes Layer 2 technology to integrate real-time data into smart contracts for accurate and timely reports. Umbrella Network brings the world’s data to blockchains to enable DeFi applications to perform at the optimum level regarding precise information dissemination. It believes a decentralized oracle is paramount to creating a truly decentralized financial space.

Follow Umbrella Network on:

Telegram| Twitter | Announcements | Website | Governance

If you’re interested in becoming an Umbrella Network Partner, sign up here.

To add your token as FCD or L2D, click here.

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Umbrella Network is a decentralized oracle for dApps to get data across different blockchains, at the lowest price, for 1800+ data pairs, with the most frequently updated data. Our other products include — Bridge, Options Pricing Data, Staking Portal, and more!

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