Umbrella Network
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Umbrella Network

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!!

  • 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

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.

  • 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. Click on ‘Claim Rewards’ to claim any rUMB1 that haven’t been claimed
  2. Click on ‘Redeem Tokens’ and click on ‘Confirm’
  3. Pay the ETH GAS fees applicable and your rUMB1 tokens are now UMB tokens
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 bridge.umb.network and migrate your BEP20 rUMB1 tokens to ERC20 rUMB1 tokens
  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

If you were staking on the AscendEx Exchange

You need to withdraw your rUMB1 to a supported wallet first

  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

To Stake rUMB1 for Bonus Rewards

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

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.

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:

  • 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.

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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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