Umbrella Network Announces First Milestone for rUMB to UMB Conversion
Achievement 1 will be hit when 40MM data points are written on a single chain on any 7 consecutive days
Umbrella Network is excited to announce that rUMB to UMB conversions are now on the horizon. if you are an rUMB holder and have waited patiently to convert them into UMB, this announcement is for you.
rUMB1 will be eligible to start converting to UMB as soon as the number of data points written to the blockchain on any of one of our supported chains (whether that’s BSC, Ethereum, or any future chain that is live) as either First Class Data or Layer 2 Data cumulatively crosses 40,000,000 over any 7 consecutive days.
As of writing, over 1,800 data pairs are getting written onto the Blockchain at the rate of once every hour on Ethereum, and every 2 minutes on BSC.
So a rough approximation today is that about 300,000+ data points are being written weekly on Ethereum, and about 9MM+ weekly on BSC. Achievement 1 will be hit when that figure reaches 40MM on a single chain on any 7 consecutive days.
For those of you less familiar with our rUMB and staking programs, please read below as we explain the various terms used above.
UMB and rUMB tokens
The UMB token serves as the lifeblood of Umbrella Network’s decentralized oracles and is used to stake and validate data. UMBs are exchange tradable cryptocurrencies that are currently available as ERC20 and BEP20 variants across multiple centralized and decentralized exchanges including KuCoin, Poloniex, Uniswap, Pancakeswap, and others.
The UMB tokens can also be bridged back and forth across different Blockchains (currently between Eth and BSC) via our in-house developed token bridge.
On the other hand, rUMB are the reward tokens that are generated and distributed to incentivize the staking of UMB tokens for data validation. rUMB tokens are an Umbrella Network innovation to help promote long term holding of our project token. rUMB can be converted into UMB only on the achievement of certain milestones.
The first of these milestones has just been announced — the day the cumulative number of data points written as FCD and L2D crosses 40M on any single support blockchain over any consecutive 7 days, the ability to convert rUMB to UMB on a 1:1 basis shall be unlocked.
First-Class Data and Layer-2 Data
Umbrella Network distinguishes its data points into two categories:
- First-Class Data — is the price pairs of the most common and popular data sets, such as BTC and ETH, and the data that is always available on-chain
- Layer-2 Data — is our richer data set that we aggregate on Layer 2 that is then anchored to one of our supported Layer-1 blockchains
Umbrella Network makes this distinction to make the most number of data points (more than every other oracle), about 1600+ pairs, available. The ones that are the most in-demand, as First-Class Data, are always available on-chain.
Umbrella Network’s President, John Chen said,
“We’re really happy to be able to share with our community one of the more commonly asked questions of what the achievement metric will be to begin the conversion of our rUMB1 Rewards Token to UMB. This initial milestone focuses on the amount of data Umbrella is bringing on-chain, which is very important as there is currently a lack of reliable, frequently updated, and available data in many layer 1 ecosystems. It is our mission to continue to broaden the amount of low-cost data available to developers, including working with various projects on developing customized data feeds.”
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, allowing for the batching of 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.
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