Umbrella Network Announces Partnership with UniFarm
Umbrella Network is delighted to announce a partnership with UniFarm — a DeFi project that is offering a novel farming approach that allows a group of projects to collectively join and build a combined token reward pool.
Users can then stake one of the project tokens to get rewarded in all of the tokens within a given pool. In the UniFarm ecosystem, these pools are called cohorts and there are a number of cohorts available on the platform. 6 cohorts have already gone live, with Umbrella joining the 7th, which is on BSC. UniFarm also does ETH cohorts.
With this partnership, both Umbrella Network and Unifarm will be collaborating on multiple fronts. UniFarm will be able to use Umbrella’s oracles to source secure and accurate price feeds for its farming platform.
With Umbrella now operating on Binance Smart Chain, it is able to offer even lower-cost data feeds to its ecosystem of partners.
Additionally, Umbrella will also be joining Unifarm’s Cohort 7 program, which will be on Binance Smart Chain. That will go live on May 11, 1:30 PM GMT, with a total Reward Pool Size of $250k.
The 5 projects included in Cohort 7 are UniFarm ($UFARM), OpenDeFi ($ORO), Unido ($UDO), Cook Protocol ($COOK), and Umbrella Network ($UMB), and their token-HODLers can:
- Stake one or more tokens from the member projects
- Unstake their holdings at any point in the 6 months of its operational period
- Get a minimum APY of 36% and a maximum APY of 250%
As per a week by week schedule, users will be able to farm ALL the tokens taking part in UniFarm
For example, If one stakes UFARM tokens, for the first week they will earn UFARM tokens. For the 2nd week, they will earn UFARM tokens as well as UDO tokens. In the 3rd Week, they’ll earn ORO, UDO as well as COOK, and so on. Users can unstake anytime, however, unstaking will reset their clock back to zero.
This UniFarm Pool will last for 6 Months | 180 days
On the partnership, Sam Kim, Founding Partner of Umbrella Network said, “We are delighted to announce our partnership with UniFarm and to be able to provide them with secure, accurate price feeds to support all of the tokens on their platform. Additionally, we look forward to joining their latest decentralized farming pool, Cohort 7, alongside other like-minded projects to offer a more unique and attractive staking experience for users.”
Mohit Madan, CEO of UniFarm said, “We are thrilled to announce our partnership with Umbrella Network, and warmly welcome them into our latest Cohort 7 staking program and into our community. We look forward to working with Umbrella across both our token farming programs, as well as through the use of their innovative oracle solution.”
Umbrella Network is the first decentralized Oracle service that serves the DeFi market with high-speed, secure, and reliable data. Its Layer-2 architecture is equipped with the most scalable data solutions for the DeFi ecosystem and smart contracts, providing a versatile range of off-chain data at significantly low costs.
The community-owned Oracle service offered by Umbrella Network furnishes developers with major key pairs, real-world financial data, along with core, mid, and long-tail pairs.
Furthermore, the scalability issue in Blockchain Oracles is offset using the Merkle tree mechanism, which amalgamates and processes multiple transactions for the fee of one, hence drastically reducing the cost of importing data.
About Umbrella Network
Umbrella Network is a community-owned decentralized oracle service providing secure, low-cost, and massively scalable data solutions to blockchain applications.
Umbrella provides access to data previously unavailable to smart-contract developers across multiple segments including mid and long-tail crypto assets as well as real-world financial data.
At the center of the Umbrella Network is the $UMB token which helps in securing the network and is used by the community to stake, vote on key representatives, and earn rewards & user fees. Umbrella solves the scalability problem in oracles by leveraging a layer 2 solution and utilizing Merkle trees for batching transactions.
The network is community-owned and governed with the majority of token supply allocated to the community. Umbrella Network uses its technology to enable massively scalable, cost-effective, and secure access to outside data for blockchain developers.
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UniFarm’s journey in DeFi began with the launch of OroPocket and a simple vision — empowering users to “own their money”, so users could hold them in assets and spend it in real-time using a bunch of financial services.
Investors get an attractive decent APY with a guaranteed minimum as well as broader exposure across multiple reputable project tokens as an increased incentive. Projects gain new supporters and get their tokens staked, providing them more opportunity to develop and expand.
Learn more about UniFarm here: