“Umbrella Network’s Reward Program: Changes to be implemented on March 14”
Umbrella Network announces the transition to UMB Tokens for Rewards Program, simplifying the Reward Process and improving community alignment.
Umbrella has recently announced that it will be making several changes to its rewards program. The expected date for rUMB2 redemption is planned for 14 March 2023.
One major change is that Umbrella will begin redeeming rUMB2 and at the same time phase out the rUMB/reward token, replacing it with UMB tokens. This means that starting on 14 March, all rewards given out from the Umbrella Reward Streams will be in the form of UMB tokens and not rUMB.
Why change the rewards program?
UMB is the native Umbrella token, while rUMB tokens have served as reward tokens for Umbrella Network’s rewards program.
By transitioning to UMB tokens, Umbrella will eliminate the rUMB tokens altogether.
This will have several benefits for the community:
- Better alignment with the UMB utility token;
- No waiting period to convert rUMB into UMB resulting in greater convenience and user-friendliness.
How to redeem your rUMB2 tokens?
To redeem rUMB2, users will have to access the Umbrella’s redemption page within the Staking Portal. There they will be able to see their rUMB2 balance, as well as the rUMB2 to be claimed from the staking Streams (Hadley/Astro and Polar).
The redeem process will work exactly as for rUMB1.
- The redemption process will only be available on Ethereum, so if users hold their tokens on BSC, they must bridge them over to Ethereum using the Umbrella Bridge.
- Partial balances cannot be redeemed, and the redeem function is based on the all-or-none law. This means that users can either redeem all the rUMB tokens in a given wallet for UMB or none at all. If users have amounts larger than the daily quota, they may have to split into smaller amounts per wallet to redeem.
- There will be a set daily quota of 1 million rUMB2 available for redemption across all wallets.
Last year, the quota was set at 250,000, but it has been increased this year to adjust for changes in the market and token circulation.
- After redeeming their rUMB2 for UMB tokens on a 1:1 basis, users can choose to re-stake them on Umbrella’s 2.0 streams (either ETH or BSC network).
NOTE: If you staked rUMB1 on Astro and you are withdrawing them after redeem has started, you will receive your principal in rUMB2 in order to save you transaction fees in running an extra redeem transaction for rUMB1.
For assistance with specific questions about redemption or to open a ticket, kindly visit our Telegram channel or Discord and request help.
What will be next?
Umbrella has also proposed a 50 million token burn, which was voted on and approved by the community. This token burn will take place by the end of February 2023.
About Umbrella Network
Umbrella Network is a scalable, decentralized, and community-owned data oracle that utilizes Layer 2 technology to integrate real-time data into smart contracts. Umbrella Network is able to aggregate data to bring onto the blockchain, enabling faster, more cost effective delivery of information at scale. It believes a decentralized oracle is paramount to creating a truly decentralized blockchain ecosystem space.
Follow Umbrella Network on:
Discord | Twitter | Announcements | Website | Governance
If you’re interested in becoming an Umbrella Network Partner, sign up here.
To add your token to our L2D, click here.