Update to rUMB Redemption Program
Dear Umbrella Community,
Umbrella has two rewards tokens that were issued. rUMB1 and rUMB2, which after issuance, could be eventually redeemed 1:1 for UMB tokens. rUMB1 has been redeemable for UMB tokens since February 2022, and rUMB2 has been redeemable since February 2023.
As both rUMB1 and rUMB2 have been available to be redeemed for quite some time, and since we did not initially set any timeline to sunset the redemption program, we have put a plan in place for the eventual termination of redemption for both rUMB1 and rUMB2.
The effective date of termination of redemption is November 15 2023 for rUMB1, and January 31 2024 for rUMB2, which means that the redemption portal will continue to work for redemption for both rUMB tokens until those effective dates.
There is currently 12.2M rUMB1 and 14M rUMB2 that are still unredeemed. We believe by closing up the redemption program, we can get the remaining amount of rewards tokens claimed, and any remaining tokens can be put back into the treasury to pay for ongoing project expenses.
Please take note of these changes and the upcoming dates for the sunsetting of the rUMB redemption program.
Thanks for your continued support!
About Umbrella Network
Umbrella Network, is a decentralized oracle service that provides blockchain projects with secure, scalable, and customizable data solutions.
Umbrella offers smart contracts a broad suite of solutions, whether it is high frequency pricing updates, aggregating large volumes of data at scale, or providing tailored price feeds for specific needs. Secured by a network of decentralized community validators, Umbrella can provide any data that you need when you need it.
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