Umbrella Network Launches Staking Streams on Binance Smart Chain
Umbrella Network is pleased to announce the launch of the Hadley BSC and Polar BSC Streams.
Umbrella Network is pleased to announce the launch of the Hadley and Polar BSC Streams — on Umbrella Network’s staking portal — where you can earn rewards by staking UMB or UMB LP tokens for rUMB!
TL;DR
- Umbrella Network’s Staking Portal (staking.umb.network) now supports staking on the BSC Blockchain too
- $UMB HODLers can move their tokens between BSC and ETH Blockchains via the UMB Bridge
- Our single-sided staking portal (Hadley Stream) now enables BEP20 $UMB HODLers to stake their holdings directly — without the need to convert them to ERC20 first — as was the case before
- Similarly, our LP Staking Portal (Polar Stream) now allows $UMB HODLers to directly stake UMB-BNB LP tokens
- Staking via the BSC network comes with faster transaction speeds, a lower LP creation cost, and a lower transaction cost — making it highly desirable for many stakers
- Umbrella Network’s Staking Portals — Hadley Stream and Polar Stream give out a daily reward of 81,107 and 27,035 UMB tokens (as of writing)
Umbrella Network offers staking across two different vehicles (streams) — Polar Stream and Hadley Stream. This helps incentivize decentralized governance and data validation before commitment to the Blockchain.
The Hadley Stream enables users to directly stake their $UMB tokens and the Polar stream offers the staking of both UMB-BNB LP tokens obtained from Pancakeswap.
From 29th Dec 2021 onwards, Umbrella Network’s Hadley Stream shall begin distributing rewards. The Polar Stream, on the other hand, shall begin distributing rewards from the 12th of January onwards. The initial reward split shall be 90% ETH and 10% BSC.
What does this mean?
Previously, it might have been a two-step process to get your $UMB staked. First, having to bridge your tokens to the ETH Network, followed by staking it on either the Polar or Hadley Streams. Now, you can directly stake your $UMB on either stream on the BSC Network!
$UMB HODLers now have the flexibility to switch interchangeably between the BSC and ETH Blockchains via the UMB Bridge. This reduces a significant barrier to entry for those looking to stake but not willing to pay the gas fees or for those who have been constantly converting their BEP20 tokens to ERC20 first!
Imagine getting a cab and taking the expressway directly to the airport, saving you both time and money. Instead of going by an alternate road with multiple traffic lights and stops before reaching the airport.
Here at Umbrella Network, we understand that yields, transaction times, and staking rewards across various blockchains are different.
We want to offer the flexibility and autonomy for you to be able to decide what you want to do (either switch a part of or all your holdings across different chains) without having to route your funds via centralized exchanges!
The benefits of having both ETH and BSC Staking:
We understand the pain of gas fees. Staking on Ethereum is expensive. By introducing BSC Network staking, it will not only come with a lower transaction cost but also faster transaction speeds and a lower LP creation cost.
This makes it highly desirable for many stakers.
Additionally, the lower gas fees afford users more opportunities to move funds around while investors worry less about high gas fees.
Of course, what is staking without rewards? Another reason to participate in staking in UMB’s Hadley or Polar Streams would be the rewards! At the moment, Umbrella Network’s Staking Portals — Hadley Stream and Polar Stream give out a daily reward of 81,107 and 27,035 UMB tokens (as of writing).
How To Stake $UMB on BSC?
To get started, you simply need to
- Visit https://staking.umb.network/
- Choose BSC
- Connect your wallet
- Choose your desired stream (Hadley Stream for $UMB staking OR Polar Stream for UMB-BNB LP Staking via Pancakeswap)
- Select the amount from your balance you want to stake
- Approve the Tx via your wallet
- That’s it, you’re now staking on our BSC Streams
Future Developments
As Umbrella Network starts to become more Blockchain-agnostic and progress along with our roadmap, we will continue to calibrate and make adjustments to our rewards program based on feedback from token holders and the broader community. Do keep up to date by following our announcement channels!
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, so it allows for batching 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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