Umbrella Network Monthly Recap: January
We started the year on a high note, from the pace set last year, we keep it up. Here is a recap of what we did in January.
But first, a very happy new year to all Umbrella Network HODLers, community members, and those watching from the sidelines
Let’s now go over the announcements that Umbrella Network made in January 2022
Announcements by Umbrella Network
Notes on Umbrella Network’s rUMB1 To UMB Conversion Event
Given the imminence of the event, we created a guide for all those who had staked UMB on our staking portals and are helping towards the eventual rollout of DPoS
From the blog:
“By staking UMB tokens (either BEP20 or ERC20) on Umbrella Network’s Staking Platform, the rewards that you get, are rUMB tokens. These rUMB tokens can be redeemed for UMB tokens on a 1:1 basis, on the achievements of certain milestones. This would unlock the ability to redeem rUMB1.
The 1 in rUMB1 simply denotes the upcoming achievement milestone/period. After the first conversion event is triggered, Umbrella Network’s staking portals will cease generation of rUMb1, and new ones will begin emitting rUMB2.”
Umbrella Network Onboards 3rd cohort of community validators
More than 50 applications were submitted for Cohort 3, with 7 being selected. Together, the 7 community validators shall mint, validate, and commit blocks on the Blockchains supported by Umbrella Network.
Read full article
BEP20 UMB Staking on Polar and Hadley Stream Goes Live
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.
Bridge your BEP20 rUMB1 tokens to the ETH network here.
Read the full post.
Umbrella Network Community Decides Staking APY% on BSC Streams
Umbrella Network’s Governance Portal and the Snapshot Voting portal were put to good use to help the community better acclimatize with the decentralized governance side of things.
The first thing the community voted on was the Staking APY% on the BSC Networks of the Polar and Hadley Streams.
Umbrella Network Partnerships in January
Umbrella Network Announced Partnership With PlayMining
DEAPCoin is the cryptocurrency that powers the PlayMining ecosystem that consists of fun crypto-games and an NFT marketplace, among other things, and the DEAPCoin-USD pricing data is now available on Umbrella Network. As Layer-2 Data, DEAPCoin pricing data shall frequently be updated and be available across all Blockchain Networks supported by Umbrella Network.
All of these games and NFT platforms need to always have the updated and correct DEAPCoin price by partnering up with Umbrella Network, DEAPCoin prices shall always stay updated and can be called by dApp smart contracts, directly from the Blockchain — without middlemen — without risks of MITM attacks!
Read the Full article here!
Umbrella Network Partnership With Knit Finance
Knit Finance creates cross-chain wrapped tokens (K-Assets) for over 200 assets and then enables the transfer of these wrapped assets across different chains.
This enables DeFi projects to access liquidity instantly and unlocks tons of opportunities for users to access coins that don’t typically exist on certain chains. Due to the complexities involved, the data needs a reliable and hack-proof oracle to provide authentic and always fresh data on a wide range of digital assets.
By adding the KFT-USD trading pair pricing data as layer-2 data on our decentralized oracle, Umbrella Network has enabled dApp developers to securely call up the KFT-USD pricing data directly into their smart contracts.
Read Full Article
Umbrella Network Deepens Partnership With MahaDAO
Umbrella Network has added the MAHA-USD trading pair data as FCD (First-Class Data) to their ever-growing list of supported data pairs. This shall enable dApp developers to directly request the on-chain price of the MAHA-USD trading pair, directly into their smart contracts.
The MahaDAO ecosystem consists of two tokens: MAHA, and ARTH.
MAHA is the governance and utility token that regulates the value of ARTH, a non-depreciating crypto token. MahaDAO, as a whole, is a DAO (Decentralized Autonomous Organization) governed by the MAHA community
Read full article
Umbrella Network Partnership With Synapse Network
Synapse Network is a crypto-launchpad platform that enables both, retail investors and institutions, to invest in upcoming blockchain-based products, in a streamlined, intuitive, and regulated manner.
Spanning services across a cross-chain DEX, DeFi Marketplace, VC Syndicate, and an Incubator. By partnering with Umbrella Network, dApps that require the SNP-USD will be able to securely call pricing data securely, cheaply, and extremely fast, not to mention, fresh.
Read the Full article here!
Umbrella Network Sponsors ExeedMe’s 2022 Gaming Hackathon
Exeedme is a trusted and fair Play2Earn ecosystem that allows gamers at all skill levels, developers, and gaming communities to monetize their skills and efforts with the power of innovations like DeFi and NFT’s.
“We’re very excited to be sponsoring ExeedMe’s Gaming Hackathon. There are a lot of gamers on the Umbrella team, so we’re thrilled to have an opportunity to help spur the development of the Blockchain gaming space. We’re really looking forward to see what participants come up with in this hackathon, and perhaps some novel ways that our oracles and random generator can be used.” — John Chen
Read Full article
Umbrella Network’s AMAs in January
Umbrella Network’s Internal AMA w/John Chen on the 5th of January
“It’s going to be exciting because we’ve got a solid roadmap that we will execute against, market adoption is starting to happen, where the partnerships we will be announcing will be either project already utilizing our oracles, or meaningful collaborations where integration or custom solution building is already happening.
It’s going to be exciting because as we add more projects to our ecosystem, we will be driving more value.” — John Chen
Read the recap
Umbrella Network AMA w/ CRYPTOSCREEN
“Umbrella’s nodes pull data from various APIs and data providers and arrive at a consensus on the data via an on-chain smart contract. We use Merkle Trees to allow nodes to validate thousands of transactions for the price of a single transaction. The multiple data sources are all premium data providers and data aggregators that have cleaned, sanitized, and reliable data for use.” — John Chen
Read Recap
Umbrella Network AMA w/ PlayMining
“We are an oracle, so we provide various types of data feeds to our users. Those data feeds are currently available on 4 chains, Ethereum, BSC, Polygon, and Avalanche. With more chains being added constantly, we will be rolling out support for Solana, Cardano, Arbitrum, several parachains on Polkadot, and more later this year.”
— John Chen, President at Umbrella Network
“Our L2D is the data that we aggregate before putting it on-chain. This contains the majority of our data feeds, which is currently around 2,000 and growing rapidly. For new partners, we can create new data feeds usually as L2D, but it can also be as FCD based on partner needs.”
— Joel Bergeron, Strategic Partnerships & BD Manager at Umbrella Network
Umbrella Network’s AMA w/ Synapse Network
“So the $UMB token is our native utility token that sits at the center of the Umbrella Network ecosystem. From staking and validating data to paying the fees for data access, $UMB is what drives it all. And our tokenomics structure is very community-oriented too. The majority of our tokens, 60%, are allocated to the community, who will ultimately be responsible for selecting validators, participating in governance, staking, performing consensus, among others.”
— John Chen, President at Umbrella Network
Read the full recap here
Calling it a wrap on the recap :)
Thoughts on the upcoming announcements
As we continue to onboard more partners to use our data feeds, we diversified to offer products that are growing into full-fledged offerings such as Random Number Generator and a brand new upcoming feature — Passport.
Stay tuned to learn more and to stay updated!
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.
If you’re interested in becoming an Umbrella Network Partner, sign up here.
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