Umbrella Network Staking Update
We have made some adjustments to our Staking portal and existing Rewards Programs, so want to give a quick update on those changes and how they will impact users.
From the main webpage, clicking on “Stake” will now take you to a main staking portal. Our staking options are now called Streams and currently we are offering two Streams, Hadley Stream, which is the main UMB token staking, and Polar Stream, which is the Uniswap UMB-ETH Liquidity Pool (LP) Token Staking.
Staking rewards distributed are 81,107 rUMB daily for the Hadley Stream while the Polar Stream is now 27,035 rUMB daily. That’s a total of 108,142 rUMB daily distributions compared to the previous amount of 111,872 rUMB per day. The difference of 3,730 rUMB a day is going to be held in escrow and will be used in our upcoming NFT promotion. Stay tuned for more details on this soon!
Our staking programs have been growing rapidly since launch. As of 1st April, we had over 14.37MM UMB tokens staked in our Hadley Stream, and 24.4K LP Tokens staked in our Polar Stream, which just launched less than 2 weeks ago. APY for Hadley Stream is currently 213% and the APY for Polar Stream is an eye-popping 836%. We expect APY to decrease over time, especially for Polar Stream, as more and more token holders opt to stake for the high rewards. Please DYOR and check the data before making decisions on the best staking options.
We have also decided not to renew our Uniswap Liquidity Pool Rewards Program which we launched back on 1st March. We will be distributing 20,000 UMB for the first month on 1st April pro-rata to all Liquidity Providers, after which we will discontinue the program for now to focus on our Polar Stream staking program, as well as other rewards programs that will be rolling out very soon.
We expect to continue to calibrate and make adjustments to our rewards programs based on feedback from token holders and the broader community, so please stay up to date by following our announcement channels. Again, thanks to the community for all of your continued support.
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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