umbria-token-fully-compatible-with-polygon’s-layer-2-chain

Umbria Token Fully Compatible with Polygon’s Layer 2 Chain

 

The Umbria governance token (UMBR) has been added to Polygon’s token mapper paving the way for key Umbria DeFi developments on Layer 2.

Umbria Network (https://umbria.network/) can now create a suite of applications on Polygon, which will be part of the Umbria ecosystem. Polygon – formerly Matic – provides scalable, secure and instant Ethereum transactions using their plasma proof of stake chain. Users of Umbria Network will be able to benefit from the fast, low-cost transactions (two second blocks with approximately 1c transaction fees) and heightened user experience that it affords.

Umbria will start developing its Decentralized Exchange’s (DEX) features on Polygon’s chain and can now fulfil bounty programs and airdrops and create farms and other DeFi products within a faster and cheaper environment.

“Token mapping of Umbria on Polygon PoS chain https://twitter.com/0xPolygon opens the door for our development on Layer 2 and a range of exciting opportunities for the Umbria protocol,” said Barney Chambers, co-lead developer at Umbria. “Polygon have been instrumental in helping drive the project forward and the next few months are going to be filled with exciting innovation.”

“We’re pleased to welcome Umbria’s ecosystem of DeFi products to Polygon, and we look forward to demystifying DeFi and making it accessible for the next wave of users in collaboration with Umbria,” said Arjun Kalsy, VP Growth – Polygon (previously Matic Network).

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Online Blockchain plc- Early UMBR adopters reaping the benefits in Umbria Farm

 

Farming rewards have begun for UMBR holders depositing into the Umbria Farm.

Currently, approximately 1 UMBR token is minted per minute; a share of which is distributed to anyone who has staked their Uniswap ETH LP- UMBR tokens in the Farm (smart contract). Rewards for those depositing commenced on Saturday 27th March at block 12120000 and will continue for a further 50,000 blocks. The APY at time of writing is 1187%.[1]

The Umbria DeFi protocol, which uses cutting edge layer 2 technology, provides full flexibility on governance rewards given to holders with the amount minted per block easy to change and vary as many times as necessary. Umbria offers an improvement to the SushiSwap protocol by leveraging the next generation of DeFi technology – layer 2. Community members can make governance proposals on the Umbria Discord channel. As the project matures there will be full on chain governance so token holders will be able to vote on how many UMBR per block are minted for farming.

Anyone staking their ETH-UMBR LP tokens can unstake them at any time and the tokens

plus the Umbria rewards received will go back into their metamask wallet. Those that have added their LP tokens to the Umbria Farm will be included in the Umbria airdrop snapshot on April 15th and eligible to claim their free tokens on May 15th.

“Our code base provides more flexibility on governance and, specifically for yield farmers, more flexibility for token distribution than SushiSwap,” said Barney Chambers, Co-lead developer at Umbria. “We’re really excited by the progress of Umbria and the very positive response of our growing community.”

See the latest price of UMBR on CoinMarketCap:

https://coinmarketcap.com/currencies/umbria-network/news/

Head on over to our Discord channel or Telegram to find out more on the latest developments.

If you are interested in becoming an official Umbria Ambassador and earning additional UMBR please get in touch at [email protected] using the subject ‘Brand Ambassador’ in your email. You can also contact on the above channels as well as Twitter and Facebook.