THE $UMB TOKEN AND ITS USE CASES
With its completely decentralized Layer-2 design and exceptionally cheap prices, Umbrella Network is a blockchain oracle that provides scalable and fast data to a number of decentralized apps, It uses Merkle tree design to process transactions, which enables it to handle thousands of transactions for the price of only one.
Umbrella Network’s decentralized oracles offer a wealth of detailed information about thousands of cryptocurrencies, equities, properties, real estate, volatility statistics, and other topics.
Decentralized and scalable oracles for data points (including price feeds) of the whole cryptocurrency market are offered by Umbrella Network. This contains the data points in the mid and long-tail that are not present on other oracles.
Additionally, Umbrella Network provides thorough data on more than 1800 data pairs, making it the most diversified and effective data solution for the blockchain ecosystem as correlated with other oracles that only give restricted data on just 100–200 data pairs.
What Is $UMB?
The native token of Umbrella Network, $UMB, is ERC-20 compatible and is presently deployed on six leading blockchains viz; Binance Smart Chain, Ethereum, Solana, Polygon, Avalanche, and Arbitrum.
The $UMB token powers all operations inside the Umbrella Networks oracles. Holders of $UMB tokens decide which validator nodes to use, stake tokens during consensus rounds to earn rewards and control how market data is retrieved.
What Are The Use Cases?
The holders of $UMB tokens are rewarded for choosing the most reliable and accurate validator nodes, which act as participants in consensus rounds and stake $UMB tokens during validation. Additionally, they will get a portion of the user fee as well as perks like vested and non-vested $UMB tokens.
The Delegated Proof of Stake consensus architecture used by the Umbrella Network makes it possible for the $UMB token to provide a number of community services.
Holders are given administration capabilities through the Umbrella Network token. The platform allows $UMB token owners to vote on crucial network upgrades and activities as an additional means of promoting decentralization.
In order to reward stakers, validator nodes, and community activities, Umbrella Network sets aside a portion of its $UMB token supply. The $UMB token’s function in reward distribution is another important use case.
The native Umbrella coin UMB is now tradeable on leading DEXs including Uniswap, SushiSwap, and PancakeSwap. Strategic alliances with Elrond, Polygon, Linear Finance, Unilend, YOP Finance, and several other blockchains are also to Umbrella Network’s credit.
Support for UMB tokens has also been implemented by Gate.io and AscendEx. Therefore, it is safe to state that the $UMB token has proven to be a valuable asset and a wise investment.
Note: Holders of the $UMB token can now stake their coins on AscendEX to enjoy massive benefits. Check out the link below to get started:
About Umbrella Network
Umbrella Network is a decentralized oracle solution that enables decentralized applications (dApps) to access data from thousands of data pairs at the lowest cost and with the most frequent updates.
Find out more about the Umbrella Network via the following links: