Umbria Network DeFi Farm launches
Umbria, a DeFi protocol that uses layer two technology developed by Polygon, has launched Umbria Farm.
UMBR holders can capitalise on their tokens with the introduction of the Umbria Farm. Users of the Umbria Layer 2 DeFi protocol can soon deposit their UMBR-ETH LP (liquidity pool) tokens into the Umbria Farm and earn even more $UMBR as a reward.
After buying UMBR on Uniswap, anyone can add liquidity to the UMBR-ETH pool on the Uniswap platform. They receive LP tokens and earn fees in return. Holders of these LP tokens will be able to put them directly into the Umbria Farm to get a share of 50,000 UMBR (share dependent on how many ETH-UMBR LP tokens they are staking). This is in addition to the fees they earn for liquidity provision on Uniswap.
At block 12120000 farming rewards will begin being distributed to those who have staked their UMBR-ETH tokens in the Umbria Farm. Participants will receive a portion of the 0.25 UMBR minted per block for the subsequent 50,000 blocks. It’s currently estimated that yield farming on the platform will commence around 27 March. Check the block countdown here for the latest update.
Anyone adding their LP tokens to the Umbria Farm will be included in the Umbria airdrop snapshot on 15 April and eligible to claim their free tokens on 15 May.
“By putting your LP tokens into another contract – that is the Umbria Farm – you can really capitalise and make your assets work much harder. You still get fees for providing liquidity, but you’re also earning additional UMBR. Welcome to farming!” says Oscar Chambers, Co-lead developer at Umbria. “We’re looking forward to deploying many more features on the Umbria Network in 2021.”