Umbria DeFi Farm Launches
Earn passive income with UMBR governance tokens
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 https://farm.umbria.network/ 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.
Watch this video for a step-by-step guide:
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 the 27th of 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 April 15th and eligible to claim their free tokens on May 15th.
“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!” said Oscar Chambers, Co-lead developer at Umbria. “We’re looking forward to deploying many more features on the Umbria Network in 2021.”
See the latest price of UMBR on CoinMarketCap:
https://coinmarketcap.com/currencies/umbria-network/news/
What is staking?
In cryptocurrency, staking is the act of adding tokens into a smart contract to receive extra tokens in the future. In some cases, users have to stake their cryptocurrency assets in a “pool” that provides liquidity for users to swap between two underlying assets. By enabling the lending and borrowing of funds, users can earn interest on their cryptocurrency in the form of governance tokens. The governance token is used to vote on proposals to change the underlying protocol of the decentralized system
What is Yield Farming?
Yield farming is a strategy that investors use to maximise the return on their investments in cryptocurrency by earning interest on their portfolio. Users earn interest by lending their cryptocurrency to other users through cryptographically secure smart contracts.
Yield farming has exploded in popularity in recent months.
