After the Chainswap hack, Umbrella did not want to transform any token contract on Ethereum, but the task essential to develop a new UMB token contract on BSC. The contract is anticipated to go into impact this week and there will be a pre-release announcement.
To customers on Binance Smart Chain
The methods the task should really get incorporate issuing new contracts, listing new tokens on Etherscan, CoinGecko, and CMC, and then setting every little thing up with PancakeSwap. Next, the new UMB token on BSC will be broadcast to substitute the outdated frozen token with a one: one ratio.
UMB holders on BSC do not want to get any action. The task will immediately send new tokens.
New tokens will also be sent to these who wager UMBs on Unifarm, as nicely as these who offer liquidity for the UMB-BNB LP on PancakeSwap. If you are in possession of LP tokens (tokens obtained following offering liquidity), you will be launched at the similar velocity as UMB and BNB.
In addition, the task will also distribute an added portion of tokens to UMB holders on BCS to offset element of the chance value through the time period that UMB is locked. The quantity of the added bonus will rely on how extended you will hold the new token following submitting the task. in accordance to the following table:
UMB holders can participate in staking on Unifarm or offer liquidity to the UMB-BNB pool on PancakeSwap and nevertheless acquire the aforementioned rewards. Specific facts will be announced by the task later on.
As for the UMB Token Buyback Plan, this system is applied to decrease the variety of UMB Tokens additional to the marketplace due to the sale by the hacker. As of July twenty, Umbrella has repurchased all around 95 ETH of UMB and nevertheless has 15 ETH left.
The umbrella includes 110 ETH of UMB on the 0x87ea777f9909e233a569224a53A4873FeC97D5d3 wallet. Once the redemption is full, Umbrella will hold a local community vote to figure out how to control these redeemed tokens.
User side on Ethereum
Umbrella additional three million rUMB distributed on Hadley Stream more than a three-month time period, going from the present everyday quantity of 81,107 rUMB to roughly 114,000 rUMB (+ forty% maximize).
Over the previous couple of weeks, the crew has targeted on dealing with the aftermath of the ChainSwap hack, together with investigating, producing a new contract, and the suitable code to launch the bounty system. Therefore, the mainnet will get started later on than anticipated.
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