AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the staking of the Umbrella (UMB token) on Apr. 26 at 2:00 p.m. UTC.
AscendEX’s innovative staking product allows users to participate in staking and earn rewards directly on the platform. Umbrella Network joins a growing portfolio of notable tokens including DOT, ATOM, and XTZ. AscendEX will be receiving validator rewards by running a UMB node which they will pass along to staking users.
Umbrella Network is a community-owned, decentralized oracle service providing secure, low-cost, and massively scalable data solutions to blockchain and decentralized finance applications. The UMB token is utilized for governance and liquidity rewards in a Delegated Proof of Stake system.
Umbrella provides access to data previously unavailable to blockchain developers across multiple segments, including mid and long-tail crypto assets and real-world financial data. Current oracle solutions require users to compromise between the security of the data or freshness/liveliness of the data. With Umbrella, developers can have both.
Recently, several oracle projects have entered the digital asset ecosystem; however, many of these projects are still at an early stage with minimal product development and viable business models. Umbrella Network seeks to be the third viable product in-market behind industry leaders Chainlink and Band Protocol.
