A proposal to adjust the amount of rewards being distributed on the newly launched Hadley and Polar BSC streams.
Motivation & Benefits for the UMB Community
Give a proper and fair level of rUMB rewards for UMB token holders who choose to stake on Hadley and Polar Streams on BSC
BSC Staking will launch at the end of December with 10% of total rewards moved over to BSC, to be shared in the same proportion between Hadley and Polar as on Ethereum. That means that the rewards pool on the Streams on Ethereum will decrease 10% and that same amount shifted over to the
Streams on BSC. The 10% initial split is based on the fact that currently, approximately 5% of total UMB tokens in circulation are on BSC (7.2MM / 121.8MM). Once BSC staking is launched this figure is expected to increase. The purpose of this proposal is for the community to vote on the percentage of the staking rewards that will shift over to the Hadley and Polar streams on BSC, which will decrease the rewards from the ETH staking pools. The implementation timing will be planned for the periodic reset of the streams in late January. This initial proposal is also a test of the overall forum and voting process.
- The proposal will be open for discussion
- After the discussion is concluded and feedback is incorporated, the proposal will be up for voting on Snapshot.
- The Snapshot voting will last for one week after it goes live
- After the voting concludes, the results will be ratified by the community council for implementation during the next update of the staking contracts which will likely be in the second half of January 2022
Great! I am happy to see progress step by step. It is amazing.
As an early supporter of umbrella, I want to make it clear that a second token entails certain risks such as splitting the work effort or abandoning the first project. I do not doubt the brains behind this, but be wary of this new path. Looking forward to further news and lots of cheers.
Good evening, I don’t understand, the rewards pool on Ethereum will decrease 5% NOT 10% because actually 5% of total UMB tokens in circulation are ALREADY on BSC
Hi there. Important to note that reward tokens are different from circulating UMB, they don’t come from the same pool. Right now, 5% of UMB tokens in circulation are on BSC, correct. As there is no staking on BSC at the moment, 0% of the rewards pool is allocated to BSC, and 100% to ETH. To be able to give rewards to all 100% of UMB tokens on BSC (which is 5% of total UMB in circulation, but will likely grow when staking goes live), 10% of the rewards that are currently (all) on ETH, will be moved to BSC. The proposal is to vote on the proportional allocation of rewards to the respective chains after this initial period. Hope this helped clarify
Love it, guys. Another way to keep us involved in the process, I’ll make sure to do my part. Ever so slightly off topic: I’m mostly holding rUMB1 because of the opportunity it provided to a committed holder. Will I be able to vote?
Thanks Gabos I understand
Normaly no, only UMB holders participate in governance (tokenomic paper - Token utility)
I don’t think there’s any proposal to introduce a secondary token at the moment. This one is a straightforward attempt to introduce staking on the BSC network which makes sense
I’m happy with this new direction for the token. Shows how important the team thinks the community is to the entire project. I’m sure many will agree that staking on BSC is a no-brainer. I’d just like to see that even members holding only rUMB should be able to join the discourse & vote on proposals
happy to see it , keep it up community
To be honest, once the community actually do make a vote by using snapshot then you have to ask yourself why do we need another governance token?
There needs to be a consideration that the balance of UMB holders from BSC and ETH staking pools will fluctuate over time. Once staking is implemented on BSC a lot of holders staking on the ETH side may want to move over to the BSC side to avoid large gas fees and use the bridge to move to the BSC side.
I think the proposed 10% will need to be adjusted over time. We actually just need to implement a system that self adjusts depending on the amount of UMB held in both chains. This will solve all issues to fluctuations of UMB holdings and is fair.
This is exactly my point. A governance token is at this point, an unnecessary distraction. Team needs to focus all energies on developing UMB and achieving targets especially as we begin a new year that’s full of promise.
All, please keep discussions relevant to this proposal ~ reduction of ETH staking rewards and allocation to staking on BSC.
10% of rewards on bsc chain will vanish fast as there are many holders that are waiting to stake on bsc or holders that will probably shift from erc20 to bsc.
That is why there needs to be a system that self adjusts to be implemented.
Theoretically as you redeem your rUMB1 for UMB, your voting stake will increase over the 6 month period … I assume.
I’m staking on the ETH side but if i want to move to the BSC side, that’s very expensive. It should be nice if the team give us (UMB Hodlers) a possibility to move from ETH side to BSC side without any fee or less fee. Ofcourse for a period of time, for example 1-3 days.