AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the staking of the Umbrella token (UMB) 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 native 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.
About AscendEX
Originally founded in 2018 as BitMax.io, AscendEx is a leading crypto and digital asset financial platform catering to both professional and retail traders. Our venue offers spot, futures, margin trading and staking products and incorporates key elements from the DeFi space to foster a unique market structure for users. AscendEx is led by a team of Wall Street veterans who have applied traditional markets’ rigor to create a robust, secure, and reliable experience for all participants; and a consistent source of liquidity for primary offerings.
Umbrella Network is a community-owned, decentralized oracle service providing secure, low-cost, and massively scalable data solutions to blockchain and decentralized finance (DeFi) applications.
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