AMA Recap of Umbrella Network @KnitFinance Community
This Friday we invited Umbrella Network’s President Mr. John Chen, for an exciting and instructional AMA. We are glad and would like to thank them for taking the time today to join us!
The following is an excerpt from Knit Finance and Umbrella Network’s AMA.
Can you please introduce yourself with our community? Your background and how this idea comes into your mind?
Mr. John Chen- Yes sure, my name is John Chen, and I’m the President of Umbrella Network.
I’ve been an investor in the crypto space since 2017. I joined Umbrella at the end of 2020, a little after the project launched and I currently focus on overseeing all aspects of the project, ensuring we are delivering against our roadmap, as well as managing the growth of our ecosystem and community. I am currently based in the US, just moved back after spending 6 years in Singapore.
The senior core team, led by our founder Sam Kim, who also has extensive entrepreneurial experience across crypto, mobile, ADTech, and gaming, has been working together on blockchain projects for many years even before Umbrella, so we have a long and extensive working history across multiple projects in the crypto and blockchain space.
Mod@KnitFinance — Impressive!
Could you brief us a little more aboutUmrella Network?
Mr. John Chen- Network is a decentralized layer-2 data oracle service. So, like all oracles, we bring data, usually off-chain data, onto the blockchain. Almost all smart contracts and dApps need data to run and be useful applications.
Oracles are the critical component that provides that data, so it is absolutely essential. But currently, it is expensive to get data at scale on-chain. As a result, there is a limited amount of data, oftentimes updated infrequently or only if there is a large enough swing in the data.
Other oracles have to bring one piece of data at a time. So, if a dApp needs the price of both BTC/USD and ETH/USDT every single minute, then a typical oracle would have to write twice to the chain every minute, once for every data pair.
Whereas with Umbrella, we are able to aggregate data together, thousands of pieces of data currently, but potentially millions of data points, all at once and write it to the chain, this gives us tremendous advantages in terms of scale, speed, and cost of getting that data to users compared to other oracles.
Mod@KnitFinance- That’s truly appreciated!
Can you help us to understand more about Umbrella Network Token Utility?
Mr. John Chen- So, the $UMB token is our native utility token that sits at the center of the Umbrella Network ecosystem. From staking and validating data to paying the fees for data access, $UMB is what drives it all. Our tokenomics structure is very community-oriented too.
Our current circulating supply is about 134MM. The maximum supply is 500MM, though that’s just the theoretical cap which we will not end up utilizing in its entirety. The majority of our tokens, 60%, are allocated to the community, who will ultimately be responsible for selecting validators, participating in governance, staking, performing consensus, among others.
As we are a community-governed project, there could be more token burns or other deflationary measures that are implemented in the future, should the community vote to do so.
Currently, to reward long-term ‘hodling’, we have very attractive staking/rewards programs in place. Last time I checked, APYs ranged from around 50% on our Hadley Stream to up to over 250% for our Polar Stream staking and these staking programs will be around for at least the next 3–4 years, with new ones planned as we continue to expand.
Mod@KnitFinance- Well that’s real hot stuff!
Wishing you all the best to the entire team!
What are your unique Marketing concepts and partnerships? How can we leverage this partnership in future?
Mr. John Chen- We are a product-focused, long-term project. We are just moving into the second year of the project, so things are still at an early stage.
We’ve got a fairly comprehensive marketing plan that spans community development, PR & media, social, content, partnerships, a growing ambassador program, among others.
Marketing must also be coupled with a solid execution plan. Without solid news of product adoption, market traction, and new products & features being rolled out, the marketing would not be effective.
So, for us, it’s important to focus on both successful execution of an aggressive roadmap and deliver that to our community, and amplify that with an effective marketing strategy.
For 2022, we are going to be very focused on product and market adoption and securing more meaningful partnerships with great projects such as yourselves.
Mod@KnitFinance- Hat’s off for the good work guys!
Quick brief about the Fundraise and Token sale
Mr. John Chen- Sure. So we had our IDO back in Feb of 2021. At the height of the market back then. So much has happened since we had our TGE but we really think the best is yet to come. Currently our token is listed on centralized exchanges like Kucoin, AscendEx, gate.io and Poloniex, and also on DEXes like Uniswap, Sushi and Pancakes Wap. We are also VC backed, having raised a little over 1mm before the IDO at the end of 2020, backed by guys like Youbi, CMS, NGC, FBG, SRC Capital and others.
Mod@KnitFinance- Outstanding! That was super impressive!
That’s it for our AMA guest. Let me thank Mr. John Chen from the Umbrella Network’s team for joining us today and sharing insights on the project.
On behalf of the entire Knit Finance team and community we wish you and your team great success.
Congratulations to winners
To claim your prize send your ERC20 wallet address to @CryptoMaster21 on telegram
To claim your prize send your ERC20 wallet (not an exchange address) address to @CryptoMaster21 on Telegram in Next 24 hours or DM @KnitFinance on Twitter.
That ends the AMA withUmbrella Network!
Thank you everyone for participating in this insightful AMA.
Mr. John Chen- Thank you so much for having me here! If any of you have any further questions please join our communities and we’ll be happy to answer!
Mod@KnitFinance- I’m sure we will have more time to catch up with the community in the future! Thank you both.
Follow us on our website and social media channels, so that you don’t miss out on any important announcements.
Follow Knit Finance through official channels:
Follow Umbrella Network through official channels: