Umi Digital Dapp Features and Testnet Update
Different components of Umi Digital will be rolled out to the Testnet and then to Mainnet release in stages. Lets check out some of the different features coming in the next few weeks in this article!
Stage 1: Liquidity Farm and NFT Staking
This will be the first component to go live on Mainnet and it is currently available to play around with on Ethereum Rinkeby testnet right now. This is a huge step on the journey towards the Umi Digital Mainnet launch and one that many of the tech-savvy community members will be excited about.
The Liquidity farm is used to stake assets such as UMI token and DEX Liquidity Pool tokens (Uniswap, Sushiswap, Balancer, etc) to generate high yield farming rewards. The interest is compounded (by the second!!) and you can claim rewards anytime with zero delay and no lock up period.
Non-Fungible Token Farming is an innovation that the wizards in the Umi Digital developer team conjured by creating Art pieces with magical powers and utility in Decentralised Finance (DeFi). The NFT Farm is where users can stake their limited edition Umi Digital NFTs for turbo charging boosting powers within the Liquidity Farm. This is just the first iteration of mystical NFT concoctions that Umi Wizards have in-store for the community. You can expect more NFTs that blur the lines between Finance and Art and each with new cutting-edge and exciting features to be released in the coming weeks, after Mainnet launch!
Both the Liquidity Farm and the NFT Farm are now live on testnet, and are edging closer and closer to Mainnet launch. You can claim testnet tokens and testnet NFTs to interact with both components at no risk to your own ETH balance. Therefore we suggest you give it ago and get familiar with the system. Check out our previous medium article for a guide on how to do claim your test tokens. The Testnet will undergo several wipes (yes, your Testnet Token balances will go to zero… that’s why they are Test Tokens!) as we roll out updates and improvements to the dapp.
Stage 2: NFT Minter and Marketplace
This component is still undergoing internal testing but will be rolled out on testnet soon and in the same sequence as Stage 1 component (testnet, medium articles, mainnet, followed by detailed user guide). The NFT minter will allow you to upload their own original art pieces (pictures, movies, sound clips, animations) to the Umi Digital Dapp and mint this into your own NFTs on the blockchain using the power of smart contracts.
After minting your own NFT, you can view it in the My NFTs page which will show the complete collection of all NFTs currently stored in your wallet address. Users can then also choose to sell their NFTs or buy other people’s NFTs in the Umi Digital NFT Marketplace. Users will be able to buy/sell NFTs using UMI Token or the native currency of that blockchain (so for Ethereum network, you can use UMI or ETH. For Sora Network you can use UMI or XOR, for Binance Smart Chain you can use UMI or BNB).
Stage 3: Choose your chain, Choose your destiny!
As Umi Digital is a chain agnostic app, we will roll out each component on our chosen chains as listed below:
- Ethereum
- Sora
- Binance Smart Chain
- Matic
This is a tentative list and it is evolving; More networks/blockchains may be added to this list in the future. The Umi Digital dapp on each chain will be the same but also different!
Each networks will have the basic components described in stages 1&2 (Liquidity pool, NFT farm, NFT marketplace etc) and some extra sauce (unique features/tools that are specific to ONLY that network). In this way, Umi Digital will provide extra value and cater to the needs of each community and the individual characteristics of each specific network.
Umi Digital aims to be a decentralised community for artists and coders to create cool funky art but also an experimental playground for the community to test new and innovative ways of infusing value into NFTs and DeFi farming.
