$UMI is expanding to Binance Smart Chain, Polygon & Sora Networks
This article discusses the expansion and schedule for multichain trading, staking and farming
In a move expected to greatly expand the accessibility of the $UMI token, Umi Digital is very excited to announce that we’ll be expanding across to the Binance Smart Chain (BSC) and Polygon network! This means our users will be able to benefit from operating across the BSC, Polygon, Ethereum AND Sora networks!
Of course the priority is continuing our work to develop NFT farming on Sora chain; the Umi Farming pallet is currently under construction and we expect it to be mainnet ready in 2022 Q1-2. All roads lead to Sora!
In the mean time we want to offer our users a cheap alternative to stake $UMI and farm NFTs without having to pay $200–300 usd in fees for every transaction.
Please see the full timeline below:
Timeline
For the anticipated expansion to BSC and Sora chain please see the timeline below;
Trading on Sora
$UMI is connected to Sora chain via the hashi bridge — 2021 (completed)
$UMI trading begins on Polkaswap — 2021 Q3 (completed)
Trading on BSC
$UMI is connected to BSC via the permissionless bridge — 2021 December
$UMI trading begins on Pancakeswap — 2021 December
Staking/Farming on BSC
$UMI staking begins on BSC — 2021 December
$UMI NFT farm begins on BSC — 2022 Q1
Trading on Polygon
$UMI is connected to Polygon via the permissionless bridge — 2022 Q1
$UMI trading begins on Sushiswap (Polygon) — 2022 Q1
Staking/Farming on Polygon
$UMI staking begins on BSC — 2022 Q1
$UMI NFT farm begins on BSC — 2022 Q1
Staking/Farming on Sora
$UMI staking begins on BSC — 2022 Q1/2
$UMI NFT farm begins on BSC — 2022 Q1/2
Benefits of BSC/Polygon:
Speed
Faster blockchain transaction times
Fees
Transaction fees on BSC/Polygon are significantly lower than Ethereum. This means users will not be forced to pay high gas fees for simple actions such as staking tokens.
Userbase
BSC have one of the largest userbase of all blockchain layer-1s after Ethereum. In addition, Polygon is a very popular layer 2 solution built on top of Ethereum. Expanding to these two chains will bring many new users to $UMI trading and the Umi Digital ecosystem.
Interoperability with Ethereum
BSC/Polygon are EVM compatible which makes bridging between these chains very easy. In addition, it operates very similar to Ethereum meaning that people who have used Ethereum before will find BSC and Polygon easy to use.
The $UMI ERC-20 token is directly translatable to the BSC’s BEP-20 and Polygon’s ERC-20 token standard, meaning the transition should encounter minimal friction. The bridges will also be fully permissionless, meaning users will be able to freely switch between the Ethereum, Binance Smart Chain and Polygon networks.
This expansion is just one of the exciting developments we’ve got in store for our project. With even more big plans for expansion on the horizon, the future looks incredibly bright for Umi Digital and the $UMI token.
Liquidity Redistribution Plan
Some liquidity must be removed by the team from Uniswap (Ethereum) Pool and redistributed to the new chains. This is done to ensure there is amply liquidity for trading on Binance Smart Chain, Polygon and Sora networks.
As staking and farming goes live on each chain, we invite the community to follow our example and also provide liquidity on these new low cost decentralized exchanges such as Polkaswap, Sushiswap (Polygon) and Pancakeswap (BSC). Further details will be announced in due time.
New farming rewards and opportunities will launch to coincide with the trading launches on each chain that will ensure it is very profitable to provide liquidity.
