Update About $UDO and $UMB Tokens
A recent hack at Chainswap led to a major impact on a number of projects that use the platform to bridge tokens between Ethereum and Binance Smart Chain. The hackers took advantage of a potential flaw in the platform’s smart contract protocol, seizing crypto-assets worth more than $8 million. Chainswap has been the victim of two security breaches in less than a month.
Two of the UniFarm Cohort 7 projects, Umbrella and Unido, are also affected with the hack. Both the projects are valued partners of UniFarm. Since the attack took place, we have been in constant touch with Umbrella and Unido team to ensure there’s absolutely no impact on the UniFarm Community.
We have worked closely with these projects to come up with a solution.
Here’s How We’ll Be Dealing with the Issue:
No Further Staking of New $UDO and $UMB Tokens
In order to ensure the security of our users, we are going to stop further staking of any new $UDO and $UMB tokens on the platform. However, the Pool is already full.
$UDO and $UMB Tokens to Be Added to Smart Contracts
The new $UDO and $UMB tokens will be added to the UniFarm smart contract itself, and old ones will be destroyed. You as a user will have to do nothing at all. When you unstake, you’ll simply get the new $UDO and $UMB tokens, seamlessly.
Claiming Your Tokens
We have tried to make sure that nothing affects our users, and they can still unstake anytime or claim their $UDO and $UMB tokens. Users will be able to receive the new tokens soon. We will keep you updated.
No Change in UI
There shall be no change on the UI front for our users. Everything will work exactly as before, seamlessly.
Frequently Asked Questions
Q1. I’m staking my $UDO and $UMB tokens on UniFarm. Will they be swapped to new $UDO and $UMB tokens?
Ans. We are working with Unido and Umbrella Network’s team to allow users to swap from old $UDO and $UMB tokens to new ones using our services. This swap will take longer to complete, as it is based on working with our partners.
If you were holding old $UDO and $UMB tokens at UniFarm at the time of the snapshot, please note that this might take longer to reconcile these balances due to the extensive data analysis required. We are diligently working with these platforms to retrieve all relevant data points, and will update the community as soon as possible.
Q2. Can we stake new $UDO and $UMB tokens?
Ans. Once everything gets settled, we will announce the same with integrated new $UDO and $UMB tokens for UniFarm Cohort 3 smart contract.
Q3. DO I need to do anything to swap my old $UDO and $UMB tokens to new ones?
Ans. Everything will be automatic and should be taken care by the UniFarm team.
With the latest updates, we have tried to make sure that there’s no impact on UniFarm community and users can stake tokens as before.
We’re constantly working with Unido and Umbrella Network team to make things better and making sure staking doesn’t get interrupted. Rest assured. You’ll be able to claim your rewards seamlessly.
UniFarm is a one-of-a-kind staking solution where the best projects in DeFi space come together to provide value to investors. UniFarm allows you to stake one token but earn multiple high-value tokens, so in addition to a great APY, your returns are automatically diversified as well.