Update on UniFarm Cohort 7 Tokens
A recent hack at Chainswap had a significant impact on a number of projects that use the platform to connect Ethereum and Binance Smart Chain tokens. The hackers took advantage of a potential flaw in the platform’s smart contract protocol to steal more than $8 million in cryptocurrency. In less than a month, Chainswap has had two security incidents.
Umbrella and Unido, two UniFarm Cohort 7 projects, are also affected by the hack. UniFarm considers both projects to be valuable partners. Since the incident took place, we’ve been in close contact with the Umbrella and Unido teams to ensure that the UniFarm Community remains unaffected.
To come up with a solution, we worked closely with these projects to make sure our users get the best bet out of their investments.
Here’s the recent update on the tokens:
Update About $UMB, $UDO, $ORO & $UFARM Tokens
After the Chainswap hack, projects have been working their best to figure out the solution for their users. Affected by the hack, the two UniFarm Cohort 7 projects, Umbrella Network and Unido have come up with different approaches to tackle the issue.
Umbrella Network’s Approach for $UMB Tokens
In the case of Umbrella Network, the project has airdropped the new tokens to all of the users who staked $UMB tokens on UniFarm. When it comes to the reward pool, the new $UMB tokens have been added to the UniFarm smart contract. Now when the users will unstake from UniFarm Cohort 7, they will receive the new $UMB tokens as rewards along with old $ORO, $UFARM, and UniFarm $UDO tokens. These tokens can be swapped with the new tokens using the flip function on UniFarm.
Note: UniFarm $UDO tokens are different from $UDO tokens and will be swapped to new $UDO tokens
Users Will Need to Swap $UDO, $ORO & $UFARM Tokens
On the other hand, Unido has come up with a different approach. For the time being, Unido has removed its existence from the Binance Network.
Users who have staked $UDO, $ORO, and $UFARM tokens on UniFarm will need to unstake their tokens from the UniFarm Cohort 7 and then swap them with the new tokens using the Flip Function on UniFarm.
With the most recent changes, we’ve made every effort to ensure that the UniFarm community remains unaffected and that users can continue to stake tokens as before.
We’ve worked closely with Unido and Umbrella Network teams to resolve all the issues and made sure that staking doesn’t get interrupted.
Rest assured. You’ll be able to claim your rewards with ease.
Note: UniFarm $UDO tokens are different from $UDO tokens. We have temporarily created these tokens as a representative token of $UDO. Users will need to swap these tokens with new $UDO tokens using the Flip Function on UniFarm.
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.