Umbrella Network Announces Partnership with Fire Protocol
Umbrella Network’s newest partner is Fire Protocol, which offers a suite of interoperable money market services that might best be summarized as “Uniswap meets Compound.”
Fire Protocol is the first infrastructure for Huobi Eco Chain (HECO), which helps bring non-Huobi Chain assets into a cross-chain compatible environment. It includes an integrated trading and money market with lending and borrowing services. Users can go hands-on with cross-chain asset wrapping, flash swapping, liquidity mining, lending/borrowing pools, and even interest derivatives. This kind of interoperable project requires an effective price feed to deliver asset valuations quickly, securely, and reliably.
That’s why Umbrella is pleased to announce that it will be Fire Protocol’s oracle partner, securely and accurately pricing assets and providing the data that drives its operation amid a rapidly developing market.
“We need a strong oracle solution to successfully ping prices for cross-chain assets as we wrap from various chains onto Huobi,” said Fire Protocol CEO Danny Christ. “ Umbrella was an easy choice. We could even wrap UMB onto the Huobi ECO chain and offer it to other projects for their own oracle solution. The stage is set for us to unlock some really intriguing use cases.”
“We’re simply doing what it takes to build and maintain the best community-owned oracle out there,” said Umbrella Network Partner Sam Kim. “As cryptocurrency becomes increasingly mainstream, technologies like Fire Protocol will play a pivotal role in how everyday people interact with it. We can provide price information more quickly and cost-effectively than other oracle solutions, even across blockchains. We will eventually experiment with liquidity mining at a later date, but only once our rewards system, which rolling out in a matter of days, is fully in place.”
ABOUT UMBRELLA NETWORK
Umbrella Network is a scalable, cost-efficient, and community-owned oracle for the DeFi and blockchain community. Its Layer 2 technology uses the latest advances in Merkle tree technology to write multiple data points on a single on-chain transaction, so it allows for batching data to smart contracts accurately, securely, and inexpensively. Umbrella believes a community-owned oracle is not only possible, but essential to creating a truly decentralized financial system.
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