Umbrella Network
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Umbrella Network

Umbrella Network Announces Partnership with Armor Finance

Armor Finance to source data for their innovative Shield Vaults from Umbrella Network’s decentralized oracles

  • However, the complex and demanding data requirements for these products were difficult for other oracles to handle effectively
  • Via a partnership with Umbrella Network, Armor Finance will be able to fulfill their data needs — comprehensive, low-cost, secure, and up-to-date!

What Did Armor Finance Need For Their DeFi Innovation?

Armor Finance’s Shield Vaults enable users to wrap underlying tokens into coverage bearing tokens — the yield from the tokens takes care of the coverage premiums, effectively creating an endless insurance coverage for the token holder’s assets.

How Do Umbrella Network’s Decentralized Oracles Process and Serve Huge Volumes of Data, cost-effectively?

Umbrella Network’s Merkle Tree architecture enables their layer-2 solution to batch thousands of community-validated data points into one transaction before commitment to the Blockchain.

This leads to massive savings when compared to processing every data point as a different transaction.

These savings in transaction costs lead to a series of benefits that enable Umbrella Network to:

  • Offer at significantly lower costs per data point (over 99% cheaper than leading competitors)
  • Update data points frequently (every 1 to 3 minutes currently Vs. once a day compared to other oracles)
  • Append cryptographic proofs to data points for veracity of data integrity even after it has been sourced by the dApp smart contracts

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, allowing for the batching of data to smart contracts accurately, securely, and inexpensively.

About Armor Finance

Armor Finance makes investing in DeFi as safe as possible with crypto-native, dynamic smart coverage aggregation. As a decentralized brokerage, Armor Finance’s innovations provide on-demand, real-time coverage and non-custodial security solutions for user assets. Armor Finance’s focus is on building an ecosystem of interoperable protocols and products to secure and scale mass adoption of DeFi both with institutions and individuals.

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Umbrella Network is a decentralized oracle for dApps to get data across different blockchains, at the lowest price, for 1800+ data pairs, with the most frequently updated data. Our other products include — Bridge, Options Pricing Data, Staking Portal, and more!

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