Umbrella Network Announces Partnership with Armor Finance
Armor Finance to source data for their innovative Shield Vaults from Umbrella Network’s decentralized oracles
Umbrella Network continues its forward march and is excited to announce the latest partnership with Armor Finance, a leading DeFi insurance coverage aggregator that allows users to protect funds held on a variety of DeFi protocols with an easy, self-adjusting, pay-as-you-go process.
- Armor Finance recently announced an innovative new product — Shield Vaults that offers coverage-bearing tokens, which automatically provide cheaper coverage without ever needing any maintenance or renewals
- 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.
Armor’s first 5 Shield Vaults are live, all of them based on Yearn vaults: DAI (the newly migrated yVault), SNX, sUSD, YFI & 1Inch.
However, this required data on a large variety of tokens — an easy feat if you’re looking to get your data from centralized sources such as websites (coingecko) or liquidity pools (such as Uniswap).
But, if your USP is protection against DeFi hacks (as is the case with Armor Finance), the way forward is decentralized oracles and the only one in the market that can serve the needs of such comprehensive data currently is Umbrella Network.
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:
- Add more data sets to their feeds (currently 1,200, growing to 10,000+ by end of 2021)
- 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
All of the above, combined with the fact that we’re already live on the mainnets of two of the largest dApp ecosystems — Ethereum and Binance Smart Chain, makes Umbrella Network one of the only decentralized oracles equipped to serve the rapidly growing needs of the dApp/DeFi ecosystems.
On the bylines of the partnership, Sam Kim, Senior Advisor at Umbrella Network, said,
“We are thrilled to be able to work with Armor. It’s exciting for us to partner with like-minded projects looking to push the envelope in DeFi. And we are proud to be able to fill the gap in the market to provide more sophisticated, secure and decentralized data oracles to meet the demanding requirements of Armor’s Shield Vaults. No other oracle in the market is able to support these needs like Umbrella can, and we are excited for what lies ahead in our partnership.”
Robert Forster, Co-founder & CTO, Armor Finance, spoke on the partnership,
“Armor is delighted to announce a partnership with Umbrella Network. We have been looking for the right decentralized data oracle that can meet our needs, as our current solutions were not able to provide it. Umbrella has been able to step up to the plate and meet our requirements to create custom data feeds for our 0-click coverage wrapped tokens. Together we can take the steps toward building a more trustworthy and secure ecosystem.”
Integration is already in advanced stages, so look for an announcement soon when the feeds are live!
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.
Umbrella believes a community-owned oracle is not only possible but essential to creating a truly decentralized financial system.
Stay ahead with the latest updates on Umbrella Network
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.