Umbrella Network Announces Partnership with Flagship
Live from Avalanche Summit, Umbrella Network is pleased to announce our partnership with Flagship — an investment network enabling investors to gain exposure to promising assets in the crypto economy.
- Umbrella Network’s massive list of supported data pairs makes it a very conducive offering for Flagship and other such DeFi apps
- Flagship helps users to invest in Vaults — transparent and more importantly, automated index products focused on different domains of cryptocurrencies
- For achieving economies of scale and for decentralization, Flagship has chosen Umbrella Network as their partner and we will support them all the way
- The Umbrella and Flagship teams met up at Avalanche Summit this week to sign the deal and announce the collaboration live from Barcelona.
As DeFi enters the mainstream narrative, the need for greater decentralization and transparency becomes greater too. Umbrella Network enables dApps to do just that — receive data from a decentralized oracle, directly into their smart contracts.
Decentralized apps (dApps) such as Flagship gain significant stability and resistance to price manipulation oracle attacks by ensuring that all their data feeds are sourced from decentralized oracles.
Flagship is a decentralized investment platform that enables users (both novice and experienced investors) to invest in a basket of investment opportunities (called vaults in their terminology).
For example, ‘The Avalanche Ecosystem’ vault enables users to invest in a diversified basket of avalanche-based projects, without the need to pore over hundreds of white papers and discord/Twitter accounts. Their curated information and assets are informed by networks of experts and specialists who track exciting opportunities and make them easily investible.
The benefits are many but the most prominent ones are:
Flagship brings together various aspects of investing in cryptocurrencies under one unified and easy-to-use platform. The 3 major components of Flagship are:
- Captains: These are the grizzly veterans of the crypto space who are hired to dive deep into specific sectors such as play-to-earn, NFTFi, and so on. These captains are mandated to trawl the interwebs, collect hard-to-find information, and distill them into posts for the Flagship community called Outposts
- Outposts: These are dedicated pages containing information on particular sectors and are populated by the Captains. This helps serve as a beacon for potential investors and knowledge-seekers to find several nuggets of wisdom on the same page, or subscribe to receive information directly into their inboxes
- Vaults: These are the flagship product of, well, Flagship. These are crypto-index products that enable investors to gain exposure to multiple, sectorial, and/or blockchain-specific investment products as baskets. These Vaults are managed by Captains who ensure that the underlying assets are managed and rebalanced ahead of the curve.
Through this partnership, Flagship becomes more decentralized, more transparent, more resistant to price oracle attacks, and thus, more trust-able than the DeFi apps that simply source their data feeds from singular and/or centralized sources.
Also worth noting is the fact that Flagship requires vast amounts of pricing data, with high frequency, and across multiple cryptocurrencies, fiat, NFTs, and TradFi instruments such as stocks, ETFs, and index funds.
Before Umbrella Network, it was practically impossible for DeFi projects to source all of this data from decentralized sources, let alone a decentralized oracle — putting dApps between a rock and a hard place.
With Umbrella Network’s Merkle Tree architecture, thousands of data pairs are processed as one transaction, saving massively on GAS costs. These savings are then passed on to dApps as lower costs of sourcing data — effectively bringing them on par with TradFi investment products and vehicles.
Thus, Umbrella Network enables innovative platforms such as Flagship to leverage the best of both worlds:
- Benefits of DeFi’s ease of investing and
- Benefits of TradFi’s coverage of (relatively) safer investment opportunities
In due time, when the Flagship token is launched, Umbrella Network shall add it as Layer-2 data which already includes 3000+ data pairs. This, in addition to offering a decentralized source of the pricing data of the Flagship token, will also enable dApps to leverage this pricing data into their own smart contracts via a decentralized source!
On the occasion of the partnership, John Chen, of Umbrella Network said,
“We’re really proud to be the ones enabling DeFi dApps to continue innovating at the pace we’ve come to expect of crypto. We believe that Flagship will help bring DeFi to a wider audience via their ease of investing into baskets and also help diversify both the risks and the investments. We’re especially pleased to sign this partnership here in person at the Avalanche Summit.”
Jorn van Zwanenburg, Founder of Flagship said,
“It has been great to meet the talented Umbrella team in person and explore our collaborative opportunities. I’m looking forward to start launching products together!”
Flagship is the first investment network that tracks all corners of the crypto economy. Flagship curates the highest quality information and most exciting opportunities and makes them easily investible. Together, we learn, grow and generate wealth.
About Umbrella Network
Umbrella Network is a scalable, decentralized, and community-owned oracle that utilizes Layer 2 technology to integrate real-time data into smart contracts for accurate and timely reports. Umbrella Network brings the world’s data to blockchains to enable DeFi applications to perform at the optimum level regarding precise information dissemination. It believes a decentralized oracle is paramount to creating a truly decentralized financial space.
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