Umbrella Network Announces Partnership with Fortress Finance
Umbrella Network is excited to announce a partnership with Fortress Finance — a decentralized borrowing and lending marketplace backed by a synthetic stablecoin protocol on the Binance Smart Chain network.
Under the partnership, Umbrella Network will initially provide Fortress Finance with frequently updated pricing updates of their native governance token FTS. Currently, the Umbrella Network FTS price feeds are already integrated and live on the BSC mainnet and being utilized by Fortress.
Fortress is an algorithmic money market and synthetic stable coin protocol designed to bring secure and trustless credit and lending to users on Binance Smart Chain. With Fortress Finance, users can deposit assets to earn compound interest on their deposits.
They’ll also earn the FTS token as an incentive to provide liquidity. Users can borrow against their deposits using a different currency. Borrows will pay interest to depositors but they also earn FTS tokens.
Sam Kim, the Senior Advisor at Umbrella Network said-
“We are thrilled to partner with Fortress Protocol, and look forward to empowering the DeFi ecosystem with Fortress’ algorithmic money-market platform. As one of the earlier projects already integrated and utilizing our data oracles, we look forward to supporting Fortress’ data needs in providing them with accurate reliable pricing data for them to run their platform and marketplace.”
Miro, Fortress Finance’s founding partner said-
“We are excited to have integrated Umbrella Network’s scalable oracles into our decentralized marketplace. It is important for our lending platform to get frequently updated and accurate price feeds. And it’s great to be able to work with another decentralized, community-owned project to collectively further the ecosystem as we look to offer a more trustless and secure lending and borrowing platform for users. ”
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.
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About Fortress Finance
Fortress Protocol is an algorithmic money market and is governed by the FTS token, a BEP-20 token standard that allows its owner to delegate voting rights. The protocol will enable investors and traders to lend and borrow cryptocurrencies and generate compounded yields. Fortress Finance launched the FTS token in a public sale via Jetfuel Launchpad, a deflationary yield farming ecosystem on BSC, and allows Fortress Finance to adapt to market conditions with key decisions.
Learn More about Fortress Finance -