Umbrella Network Announces Partnership with Hedget
Umbrella Network is pleased to announce a strategic partnership with Hedget, a leading DeFi options trading platform. Through the partnership, Hedget will be able to access critical derivatives data through Umbrella Network’s Layer 2 decentralized oracle solution.
TLDR:
- Umbrella Network, a community owned Layer 2 Oracle solution for the DeFi market, announces partnership with Hedget, a leading decentralized protocol for options trading
- Current DeFi applications are unable to accurately price options due to the unavailability of quality volatility data
- Umbrella Network will provide Hedget with volatility metrics from derivatives data provider Genesis Volatility to help more accurately price options, a market first
- Partnership with Hedget is the first to showcase the potential for DeFi as more and more diversified financial data comes to the industry via decentralized oracles.
Hedget is a leading on-chain options protocol and hedging solution in the decentralized derivatives market. Its platform seeks to help crypto asset holders mitigate risk and secure positions against the ongoing market volatility in the cryptocurrency market.
One of the challenges the nascent but growing DeFi options industry faces is the ability to get accurate real world derivatives data, including volatility metrics such as implied volatility (IV) and realized volatility (RV), to more efficiently price options contracts. The partnership with Umbrella Network seeks to solve this problem, as Hedget will be able to access this crucial data, provided by Genesis Volatility (GVol), through Umbrella’s Layer 2 Oracle solution, that will allow for significant improvements to the pricing of options contracts.
“We are excited to welcome Hedget as our first major partner to access GVol’s volatility data through Umbrella’s oracle solution,” said Sam Kim, Partner at Umbrella Network. “This partnership is a validation of how combining forces can bring immense value to the growing DeFi industry. We look forward to announcing more partnerships with like-minded projects in the space in the coming weeks and months as Umbrella continues its mission to support innovation and growth within DeFi by providing low-cost, scalable data to our network of partners.”
“We’re seeing rapid developments in the decentralized options markets,” said Hedget’s Chief Marketing Officer, Serge Lubkin. “Following in the footsteps of our beginner guide to options, this partnership with Umbrella Network and Genesis Volatility is another example of our commitment to growing the DeFi market.”
About Hedget
Hedget is a leading decentralized protocol for options trading. By putting up collateral, users can create and trade different options series on chain. Decentralized options products allow users to hedge price fluctuation and also the risk in their collateralized lending positions. Hedget believes that risk mitigating DeFi protocols like decentralized options are necessary building blocks as the decentralized finance sector grows and matures.
About Umbrella Network
Umbrella Network is a community owned, scalable and cost efficient oracle for the DeFi and blockchain community. Umbrella believes a community owned Oracle is not only possible, but essential to creating a truly decentralized financial system. In addition, Umbrella’s Layer 2 technology utilizes the latest advances in Merkle Tree technology to write multiple data points on a single on chain transaction, allowing for inexpensive, secure, and accurate batching of data to smart contracts.
For any inquiries, please contact us at marketing@umb.network
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