Umbrella Network Announces Partnership with OpenDeFi
Umbrella Network is pleased to announce a partnership with OpenDeFi, a platform and protocol which is enabling traditional finance to access the world of DeFi.
OpenDeFi provides for the ability to tokenize real world assets and then building decentralized financial services around those assets. Through this partnership, OpenDeFi will be able to get a wide-ranging pricing data on thousands of cryptocurrencies, equities, commodities, and other real-world assets for building its a cross-chain DeFi ecosystem.
Umbrella Network relies on it’s many to one Merkle tree architecture to aggregate thousands of pieces of data onto a single blockchain transaction, versus other oracles which mostly transact a single piece of data per transaction.
This gives Umbrella a unique advantage to provide data at a lower cost, with a broader data set and at a much higher scale than any other oracle on the market today.
OpenDeFi is looking to launch and support projects across every layer-1 ecosystem, with a vision to empower DeFi markets across a wide-range of digital asset classes. To this end, the partnership with Umbrella Network will help to drive towards the goal of supporting a more comprehensive suite of digital asset classes.
Sam Kim, the Senior Advisor at Umbrella Network said,
“We’re thrilled to be partnering with OpenDeFi who are at the forefront of building a ecosystem for DeFi projects. We believe that in order for DeFi to continue to grow, there needs to be a more seamless integration between traditional finance and decentralized finance. We believe in OpenDefi’s mission and hope to support them fully with our data oracles.”
OpenDeFi’s CEO, Mohit Madan, speaking on the partnership said.
“OpenDeFi is an enabler for institutional money to participate in the DeFi space. As we continue to build that bridge, and extend our suite of solutions for the ecosystem, we believe having partners like Umbrella Network and their diverse selection of secure and scalable data oracles will help us to achieve those goals.”
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 OpenDeFi
OpenDeFi, powered by OroPocket, is creating a bridge between real world assets and the DeFi space by tokenizing real world assets and providing a slew of financial services on top of these assets. These include staking assets to earn yield, flash loans against investments, instant exchange without slippage, asset backed cards to spend investments in real time, and cross-chain value creation by allowing the free movement of assets across chains. Currently, OpenDeFi has a live pilot with gold and silver where this functionality can be used.
Read more about OpenDeFi
