Umbrella Network
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Umbrella Network

Umbrella Network Announces Partnership With Synapse Network

Umbrella Network adds another partner to its growing list — Synapse Network’s SNP-USD price feed is LIVE on our Layer-2 Data Feed.

TL;DR

  • Umbrella Network announced a partnership with Synapse Network — a cross-chain investment ecosystem that offers unique crypto-investing opportunities to both retail and institutional investors via its launchpad
  • Synapse Network is sourcing their data from Umbrella Network due to the low-cost, high-throughput resistance, wide coverage, and end-to-end authenticity of data obtained via our decentralized oracles
  • Investment platforms such as Synapse Network require frequently updated and verifiably authentic data that other oracles simply cannot offer. Umbrella Network, on the other hand, mints a new block every minute (on BSC and Polygon) ensuring that the most updated price is always available to our partner dApps
  • This enables dApps that require the SNP-USD pricing data to call that data securely, cheaply, and extremely fast, not to mention, fresh

The integration of Umbrella Network’s decentralized oracles as the source of pricing data for Synapse Network serves as another watershed moment depicting our ever-increasing adoption by dApps across multiple Blockchain networks.

The SNP-USD price feed is live on Umbrella Network’s decentralized oracle as layer-2 data:

Synapse Network is a crypto-launchpad platform that enables both, retail investors and institutions, invest in upcoming blockchain-based products, in a streamlined, intuitive, and regulated manner.

Spanning services across a cross-chain DEX, DeFi Marketplace, VC Syndicate, and an Incubator, Synapse Network is a fast-growing comprehensive investment ecosystem, and now, it is powered by Umbrella Network’s decentralized oracles.

(Source)

As a modular yet comprehensive investment platform catering to crypto-enthusiasts across the entire spectrum of investing capacities, Synapse Network understands the importance of tamper-proof, frequently updated, and low-cost data availability.

This is why they chose to partner up with Umbrella Network.

Umbrella Network offers the widest selection of data, covering not just the frequently traded pairs, but also cover the mid-tail and long-tail cryptocurrencies that might be up and coming.

On top of that, the combined duo of batch processing of data and a Merkle Tree-based Layer-2 architecture, we are able to offer comprehensive data points such as options pricing data, IV, and more, which make us the largest decentralized oracle by transaction volume!

All of these and more enables the dApps that use the SNP-USD pricing feeds (such as the components within the Synapse Network and their partners) to:

  • Source pricing feeds that are always updated
  • Access data at a low cost and pass those saving to their users
  • Mitigate the risks of price-oracle attacks
  • Ensure the authenticity of data via Merkle Proofs embedded in our data points

Speaking on the partnership, John Chen, President at Umbrella Network said,

We are excited to hit the ground running in 2022 via our partnership with Synapse Network. We were able to get a custom feed built for Synapse in just a few days, and are looking forward to further supporting their data needs.

Meanwhile, Pawel Laskarzewski, Co-CEO at Synapse Network, said,

Cooperation with Umbrella is the next step to ensure great solutions in the decentralized finance sector. As Synapse Network, we select only reliaible service providers on the market. This is the reason why partnership with Umbrella seems to be something absolutely natural and obvious — as they are secure and transparent oracle service provider.

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, so it allows for batching 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 of our latest updates. Follow Umbrella on:

Telegram| Twitter | Announcements | Website | Governance

About Synapse Network

Synapse Network is a comprehensive cross-chain investment ecosystem with its presence in both the blockchain and traditional market. Its ecosystem includes a launchpad, cross-chain DEX, DeFi Marketplace, VC Syndicate, and Incubator. By allowing multi-connectivity exchanges and multi-chain interactions on a single platform, Synapse wants to build a fully free and decentralized market.

Follow Synapse for More Updates

Telegram| Twitter | Telegram Announcement channel | Website

If you’re interested in becoming an Umbrella Network Partner, sign up here.

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