Umbrella Network Announces Partnership With UniLend Finance
UniLend Finance is the latest DeFi project to partner with Umbrella Network to explore high-quality price feeds from our robust community-owned oracle.
UniLend is a permissionless decentralized protocol that combines spot trading services and money markets with lending and borrowing services through smart contracts. Fully compatible with any ERC-20 token, the UniLend protocol unites lending, borrowing, and DEX services under one roof. You might imagine it as a combination of the decentralized exchange Uniswap and a DeFi lending platform such as Aave — UniLend endeavors to be the most comprehensive DeFi protocol on the market. It therefore needs a secure, reliable oracle that can provide price data on a broad spectrum of crypto assets, including on the medium and long tail of the market. This is exactly the functionality that Umbrella will deliver.
Most DeFi oracles today support the larger, more popular crypto pairs, but there are more than 6,000 crypto assets out there and the number grows daily. Umbrella’s oracle will not only grant UniLend access to timely and accurate prices for major cryptocurrencies like Bitcoin and Ethereum, but also provide a much broader collection of less-popular digital assets that still see meaningful traction and use.
This partnership will let UniLend securely, efficiently, and cost-effectively interact with all this price data, setting the stage for the platform to serve more assets to the DeFi community and further expand its network as a result.
“Our collaboration with UniLend is directly connected to Umbrella’s mission of bringing more of the world’s data on-chain,” said Umbrella Network partner Sam Kim. “Our technology will serve UniLend securely and at scale. We’re excited to provide a wider array of detailed, diversified data to such a high-impact partner.”
“We are extremely pleased to partner with Umbrella to bring a broader and more diversified set of mid and long tail crypto asset data to UniLend to better serve our community,” said UniLend CEO Chandresh Aharwar. “This will help us further our mission to be the most comprehensive DeFi protocol on the market enabling any and all ERC20 tokens for listing, trading, lending, and borrowing.”
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.
Please contact us at marketing@umb.network with any inquiries.
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