Umbrella Network Announces Partnership with WOWswap
Umbrella Network is pleased to announce a partnership with WOWswap — a decentralized leveraged trading protocol that runs on top of PancakeSwap, the leading decentralized exchange based on on Binance Smart Chain.
With WOWswap traders can buy and sell their favorite tokens with up to 5X leverage by borrowing extra BNB from the lending pool. Liquidity providers can supply BNB to the lending pool and receive interest paid by the traders. Through this partnership, WOWswap will be able to get accurate pricing feeds to enable borrowing and leveraged trading by using Umbrella Network’s oracles.
The Umbrella Network is a community-owned Layer-2 Oracle network that combines data into a single blockchain transaction to provide low-cost, scalable, and authenticated data.
A layer 2 platform or protocol is one which is built on top of a pre-existing blockchain structure.
These protocols’ primary goal is to address the major cryptocurrency networks’ transaction speed and scaling issues. Layer 2 protocols, in a broader sense, provide a secondary structure through which blockchain transactions and processes can occur independently of the layer 1 framework (main chain).
As a result, these techniques are also referred to as “off-chain” scaling solutions.
Because the second layer is inserted as an additional layer, the main chain does not need to be structurally altered when using off-chain implementations.
As a result, layer 2 technologies can achieve high throughput while still maintaining network security.
“We are thrilled to announce our partnership with WOWswap and to be working with their unique leveraged swapping solution,”
“With over 1,200 unique data sets available on our platform, we offer more data options than any other oracle on the market. As WOWswap expands their token swapping options and capabilities, we will be able to continue to support their growing data needs.”
said Sam Kim, Senior Advisor of Umbrella Network.
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 WOWswap
WOWswap is a fully community-owned protocol based on a simple idea: liquidity providers can create a BNB pool , and traders can borrow these funds to buy up to 5 times more tokens on Pancakeswap DEX. Protocol fees, interest rates for lenders and borrowers, liquidation ratios and other ⚙ are decided by holders of WoW tokens — its governance token.
Learn more about WOWswap here:
