Umbrella Network Deepens Partnership With MahaDAO, Adds MAHA-USD Data Pair as FCD
Umbrella Network is excited to announce the addition of another key data pair to the ever-growing list of First-Class data points for our oracle users to choose from.
Umbrella Network has added the MAHA-USD trading pair data as FCD (First-Class Data) to their ever-growing list of supported data pairs. This shall enable dApp developers to directly request the on-chain price of the MAHA-USD trading pair, directly into their smart contracts.
The First-Class Data chain contract on Umbrella Network only stores the latest values on-chain. This means that the most updated prices, along with timestamps, are available for use by dApp developers.
Your smart contract should always query the timestamp of the key-value pair on FCD (in this case MAHA-USD is the key and 3.15 (in the screenshot above), is the value.
This will enable your smart contract, as programmed, to ensure that the value (price) sourced from Umbrella Network’s decentralized oracle is within the time range you desire. New blocks on Umbrella Network are minted every minute on BSC /Polygon networks and every hour on ETH/Avalanche networks.
This ensures that the price sourced via Umbrella Network’s decentralized oracles is the most updated across all other decentralized oracles.
What is MahaDAO and How Does the addition of MAHA-USD pair as FCD benefit it?
The MahaDAO ecosystem consists of two tokens: MAHA, and ARTH. MAHA is the governance and utility token that regulates the value of ARTH, a non-depreciating crypto token. MahaDAO, as a whole, is a DAO (Decentralized Autonomous Organization) governed by the MAHA community.
By getting added as FCD on Umbrella Network’s decentralized oracle, the dApps, DAOs, and liquidity pools can simply set up their smart contracts to source the price from our decentralized oracle, instead of centralized sources, or other oracles that do not update prices as frequently as us!
This protects these elements from price-oracle attacks that have led to entire pools being drained in the past.
The MAHA-USD trading pair data as FCD serves as the ever-authentic source of the accurate price, validated, authenticated, and committed to the Blockchain, by community validators.
On the bylines of the announcement, John Chen, President at Umbrella Network said,
“We’re excited to be adding the MAHA-USD trading pair as First-Class Data. This would enable the entire MAHADAO ecosystem of products source authentic and always fresh prices for their dApps.”
and, Steven Enamakel said,
“We are excited to use UMB’s oracles to natively integrate MAHA on the BSC, Ethereum, Avalanche, and Polygon networks. We will continue to use UMB’s oracles for all the products that we will continue to build.”
About MahaDAO
MahaDAO is a stablecoin platform that is governed in a decentralized manner by the MAHA token holders. ARTH is designed to counter wealth depreciation by maintaining its purchasing power, regardless of the fluctuation in other market assets. Because of its direct peg with the Global Measurement Unit (GMU), it can provide a value stable asset as an alternative to conventional stablecoins.
Read more about them on their website.
For regular updates, check out their Medium | Twitter | Telegram | GitHub
About Umbrella Network
Umbrella Network is a scalable, decentralized, and community-owned oracle that utilizes Layer 2 technology to integrate real-time data into smart contracts for accurate and timely reports. Umbrella Network brings the world’s data to blockchains to enable DeFi applications to perform at the optimum level regarding precise information dissemination. It believes a decentralized oracle is paramount to creating a truly decentralized financial space.
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To add your token as FCD or L2D, click here.
Umbrella Network has an existing partnership with MahaDAO and this announcement is supplementary to the last announcement.
