Umbrella Network
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Umbrella Network

Umbrella Network Hacks: Mid-Summer Recap (ETH CC Edition)

Earlier this summer Umbrella Network took to Paris and sponsored the official ETH CC hackathon. The Gitcoin powered hackathon encompassed both virtual hackers and IRL hackers.

Umbrella Network Hacks: ETH CC Edition

The hybrid virtual/IRL approach enabled developers all over the world a chance to hack on Umbrella but also allowed our team to chat in person with enthusiastic hackers and projects that were there.

In addition to sponsoring bounties and conducting a workshop, Umbrella Network Senior Advisor Sam Kim spoke on a panel that was moderated by Mariano Conti (the original Head of Oracles at MakerDAO) and included the Graph and Upshot. UMB is excited to continue to chat and think alongside the movers and shakers of the space.

(Sam Kim, Nick Emmons, Nader Dabit, and Mariano Conti speaking on Harnessing Decentralized Data at ETH CC Hackathon in Paris)

Overall, the thoughtful panel and engaging workshop is reflected by the winning hacks.

Let’s dive into some of the cool and recent creations from our rising Umbrella dev community.

Umbrella Bank

What is Umbrella Bank? (Video)

Umbrella Bank was inspired by Umbrella Network’s ability to showcase price feeds for virtually an infinite number of tokens. The Umbrella Bank is an alternative to a typical Defi wallet — it allows users to hold multiple currencies in a single denominated bank.

But it gets better.

As our winner Cryptotwilight describes,

“What’s more exciting is you can add support for more currencies as you acquire them and the Umbrella Protocol will provide you with up to date information on your balances.”

UMB is stoked to see more hacks like this that capitalize on the many price-feeds that UMB can create.

Check it out on GitHub

Umbrella Options Calculator

The Umbrella Options Calculator utilizes Umbrella Network’s ability to provide price feeds for a limitless number of tokens and thus expands the number of tokens to be utilized within options puts and calls. The Options calculator utilizes the Black-Scholes Pricing Model.

Black-Scholes is a pricing model that determines the theoretical value/fair price of a call or a put option based on six variables: volatility, type of option, underlying stock price, time, strike price, and the risk-free rate.

The extended number of options available within the UMB Options calculator showcases the value add of MORE price feeds for DeFi users.

Check it out

Umbrella Network Price Bot (Discord)

The Umbrella Network price bot makes it easy to set up an Umbrella Network price bot on Discord.

This innovative bot allows for the ability to discover price feeds via crypto’s major social forum: Discord. This expands the ability of a diverse array of tokens and communities to receive real-time price feeds; hence expanding the reach of Defi users and products to encompass more tokens.

Check it out

Conclusion

Umbrella Network has seen some truly exciting hacks this summer at Eth CC that truly understand and optimize the value propositions of Umbrella Network. The major value-adds UMB serves:

  1. More price feeds than existing oracle solutions given open-source and community-driven capacity
  2. Lower cost and more price feed updates than existing solutions given decentralized, community approach as opposed to cohort approach.

UMB is thrilled to open up exponential value and opportunities for value within Defi through these key components.

We are stoked to see such enthusiasm and understanding from our growing developer ecosystem. Next up is ETH Online (kicking off mid-Sept) — stay tuned for some game-changer updates, bounties, and hacks!

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Umbrella Marketing Team

Umbrella Marketing Team

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