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Umbrella Network Monthly Recap: February 2022

In this month of love, we continued doing what we do best, providing the best to our community, and more value to those who trust us.

From strategic partnerships, meaningful partnerships to more Mainnet Launches, we had a lot happen in February 2022, and here are the highlights!!

Umbrella Network Announcements

We Achieved Milestone 1 And Unlocked rUMB to UMB Conversion

The 1st Milestone — writing 40M data points on the Blockchain over a period of 7 days, has been achieved. This achievement unlocked the conversion of rUMB tokens to UMB tokens!!

Convert here if you haven’t already | Read this first though

This achievement can be attributed to an influx of recent partnerships including the integration of Uniswap pricing feeds into our decentralized oracle, adding close to another 1,000 data pairs.

This brings the total number of data pairs to over 3,500. With blocks being minted every minute and across 4 blockchains, the number of data points being written on the Blockchain successfully breached the 40M mark and is on pace to exceed more than 70M across all 4 chains.

Read the Full Article here

Integration of Uniswap into Umbrella Network’s Pricing Feeds

Community validators authenticate data before it’s put on the chain. Data pulled from Uniswap’s Pools is verified by a network of community validators before data is committed on-chain and can no longer be modified.

What is and isn’t executed by smart contracts using data from Umbrella Network’s oracles can be trusted, as the data is verified, authenticated, and committed to the blockchain through a decentralized community of validators.

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Umbrella Network Added UNO-USD Pricing Data To Their Decentralized Oracle

Umbrella Network and Uno Re have been partners for quite some time now. Today, we’re deepening that partnership by adding the UNO-USD pricing data as L2D, to our decentralized oracle.

Uno Re shall begin using our decentralized oracles to fetch the pricing data for all their underwriting requirements. This adds another major DeFi player to the growing list of dApps/ecosystems that utilize the Umbrella Network as the ‘source of truth’ for all their pricing data needs.

Read full article

Bringing Crypto-Options on par with the S&P 500

The $UMB architecture sources the entire trading grid and derives the price sentiments that are more holistic and practically evolve the entire crypto-options ecosystem.

https://twitter.com/UmbNetwork/status/1492197522151981058?s=20&t=YiWADjapVhnZtNcLGKoYiw

This is essential because

  • The level of detailing and calculations eliminates the impact of temporary outliers. The IV and the greeks provided by the $UMB are more accurate and carry a lesser risk.
  • For the first time, the crypto-markets would have access to arbitrage-free pricing for erstwhile non-existent strike prices.
  • The benefits of $UMB’s pricing of options can be reaped by retail users as well. One could visit another crypto-market and compare the options prices there, with the arbitrage-free prices on $UMB’s feeds.

Umbrella Network Governance voting

UIP 002: Vote to Prevent trading of rUMB2

This vote is to propose the option of building a mechanism into the rUMB2 token to prevent the trading of rUMB2 on decentralized exchanges on both Ethereum and BSC.

This was based on feedback from the community and governance forum (see forum discussion here) the proposal is to add a whitelist functionality to the rUMB2 token contract so that only those on the whitelist can interact with rUMB2. DEXes will not be on the whitelist and therefore will not be able to interact and swap the token.

This will not impact wallet addresses, so staking, unstaking, token transfers, will all be unaffected.

See on snapshot

UIP 003: Give voting weight to rUMB

Currently, an individual must hold Umbrella’s token UMB in their wallet or have it staked in Umbrella’s staking streams to be able to participate in the voting process.

This vote is to propose allowing rUMB holders to vote on Umbrella Network governance proposals with an assigned vote weight of 0.5 (compared to a vote weight of 1.0 for UMB). Based on feedback from the community and governance forum (see forum discussion here)

See on Snapshot

UIP 004: Vote to Burn 1m UMB Tokens

The Vote was put out to all UMB holders to decide the fate of 1 million UMB tokens from the node fund. rUMB1 currently is continuing to be distributed until the 2.0 staking vaults go live.

As a result, we cannot proceed to burn rUMB1 tokens cannot proceed as previously planned, so we now are looking to burn some of the UMB tokens from the node and partner funds that were not utilized in 2021.

See Snapshot

Umbrella Network Partnerships in February

Umbrella Network Announced Partnership with MoonieNFT

MoonieNFT is a gamified DeFi platform where users (players) can use their Moonies (MNY) to participate in a host of different exercises to earn guaranteed rewards (via Price Races), earn interest on NFTs and USDT (via Research Lab), and compete with others to get on the leaderboards (via Arcade Games).

A partnership with Umbrella Network is a paradigm shift for MoonieNFT. With Umbrella Network’s decentralized oracles offering all of the above and more, players in the Moonieverse would benefit massively from an authentic pricing data feed of their key currency — MNY.

Read Full article

Umbrella Network Announced Partnership with CoinRisk

Umbrella Network and CoinRisk have announced a partnership to work towards our mutual goal of making dApps in particular and the Web3 space in general, a safer and more secure place for users and organizations alike.

CoinRisk offers service risk management and 360-degree audit services to their clients such as sevendots.

Successful audits reports are offered as NFTs on the Blockchain that anybody with an interest can look up on block explorers. In this partnership with Umbrella Network, CoinRisk shall recommend their clientele to use Umbrella Network’s decentralized oracles for all their data need.

Read full article

Umbrella Network Announced Partnership with Forward Protocol

Umbrella Network and Forward Protocol have entered into a partnership to add the FORWARD-USD trading pair data to our decentralized oracle.

The addition of this data shall enable dApps building on Forward Protocol to always have access to an authentic tamper-proof source of pricing data. As layer-2 data, the FORWARD-USD pricing data shall be made available for FREE for all dApps and not just those building on Forward Protocol.

Layer-2 data on Umbrella Network includes the thousands of small-cap and mid-cap cryptocurrency data that are largely not covered by other decentralized oracles, making them more vulnerable to price oracle attacks.

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Umbrella Network Announced Partnership with Greeneum

Umbrella Network and Greeneum have announced a multi-pronged partnership to help bring green energy-related data on the blockchain.

To this effect, both parties shall explore a pilot project for increasing green energy use in crypto, more transparent and decentralized trading of carbon credits, and collaborate more on the Greeneum energy marketplace.

Greenuem is a blockchain-based P2P platform that offers investment and incentives to dApps that take steps to reduce carbon emissions and use renewable energy.

Read full article

Umbrella Network Announces Partnership With ChainWars

ChainWars features P2E (Play2Earn) and supportive products running on multiple blockchains to enable a fresh approach to the creation of decentralized gaming experiences.

Their token, CWE, focuses more on utility rather than just rewards, and it allows users to trade on the marketplace, buy Lootboxes and other products. It is this CWE/USD pricing data that is made available on Umbrella Network’s decentralized oracle, now already live as Layer-2 data.

The CWE/USD price pair can be queried by any dApp’s smart contract to fetch both the current and historic pricing data, in their most authentic form, as sourced from multiple sources of truth, and committed to the Blockchain by Umbrella Network’s community validator.

Read full article

Umbrella Network Announces Partnership with Unmarshal

Umbrella Network and Unmarshal have announced a partnership to work towards their shared goal of growing the Web3 space.

Umbrella Network is a decentralized oracle, bringing Web2 data to Web3, and Unmarshal is a reverse oracle, bringing Web3 data to Web2.

The first step towards the achievement of their stated goal is the listing of Unmarshal’s MARSH/USD pricing data, which is currently already live as Layer-2 data on Umbrella Network’s decentralized oracle.

Read full article

Umbrella Network Announces Partnership with bRing Finance

Umbrella Network and bRing Finance have entered into a strategic partnership, with the BRING/USDT trading pair being added to Umbrella Network’s decentralized oracle feeds. bRing Finance is a decentralized cross-chain platform that enables you to stake one coin and farm multiple tokens.

Sofiia Yanchuk, CMO at bRing Finance, said

“Partnerships and collaborations with other DeFi projects are an important part of bRing. We are always open to getting in touch with other promising projects, like Umbrella Network. We are extremely proud to have Umbrella Network as our new partner and we look forward to our productive cooperation!

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Umbrella Network Announces Partnership with Klever Finance

Umbrella Network and Klever Finance have entered into a partnership that brings multiple benefits for the communities of both projects.

While Klever Finance users/traders get access to trade a new cryptocurrency (UMB) that powers the largest decentralized oracle by trading volume, Umbrella Network gains an additional exchange-listing and an additional community validator.

Read full article

Umbrella Network’s AMAs in January

Umbrella Network AMA w/ChainWars

Jordi Murset, CEO at ChainWars, and Jan Hendriks, Content Manager at ChainWars were invited for an AMA in the Umbrella Network Telegram Channel to answer questions from the community. They were hosted by Umbrella Network’s President John Chen

Jordi Murset: ChainWars is a space-themed, refreshing, and ambitious GameFi project, driven by innovation and community! It combines the concepts of a trading card game and blockchain technology, offering new ways of interacting with in-game assets. NFTs serve as in-game cards and are tradeable on an NFT marketplace. This makes you a true owner of all obtained assets!

Read full recap

Internal AMA Recap with Umbrella Network’s President, John Chen

Umbrella Network’s President, John Chen, recently held an internal AMA in the main Umbrella Network Telegram channel to answer questions from the community.

We wanted to reward the community for staking, and we also wanted to be able to properly control the conversion of that rUMB to UMB, so that there isn’t an inordinate amount of UMB being put into circulation at any given moment. We are reviewing the rewards token, and also taking feedback from the community, particularly as we move towards becoming a DAO and more community-governed, to try and improve things moving forward if possible. — John Chen

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Umbrella Network AMA w/ Knit Finance

Umbrella Network’s President, John Chen, was recently invited for an AMA by the Knit Finance community to answer questions from the community.

Right now we’ve already created a price feed for your token KFT-USD which can be used by you, or anyone else who wishes to access it, and we look forward to continuing to support Knit with additional data needs, whether that is offering any of our 2,500 data feeds we currently have live on mainnet, which are all currently available for free, or building out any additional price feeds or custom data solutions as we grow together. — John Chen

Read Full recap

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.

Follow Umbrella Network on:

Telegram| Twitter | Announcements | Website | Governance

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

To add your token as FCD or L2D, click here.

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