Umbrella Network Teams Up With Linear Finance
Umbrella Network and Linear Finance are collaborating to leverage market data on the blockchain.
Linear will use Umbrella oracles to get reliable, non-manipulable price data for Brent Crude, West Texas Intermediate, VIX, and Inverse VIX. Umbrella is able to provide this price data with unparalleled security and update frequency, so Linear can turn each of these four figures into a tradeable index. These will be delta one products — price action in a market asset will yield identical movement in Linear’s derivatives, so they will be readily tradable for users to instantly gain exposure to these prices.
Linear Finance CEO Kevin Tai said, “We have chosen to partner with Umbrella Network as they bring institutional financial sophistication and knowledge to the oracle marketplace. This provides DeFi protocols like ours with access to a wealth of alternative and specialty asset prices. This lets us quickly and easily deploy complex and exotic synthetic assets with accurate, updated pricing and technical calculations done on-chain.”
“We’re extremely excited to have a thought leader and innovator like Linear among our partners,” said Sam Kim, Partner at Umbrella Network. “Being able to provide financial data like oil prices, VIX and inverse VIX, to our partners and the DeFi community at large is yet another market first. We look forward to continuing our mission to provide more diversified and sophisticated data securely and at scale to our partners, and to bring more of the world’s data on chain.”
Linear Finance recently launched its Mainnet Buildr 2.0 to open up Binance Smart Chain functionality and cross-chain capabilities. It will also expand to include Polkadot cross-chain functionality later this year. The launch of Linear Exchange is imminent as well — it boasts virtually unlimited liquidity and no slippage, completing their initial suite of applications.
This collaboration achieves Umbrella’s strategic goal to serve emergent DeFi projects that are actively innovating in the space — here’s to continuing the pattern!
About Linear Finance
Linear is a delta one asset protocol, in short, price action in a market asset yields an identical price move in Linear’s derivatives. This allows users to make, manage, and trade synthetic assets that constitute a portfolio of real underlying assets, traditional and crypto alike.
About Umbrella Network
Umbrella Network is a community-owned, scalable, and cost-efficient oracle for the DeFi and blockchain community. Umbrella believes a community-owned Oracle is not only possible but essential to creating a truly decentralized financial system. In addition, Umbrella’s Layer 2 technology utilizes the latest advances in Merkle Tree technology to write multiple data points on a single on-chain transaction. And thus, it allows for the secure, inexpensive, and accurate batching of data to smart contracts.
For any inquiries, please contact us at marketing@umb.network
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