Umbrella Network Weekly Recap: Week of May 17th, 2021

Weekly Recap

Hey Umbrellians,

We’ve had an eventful month so far with #BSCMonth, and last week certainly had its ups and downs. Overall the market has been very volatile, with the crypto market taking a severe correction, and with many tokens losing significant value in a very short period of time, ours included. We wanted to take the time out to ensure the members in our community that we have been taking precautionary measures over the past few weeks, prior to this week’s correction, and shifted significant portions of our treasury to stablecoin.

This has allowed us to remain healthy and well capitalized, in spite of current market conditions. We are committed to delivering an innovative data oracle with massive market potential, and this will continue to be our mission.

With that being said, we can go back to our regular programming around the other various recaps from the week.

We continued our march forward with new partnerships, including new announcements on collaborations with WOWswap, OpenDefi and VAIOT.

We also took part in a livestream panel with Linear, Cream Finance and Elavon, hosted by CryptoBirb, to discuss Decentralized vs Centralized Finance, the challenges, adoption and future — check here if you missed it.

We launched on Sushiswap’s Onsen program this past week as well. You can now provide liquidity to our UMB-WETH pair on Sushi and then stake the LP tokens for additional yield. Visit Sushi’s yield programs and search for UMB here.

While this past week had its fair share of market volatility, our team has kept our focus on product development, working on a final third round of code and platform optimization, including gas usage optimization. This final step was around our First Class Data storage and an attempt to further simplify the code that we are using for encoding/decoding values, now in final QA in our development.

We are in the midst of releasing V2 of our product that will be much better than our current production, with documentation currently being updated for the V2 release. The team is also working on a redesign of the dev portal for both ETH and BSC. Public testnet is upcoming this week, and will be followed by the launch of our developer’s challenge and the opening of our validator program to the community, so stay tuned!

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 Network believes a community-owned oracle is not only possible but essential to creating a truly decentralized financial system. The community-owned Oracle solution offered by Umbrella Network furnishes DApp developers with major key pairs, real-world financial data along with core, mid and long-tail pairs.

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For any inquiries, please contact us at marketing@umb.network