UNION Partners with OptionRoom to Bring Oracle Arbitration to UNION Asset Protection on Polkadot
We’re thrilled to announce our partnership with OptionRoom, the user-governed oracle as a service (OaaS) and forecast protocol built on Polkadot, to bring OptionRoom’s oracle arbitration to UNION’s claims on Polkadot. The collaboration represents UNION’s continued efforts to expand its product suite across different blockchains — with OptionRoom the first Polkadot partnership for UNION.
“As we look at UNION’s cross-chain ambitions in the future, a real-world outcome Oracle built on Polkadot such as OptionRoom is a no-brainer ingredient. Adding OptionRoom as a claim-resolution arbiter for events occurring on non-Ethereum protocols, paired with Kleros as our Ethereum abriter, gives UNION a borderless arbitration framework.” — John Liu, CPO of UNION.
OptionRoom is a community-governed OaaS and forecast protocol on Polkadot that enables users to create and participate in event derivatives pegged to real-world outcomes. Event derivatives include the expanded feature scope of limitless prediction markets, decentralized polls, curated lists, and more.
In particular, OptionRoom can solve arbitration disputes of oracle requests via decentralized, community governance. Applied to the partnership with UNION, this will allow Polkadot-based UNION claims to be settled via OptionRoom’s arbitration process. Additionally, OptionRoom’s incentivized network of experts, aligned via reputation (authenticity) scores, can help validate that specific events occurred on Polkadot relating to UNION protection pools.
For example, should a smart contract exploit on Polkadot trigger an arbitration dispute between claimants and liquidity providers in a UNION protection pool, OptionRoom can verify specific oracle events related to the request while concurrently feeding that information into its arbitration process. The outcome is determined via OptionRoom’s arbitration court model, and payments are dispersed to the affected parties accordingly.
OptionRoom’s limitless event oracles also future-proof’s UNION protection suite as the line of real-world outcomes blurs with pure digital outcomes.
“We are excited about this partnership between UNION and OptionRoom as a part of our effort to onboard more projects to the OptionRoom oracle. Hoping this partnership will set the path for further exploration collaboration between our projects.” — Marsel Adawi, CEO of OptionRoom
We are excited about this partnership between Union and OptionRoom as a part of our effort to onboard more projects to the OptionRoom oracle. Hoping this partnership will set the path for further exploration collaboration between our projects.
We’re excited to move forward with OptionRoom and will explore further synergies between our projects. For UNION, OptionRoom also serves as our gateway to the Polkadot ecosystem, adding to our cross-chain options for UNION users and identifying opportunities to expand the impact of asset protection instruments across blockchains.
About OptionRoom
OptionRoom is a user governed oracle and forecast protocol built on Polkadot. OptionRoom has the ability to serve as a OaaS — Oracle as a Service where oracle requests are solved by governance. Oracle requests cost a fee and a solution incentive paid in ROOM, rewarded to request solvers. OptionRoom allows users to create and participate in event derivatives that are pegged to real world outcomes by governance consensus. OptionRoom’s mission is to create a self-reliant protocol with multiple use cases powered by the community. By rewarding honest protocol participants and punishing bad actors OptionRoom aims to create a governance that is pegged to the real world without relying on outside data streams.
About UNION
UNION is a technology platform that combines bundled protection and a liquid secondary market with a multi-token model. DeFi participants manage their multi-layer risks across smart contracts and protocols in one scalable system. UNION decreases the entry barriers for retail users and lays the foundation for institutional investors. UNION’s full-stack DeFi protection is inclusive, composable, and brings battle-tested capital and pricing models from TradFi to the DeFi ecosystem.
Website: https://www.unn.finance/
Twitter: https://twitter.com/unnfinance
Telegram: https://t.me/UNNFinance
Telegram ANN: https://t.me/UNNFinanceANN
