Umbrella Internal Alpha

We are excited to share that internal alpha testing has begun for the Umbrella protocol. Umbrella has the potential to become a critical lego block for the DeFi ecosystem by offering customizable factory-based pool creation, a simple and intuitive experience, and reliable protection.

Live on Mainnet

The test is live on mainnet with a $10,000 cap on funds, with the intent for user’s to test functionality in production with small capital amounts. The arbiter of the pool is set to YAM’s Deployer address, and at the end of the two week testing period the dissolution function will be called, disabling any new protection providers or seekers from entering the pool and allowing all outstanding coverage to continue to its programmed end.

NFT-Based Protection

Based on product surveys and community input, we’ve made several small modifications to the initial design and one fairly significant change in terms of user experience. One of the pieces of feedback that emerged was that simplicity in purchase experience was one of the highest priorities for users. This has led to transitioning from the perpetual ERC20 and funding rate model, which necessitated active management of one’s protection, to a NFT-based model, in which users can “set and forget” a desired payout amount and duration for coverage. From a technical standpoint this was a fairly minor change, but we believe it will drastically improve the user experience of those seeking coverage.

We have created a temporary interface for accessing the internal alpha while we continue to develop our fully branded interface prior to launch.

For a comprehensive overview of the system, you can view the Lite Paper here.