Umbrella is a Decentralized Layer-2 Oracle Service
Umbrella Oracles will allow speedy addition of many new Cover-and-Yield-bearing Shield Vaults.
Armor is partnering with Umbrella Network, a decentralized layer-2 data oracle service. Umbrella provides blockchain applications access to rich and comprehensive data at the lowest price point and at a massive scale, something other oracles in the market cannot do.
Umbrella does so by aggregating all of its data before committing it to the blockchain, allowing it to function at faster speeds.
Why Umbrella’s Price Feeds Are A Perfect Fit For Armor
Armor’s flexible DeFi coverage and vaults require quick and easy access to complex data feeds. As such, this is the perfect fit for what Umbrella has to offer with its oracle services.
In addition, Umbrella’s low-cost, high scalability model enables it to onboard a wide variety of new pricing feeds. This includes those requiring complex and sophisticated computations.
Plus, Armor’s unique data demands will help push Umbrella to develop custom data feeds and diversify its offerings.
Many New Shield Vaults Are possible with Umbrella
Armor Finance recently announced Shield Vaults, an innovative new product that offers coverage-and-yield-bearing tokens. This automatically provides cheaper coverage for yield-bearing tokens without ever needing any maintenance or renewals.
However, the complex and demanding data requirements for these products were difficult for other oracles to handle effectively. This blocked the addition of many new vaults.
Via a partnership with Umbrella Network, Armor Finance will be able to fulfill their data needs: comprehensive, low-cost, secure, and up-to-date!
Soon, many new Shield Vaults will be added.
Partnership
Robert Forster, Co-founder & CTO, Armor Finance, spoke on the partnership:
“Armor is delighted to announce a partnership with Umbrella Network. We have been looking for the right decentralized data oracle that can meet our needs, as our current solutions were not able to provide it. Umbrella has been able to step up to the plate and meet our requirements to create custom data feeds for our 0-click coverage wrapped tokens. Together we can take the steps toward building a more trustworthy and secure ecosystem.”
Sam Kim, Founding Partner at Umbrella Network, said:
“We are thrilled to be able to work with Armor. It’s exciting for us to partner with like-minded projects looking to push the envelope in DeFi. And we are proud to be able to fill the gap in the market to provide more sophisticated, secure and decentralized data oracles to meet the demanding requirements of Armor’s Shield Vaults. No other oracle in the market is able to support these needs like Umbrella can, and we are excited for what lies ahead in our partnership.”
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 believes a community-owned oracle is not only possible but essential to creating a truly decentralized financial system.
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