OpenDeFi has joined forces with Umbrella Network for utilizing their data oracles, taking yet another step towards ensuring that the price data for our assets is world class. We already have partnerships with Oracles like Chainlink and Razor Network, and this latest move solidifies OpenDeFi real world tokenised assets as being priced with the highest quality data there is.
Umbrella is a truly decentralized oracle service provider that offers low-cost oracle services which are massively scalable and highly secured for smart contracts. The platform relies on a Merkle tree architecture to aggregate several pieces of data onto a single blockchain transaction.
How Will This Partnership Work?
OpenDeFi has entered a partnership with Umbrella Network to utilize their oracles to source secure as well as accurate price feeds for assets on the OpenDeFi platform.
With this partnership, OpenDeFi will be utilizing Umbrella’s oracle services to ensure that the prices of our assets across classes are determined by world-class data.
“We’re thrilled to be partnering with OpenDeFi, who are at the forefront of building an ecosystem for DeFi projects. We believe that in order for DeFi to continue to grow, there needs to be a more seamless integration between traditional finance and decentralized finance. We believe in OpenDeFi’s mission and hope to support them fully with our data oracles,” said Sam Kim, Founding Partner of Umbrella Network.
With this partnership, both OpenDeFi and Umbrella Network will be collaborating on multiple fronts. Umbrella will utilize the OpenDeFi platform to provide their broader data set at a much wider scale.
“OpenDeFi is an enabler for institutional money to participate in the DeFi space. As we continue to build that bridge and extend our suite of solutions for the ecosystem, we believe having partners like Umbrella Network and their diverse selection of secure and scalable data oracles will help us to achieve those goals,” said Mohit Madan, CEO of OpenDeFi.
Umbrella Network is a community-owned decentralized oracle service providing secure, low cost, and massively scalable data solutions to blockchain applications.
At the center of the Umbrella Network is the $UMB token, which helps secure the network and is used by the community to stake, vote on key representatives, and earn rewards & user fees. Umbrella solves the scalability problem in oracles by leveraging a layer 2 solution and utilizing Merkle trees for batching transactions.
OpenDeFi provides 100% asset-backed banking without the insidious, hidden charges and time-consuming tedium that come with traditional banks. Through their Fiat on-ramp OroPocket, users can invest in multiple asset classes, grow their wealth, enjoy 100% liquidity—all on Blockchain, with a simple app.