Umbrella Network, a leading cost-efficient, and scalable Oracle solution provider is all set to extend its oracle solutions through DeFi to the entire blockchain community. The partnership aims to build a community-owned oracle infrastructure for decentralized finance sectors.
Umbrella is the first decentralized oracle service provider that strives to empower the entire blockchain community with the required security and scalability that modern-day DeFi applications need. From electing nodes to governance, Umbrella operates without the interference of any central organizations.
On the other hand, the Fire protocol is the first infrastructure for HECO or the Huobi Eco Chain, bringing non-Huobi Chain assets into a cross-chain compatible environment. There is an integrated money market with borrowing and lending facilities in the Fire network. Users can reap the benefits of cross-chain asset wrapping, liquidity mining, flash swapping, lending/borrowing pools, etc., along with interest derivatives on the network.
But all these services need an effective price feed to deliver reliable and quick asset valuations quickly, which only a robust oracle service provider can assure—the oracle needs of Fire Protocol would be met by the Umbrella network. With this partnership, Fire protocol users could accurately price data assets for building a strong DeFi market.
The partnership will prove to be a tough competition to other rival oracle solutions— the two businesses will now be able to provide price information quickly and cost-effectively. Developers can now access price data solutions that were previously inaccessible to them.
CEO of Fire Protocol, Danny Christ, said that they had been looking for a robust oracle solution that would help them to successfully ping prices for cross-chain assets while wrapping other chains onto the Huobi chain. Partnering with Umbrella appeared to be the best choice for Fire protocol.