Umbrella partners with Polygon and joins SushiSwap Onset program
The Umbrella Network, community-owned and decentralized oracle solution, this week announced a series of significant partnerships that will enhance liquidity and the quality of data for helping major DeFi projects scale. Umbrella’s new partnerships include Polygon (formerly Matic), a Layer 2 scaling solution for Ethereum-based smart contracts, SushiSwap, becoming part of its Onsen program, and PancakeSwap.
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Polygon combines the best of Ethereum and sovereign blockchains into an attractive feature set that includes great scalability and security, along with interoperability and modularity, among others. Polygon is striving to become the internet of blockchains for Ethereum, providing solutions to improve interconnectivity, scalability and usability while not compromising on decentralization and leveraging the existing developer community and ecosystem.
Sushiswap’s Onsen Program aims to incentivize its community for providing liquidity in specific tokens on the network by providing them an additional reward in SUSHI tokens on top of native trading fees. The result will be increased liquidity, decreased slippage, expanded pool offerings, and fostering partnerships with chosen DeFi projects like Umbrella. With the Onsen integration, Umbrella’s liquidity providers will earn two separate rewards — receiving both SUSHI and UMB tokens in exchange for providing liquidity on SushiSwap.
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With PancakeSwap, Umbrella has agreed to launch a rewards program to liquidity providers on PancakeSwap to its UMB/BNB pool. Umbrella will reward 20,000 UMB tokens at the end of every month to liquidity providers who stay until the end of the period, proportionate to their share of the pool.
Umbrella Founding Partner, Sam Kim, said “As we look ahead to the launch of Umbrella Network’s mainnet launch in the coming months, we could not be more pleased to include Polygon, SushiSwap and PancakeSwap among the group of partners helping to build a robust truly decentralized oracle solution in support of all forms of decentralized applications.”
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These partnership announcements closely follow a slew of key developments for the Umbrella Network. Its IDO (Initial Dex Offering) was one of the most successful in Polkastarter history, and was followed by the subsequent launch of its public testnet. After those events, Umbrella finalized key partnerships with Huobi Group, the world’s second-largest cryptocurrency exchange, and HashQuark, one of Asia’s leading infrastructure service providers that have further confirmed the high quality of the company’s offering.
Umbrella’s novel solution is particularly beneficial to the DeFi ecosystem, connecting blockchain applications to data from the off-chain world in a uniquely secure and efficient way. With regard to scalability, Umbrella Network’s Merkle Tree based architecture results in more, faster transactions at lower cost than alternatives.
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