Decentralizing DeFi Together: UniLend Joins Forces with Umbrella Network to tap into a broader spectrum of crypto data

TL;DR:

For too long, centralized oracles have been powering what we think of as “decentralized finance” (DeFi). That’s because the external data that DeFi applications rely on is often delivered via centralized companies whose economic incentives may not be to provide accurate information as much as they are to provide information that benefits them. At UniLend Finance, our goal is to become the most comprehensive DeFi protocol on the market, and eliminating the practice of gatekeeping is necessary to achieve true decentralization. That’s why we’re exploring Umbrella Network to provide us with access to unbiased information regarding a broader spectrum of crypto assets.

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 in a single on-chain transaction, therefore allowing for batching data to smart contracts accurately, securely, and inexpensively.

You might think of Umbrella Network like the oracle in the Matrix trilogy — bringing off-chain data (like Neo) into the Matrix without influencing how the system interacts with the information it delivers. Umbrella Network endeavors to provide accurate price data on a broad spectrum of crypto assets, which will allow UniLend to securely, efficiently, and cost-effectively interact with a greater amount of data so we can explore offering comprehensive DeFi functionality for even more crypto assets.

A Path Towards Leading the DeFi Pack

UniLend’s CEO and Co-founder, Chandresh Aharwar, commented on the implications of the move: “We’re extremely pleased to partner with Umbrella to bring a broader and more diversified set of mid and long tail crypto asset data to UniLend to better serve our community. This will help us further our mission to be the most comprehensive DeFi protocol on the market enabling any and all ERC20 tokens for listing, trading, lending and borrowing.”

Umbrella’s mission to provide a community-owned oracle that is more aligned with the incentives of decentralization works in conjunction with UniLend’s goal of decentralizing finance for the world. We believe this collaboration will push us closer towards our objective. “DeFi” doesn’t work if it’s not decentralized, and we have to work together to get there.

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UniLend is a decentralized protocol that combines spot trading & AMM with lending and borrowing services through smart contracts. https://unilend.finance