Could Umbrella Network (UMB) Be the Next Chainlink?

Several strategic partnerships rock Umbrella Network (UMB) in line with its BSC month promotion. The DeFi oracle platform has announced details of strategic partnerships with top players in the blockchain, DeFi, and cryptocurrency space.

Thanks to the partnerships, the Umbrella Network (UMB) DeFi oracle platform will now provide BSC Station, 8Pay, and Oction with unrestricted access to top-notch, reliable, and secure data feeds. Umbrella Network (UMB) is the world’s first-ever decentralized oracle platform that facilitates 100% security as well as reliability and authenticity of data provided for DeFi applications.

Details of the Partnership With Oction

Built on Binance Smart Chain (BSC), Oction is well-known as a CeDeFi trading platform unburdened with the delays and restrictions conventional, or centralized, platforms are known for. Since it is built on Binance Smart Chain (BSC), it has also been able to bypass scalability issues associated with the Ethereum blockchain.

The partnership with Umbrella will open up Oction to the myriad of reliable, secure, and top-notch data feeds Umbrella Network (UMB) is known for. Data feeds provided will range from top crypto trading pairs, mid-cap tokens, real-world financial assets, etc.

Details of the Partnership With BSC Station

Umbrella Network (UMB) has also partnered with NFT full-stack DeFi application platform BSC Station. The partnership will also involve BSC Swap, a decentralized (DEX) exchange for BEP-20 token swapping and NFT trading.

The partnership will provide BSC Station with access to several types of price feeds for mid-cap crypto trading pairs, top crypto trading pairs, etc. The DeFi oracle platform will also assist BSC Station in distributing incentives to its investors.

BSC Station co-founder Scofield spoke highly of the partnership with Umbrella Network (UMB). He said, “As our full DeFi stack continues to evolve, our various data requirements will also grow, and Umbrella is well-positioned to support those needs securely and at scale.”

Details of the Partnership With 8Pay

Umbrella Network (UM) has also partnered with 8Pay, providing the platform with real-time price feeds. 8Pay is also a DeFi platform specially designed to facilitate automatic, secure, reliable, and trustless crypto payment transactions. Using the app, its users can simply carry out subscription payments with just a few clicks. 8Pay currently supports payments made using the Binance native token (BNB), some stablecoins, and a number of BEP-20 tokens.

8Pay is looking to improve user experience while carrying out any form of payment, either single payments, subscription payments, or even request payments. It is creating a multi-chain platform that is designed to support all forms of crypto payment transactions.

Umbrella Network (UMB) is actively involved in solving scalability issues thanks to its Merkle tree structure. Merkle trees work by facilitating data processing in batches. Each batch is then processed as a single transaction. Therefore, facilitating faster data processing at a cheaper cost. According to reports, UMB’s Merkel tree structure “[…] saves over 99% in … gas costs” as compared to other oracle platforms.

In line with its BSC month, Umbrella Network recently migrated from Ethereum to Binance Smart Chain (BSC)

UMB Price

At the time of writing, UMB was trading at $0.561249, with a market cap of $26,857,738 and a 24-hour trading volume of $810,734.

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