Umbrella Network Announces Partnership With Knit Finance
Umbrella Network adds Knit Finance’s KFT-USD pair as layer-2 data to their decentralized oracle.
TL;DR
- Umbrella Network and Knit Finance have entered into a partnership to add the KFT-USD pair data on our decentralized oracle as layer-2 data
- As proponents of multi-chain interoperability, both Umbrella Network and Knit Finance are paving the way for greater adoption of DeFi
- The KFT-USD pricing data sourced via Umbrella Network’s decentralized oracle shall enable both, Knit Finance and their partners, to mitigate the risks of price oracle attacks
Umbrella Network has upped the ante in 2022 by focusing on greater adoption of our decentralized oracles by dApps leading innovation in the realm of DeFi.
The latest entrant to the list of our growing partnerships is Knit Finance.
Knit Finance creates cross-chain wrapped tokens (K-Assets) for over 200 assets and then enables the transfer of these wrapped assets across different chains.
This enables DeFi projects to access liquidity instantly and unlocks tons of opportunities for users to access coins that don’t typically exist on certain chains.
The DeFi protocol intends to become the most comprehensive cross-chain platform for enabling asset transfer across Blockchains. Due to the complexities involved, it needs a reliable and hack-proof oracle to provide authentic and always fresh data on a wide range of digital assets.
This makes Umbrella Network the ideal partner for Knit Finance.
By adding the KFT-USD trading pair pricing data as layer-2 data on our decentralized oracle, Umbrella Network has enabled dApp developers to call up the KFT-USD pricing data directly into their smart contracts.
Since Knit Finance wraps assets to make them available on chains where these assets might not be previously available, the risks of price oracle attacks due to lower liquidity might exist. By ensuring that dApps can source the data from Umbrella Network’s decentralized oracle, these risks are mitigated.
Umbrella Network offers data across 1600+ trading pairs, faster, cheaper, and more frequently updated than every other oracle out there. This is made possible via our Merkle Tree architecture that helps save massively on GAS costs (by batch processing of transactions).
The data validated by our community validators is added as ‘leaves’ of the Merkle Tree and is then ‘rolled up’ for batch processing.
These savings are then:
- passed on to dApps as lower cost to access data
- update data feed more frequently (minting blocks)
- Provide coverage across a wider range of data pairs
Speaking on the partnership, John Chen, President at Umbrella Network said,
“We’re excited to be partnering up with Knit Finance to enable dApps across BSC, Ethereum, Polygon, and Avalanche access the KFT-USD trading pair data directly via smart contracts. As a multi-chain interoperable decentralized oracle, we see a symbiotic fit with companies such as Knit Finance that are innovating on the interoperability side of things.”
Meanwhile, Sainath Gupta, CEO at Knit Finance, on the partnership said,
“Amazed to put the freeze on in 2022 with a partnership with Umbrella Network. We look forward to seeing a lot more partnerships rolling down our way.”
About Knit Finance
Knit Finance is a decentralized platform that focuses on integrating cross-chain assets. It’s a DeFi protocol that narrows the gap between non-Ethereum networks and ERC-20 tokens by burning assets on the Layer 1 blockchain and making them accessible on another chain for asset owners. With the help of the protocol, chains can leverage lockable assets to generate equal amounts of wrap tokens in a simple 1:1 ratio for projects in need of immediate tradable cash.
Follow Knit Finance across official channels:
Announcements| Medium | Twitter| Github | Website
About Umbrella Network
Umbrella Network is a scalable, decentralized, and community-owned oracle that utilizes Layer 2 technology to integrate real-time data into smart contracts for accurate and timely reports. Umbrella Network brings the world’s data to blockchains to enable DeFi applications to perform at the optimum level regarding precise information dissemination. It believes a decentralized oracle is paramount to creating a truly decentralized financial space.
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