UniLend Partners with Umbrella Network to improve crypto data
It's not news that a lot of DeFi projects utilize centralized oracles. This happens because much of the data gathered from external sources that decentralized finance projects use come through centralized companies. These centralized firms may have a better chance at offering information that is beneficial to themselves than the truth.
UniLend Finance is a DeFi platform that is interested in being decentralized in every aspect, hence, it is doing everything to remove all forms of centralization. This is one reason that UniLend is partnering with Umbrella Network, as it needs to have access to genuine data about numerous digital assets that the latter offers.
As a decentralized oracle platform that is highly affordable and boasts of high scalability, Umbrella Network is the go-to platform for Defi projects that want to be truly decentralized. It boasts of a Layer 2 technology, which utilizes an innovative Merkle tree feature that ensures smart contracts can be done safely, cheaply, and without errors.
This platform offers off-chain data into the ecosystem, without altering the way the users of the ecosystem deals with the information. It will innovatively offer users information without dictating how they should react to them.
The Umbrella Network is different from centralized oracles that are known to influence how users react to the information. It will offer genuine price data in real-time of different digital assets, which permits UniLend Finance to interact with genuine data in real-time, safely and affordably. This partnership will allow UniLend to offer intriguing decentralized finance features for digital assets.
What does this portend for users of UniLend Finance? It is quite simple. Users can effortlessly have access to genuine and real-time information that has not been twisted in any way by the source of the information.
Centralized oracles, that we have at the moment, tend to taint data uploaded for their selfish needs, in a bid to sway the user's actions to suit them. How can a DeFi project be truly decentralized, if it doesn't have a decentralized source or conduit of real time data? There is also the issue of centralized oracle services being expensive.
The Partnership Will Make UniLend Finance More Decentralized
Chandresh Aharwar, the CEO of UniLend, was excited about the partnership, and he had this to say about what this partnership meant for users of both platforms, “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 ERC20 tokens for listing, trading, lending and borrowing.”
UniLend team believes that working with Umbrella will ensure that their quest for total decentralization will be achieved. Umbrella is dedicated to offering a community-owned oracle to the DeFi world. The team believes that greater things will be achieved with the partnership between two leaders in the Decentralized financing platform.