Umbrella Network Welcomes Their First Partner on Solana: Vera
Umbrella network is a decentralized oracle community-owned service, that makes use of Layer 2 technology to incorporate real-life data, into smart contracts for efficient reports. It provides massively scalable and highly secure data solutions, to blockchain applications at an affordable price.
What most caught my attention is how Umbrella gives access to previously unavailable data to developers of smart contracts, a move that spans different segments of long-tail crypto assets, mid-tail crypto assets, and other financial data.
Their newest partner, fresh off the grill is Vera. This is a synthetic currency that tracks an external and dynamic metric, Total Global Capitalization Weighted in equal amounts, to their relative market values in real-time; a process that needs full collateralization to mint it. In summary, Vera is simply a timeless and objective store of value, tracking the optimal combination of risky assets.
Umbrella Partners and VERA on Solana
Umbrella Network has recently announced its partnership with VERA (a Solana-based project which has successfully grown VERA currency to form digital assets of ever-increasing value). This is the first Solana-based partner on Umbrella Network and this thrilling partnership took place within days of Umbrella’s launch on Solana mainnet.
This amazing partnership between Umbrella Network and VERA adequately supports and harnesses VERA’s vision to create a strong portfolio using a wide spectrum of data on DeFi space. Umbrella Network ensures that it is validated and secures data for VERA to help power up its synthetic currency.
John Chen of Umbrella Network in his statement on this partnership has said that Umbrella Network is ecstatic to have VERA as their first Solana partner and the network looks forward to collaborating on more Web3 innovations which have long-term Defi-inlined objectives with them.
In addition, Hannar Hajjar founder of VERA has also given their two cents on the partnership, stating that everyone at VERA is excited to be collaborating with Umbrella. Crucial to the growth of VERA is the consistent data provision and low cost which Umbrella Network possesses; a quality that is not just essential to VERA but also to other decentralized platforms at large.
Thousands of price feeds will be aggregated by VERA to create the perfect basket promoting their global market. With this in mind, the Layer 2 decentralized solution at Umbrella Network provides VERA with the right tools to execute this plan.
VERA’s team has reached out to Umbrella Network to increase and expand their access to TradFi data in a faster and more affordable way. They are currently in the process of integrating several financial assets such as commodities, Exchange Traded Funds ( ETFs), and many others using, data aggregation from different sources.
Before this brilliant partnership with Umbrella Network, one of VERA’s major challenges had been acquiring access to sufficient data to power its portfolio.
Now, raw data gotten from Solana’s blockchain will be made provided to VERA through Umbrella’s dispersed or decentralized Oracle.
The powerful decentralized Oracle at Umbrella Network will support VERA in:
· Having several representations of the financial market displayed as much as possible for sustainability purposes by bringing multitudes of secure data on-chain and,
Widening their asset box
VERA Currency has set out to solve the pressing challenge of the vulnerability of the value of assets to erosion by inflation, and volatility over time. With this in mind, VERA Currency is set for a long-term expansion, which will lead to further collaborations between VERA and Umbrella Network.
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