Umbrella Network’s Strategy For a Bear Market
You don’t get a lot of scalable oracles that can safely deliver extraneous data on-chain like Umbrella Network and here’s why. Umbrella is the first decentralized oracle to endow its community with the security and scalability required for modern DeFi applications.
Utilizing Layer 2 technology, Umbrella integrates real-time data for punctual, precise reports in smart contracts. One final feature that continues to intrigue me about Umbrella Network is its bridge of world data to the blockchain, enabling the optimum performance of DeFi applications with regards to the accurate transmission of information.
In the past couple of months, the business environment has been quite challenging for many projects and Umbrella Network has had its fair share of unfavourable tides. Fortunately, all hands are on deck to actively find solutions and prepare for incoming obstacles in the future.
While the milestones have been fewer than usual due to the recent cutdown in the Umbrella team, operations, and marketing, the network has been successful in extending its runway by at least six months. BD is ongoing, but we are looking at only meaningful projects that can have an impact on Umbrella.
To beat the bear market, Umbrella Network is actively working with L1 and L2s which share the project’s position on the essence of high-functioning oracles in guaranteeing sustainable success.
These protocols will work hand-in-hand with UMB to achieve potential and will also be furnished adequately with capital. The goal is to bring help their oracle enjoys superb oracle. All of these will be delivered by securing extra streams of capital and reducing costs.
Early this year, Umbrella Network welcomed MetalCore to their Ecosystem Accelerator and the collaboration has been progressive with the latter set to have MetalCore utilize only the random UMB generator when they need random number generators.
So far, it’s been quite a lot of slow but hard work on Umbrella Network and the community has felt the bite in the form of a palpable distance between project and community despite Umbrella being a community-driven and oriented project. To this effect, the Umbrella team is accepting community feedback on how best to close this gap.
While recent events such as the hack, Kucoin delisting, and absence of communication and marketing have had the community worried that attention has been shifted to MetalCore, there’s been solid assurance by John and Sam Chen on their role in MetalCore which is purely advisory and will not in any way affect their commitment to Umbrella.
In other words, the current strategy and goals of Umbrella Network in these times e orts from being obvious. This is not to say nothing is taking place behind the scenes.
Bear market or not, Umbrella Network is surely doing its best to keep the rain out by interacting with a host of Layer 1 and 2 projects given partnerships that would run for extended periods. Recent cutbacks in key areas like marketing and operations have staunched the flow of community updates but only temporarily. One can certainly look forward to sunny days ahead for Umbrella Network when recent efforts begin to yield efforts.
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.
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