Umee Blockchain x Chainlink Oracles Integration

Umee has integrated Chainlink, the market-leading decentralized oracle service provider, making it Umee’s official oracle.

Umee is a cross-chain DeFi hub that connects with the broader Cosmos and web3 ecosystem through the Inter-Blockchain Communication (IBC) standard. This capability allows liquidity and functionality across Cosmos SDK DeFi to flow from multiple other chains through Umee, opening up a wide range of potential dApp use cases.

By integrating Chainlink Price Feeds, we’re providing our users with highly secure and reliable ATOM price data to help ensure that DeFi functions execute according to premium, aggregated market data. This strong data security layer helps to make numerous other DeFi capabilities secure, even when they move across IBC-enabled blockchains.

To expand upon just how critical Chainlink Price Feeds are to the Umee platform, think about the potential for IBC (Inter-Blockchain Communication). Umee is built as a Cosmos SDK-based blockchain, allowing any IBC-enabled chain to communicate with other chains seamlessly. Chainlink provides a secure, decentralized method to provide aggregate market data to all chains involved, acting as an oracle of record when smart contracts across chains need agreement. In addition to the availability of Chainlink price oracles for Umee DeFi, as Umee is a base-layer blockchain, any future apps that build upon our infrastructure will also benefit from Chainlink Price Feeds!

Blockchain applications that need data from outside of a blockchain require blockchain oracles because smart contracts can’t access that data on their own. Developers face a connectivity issue when deploying their selected smart contract because the smart contract cannot connect to APIs and off-chain data. This structure also presents a potential attack vector when apps rely on data from off-chain to transfer value. To address this, Chainlink provides a decentralized oracle network model where hundreds of prices are aggregated by numerous independent nodes and are then aggregated further into a single tamper- and outlier-resistant market price. This also leads to a reliable system highly resistant to any downtime.

Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.

Umee is a cross chain DeFi hub that interconnects between blockchains. As a base layer blockchain, applications and money lego primitives can be built on top of Umee to access cross chain leverage and liquidity. The Umee Blockchain facilitates interoperability between the Cosmos ecosystem, Ethereum network, side chain architectures, layer two scaling solutions, and alternative base layer protocols.



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