Umbrella Welcomes its First Solana-Based Partner VERA
Umbrella Network is delighted to announce its partnership with VERA — a Solana-based project that has built VERA Currency – A timeless store of value representing all assets weighted in proportion to their relative market values!
With this partnership, Umbrella Network will make validated, secure data available to VERA to power up its synthetic currency.
VERA currency is all set for long-term expansion, which will open up several prospects for collaboration opportunities between VERA and Umbrella Network.
VERA Currency’s power and uniqueness lie in the fact that it is independent of any existing currency and has the potential to hold perpetual value. As a result, assets once created are part of a timeless Store of Value (SoV). The currency does this by tracking the global financial market in real-time using an external and dynamic metric ‘Total Global Market Capitalization’ weighted in proportion to their relative market values, and passing it through a structured and tested calculation system.
VERA’s team has approached Umbrella Network with the immediate goal of expanding their access to TradFi data in a fast and cost-efficient manner.
They are currently integrating a number of financial assets such as ETFs (Exchange Traded Funds), commodities, and more via data aggregation from various sources.
Their main challenge has been accessed to sufficient data to power their portfolio.
Real-world data, or data external from the Solana blockchain, will be made available to VERA via Umbrella’s decentralized oracles. Our powerful decentralized oracle will support VERA in:
- widening their asset box and
- having a diverse representation of the financial market as possible for sustainability by bringing multitudes of secure data on-chain.
Umbrella Network, having recently launched on Solana as its 6th blockchain in accordance with its multi-chain strategy, has already brought more than 3,000 data pairs to the Solana ecosystem.
With a growing offering of data ranging from crypto-native to TradFi, including the S&P 500 and Russell 2000, the Umbrella team is excited to be the newest decentralized oracle for dApps in the Solana ecosystem.
They continue to build out our data suite and products, from our Random Number Generator (crucial to NFT mints and blockchain game functionality) to custom data across non-blockchain endemic data sources. If there is an API in the real world, Umbrella has the capability to bring that data on-chain.
John Chen of Umbrella Network said:
“Umbrella and many Solana-based projects share an ethos around scale and a sustainable, long term blockchain future,”
“We’re thrilled to have VERA Currency onboard as our first Solana partner, and we look forward to collaborating on further Web3 innovations and long-term DeFi-based goals with them.”
Hanna Hajjar, Founder of VERA, said about this partnership:
“We are thrilled to work with Umbrella Network. Umbrella’s low-cost and reliable data provision are essential to the expansion of VERA and any decentralized protocol. VERA will aggregate thousands of price feeds to form an ideal basket representing our global market. Umbrella’s Layer-2 decentralized solution gives us the appropriate set of tools with 3,800 pairs available at launch.”
About VERA
VERA is a synthetic currency that tracks, in real-time, an external and dynamic metric, Total Global Market Capitalization weighted in proportion to their relative market values.
About Umbrella Network
Umbrella Network is a community-owned Layer-2 oracle network that batches data for providing low-cost, scalable, and secure data. It utilizes the advances in Merkle tree technology to write multiple data points on a single on-chain transaction, making batching data to smart contracts more accurate and cost-effective. Umbrella network believes a community-owned oracle solution is essential to creating a truly decentralized financial system.
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