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Chainlink Data Feeds Integrated by Umami Finance for Better LPs

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10 months ago

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  • Umami Finance Integrates Chainlink Data Streams to Improve Liquidity Provider Experience on Avalanche
  • The integration includes ETH/USD, LTC/USD, DOGE/USD, BTC/USD, and XRP/USD data feeds.

Umami Finance has announcement integrating Chainlink data feeds on the avalanche (AVAX) blockchain. Umami Finance, a leader in improving yield strategies, was among the first to use this industry-standard, low-latency Oracle solution.

This strategic initiative aims to improve the Liquidity Provider (LP) experience by increasing the accuracy and speed of transactions made by Umami GM Vaults on Avalanche.

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Revolutionizing Liquidity Delivery with Chainlink Data Feeds

The connection will initially feature data feeds for major cryptocurrency pairs such as ETH/USD, LTC/USD, DOGE/USD, Bitcoin/USDand XRP/USD. Chainlink Data Streams provides a credible and neutral infrastructure by employing data providers free from conflicts of interest.

This protects LPs from unwanted market dynamics, including price manipulation and frontrunning. Umami Finance’s vaults can execute trades with sub-second accuracy through on-demand access to high-frequency market data, improving trading efficiency.

Umami Finance’s GM Vaults on the GMX platform now allow clients to provide liquidity using a single asset, starting with USDC and ETH. This simplifies the liquidity provisioning process while optimizing returns across multiple markets.

Vaults actively manage hedging techniques, reducing the complexity often associated with providing liquidity.

“Chainlink Data Streams was selected for several key features,” said an official at Umami Finance. “First, sub-second price resolutions ensure that transactions are efficient and accurate. Second, secure validation and disclosure techniques provide industry-leading protection. Finally, the proven reliability of Chainlink’s infrastructure, which has supported over $12 trillion in on-chain transaction value, demonstrates its strength and reliability.”

Future prospects and broader integration

Umami Finance is exploring new ways to use Chain link platform to expand its product and service offering to other blockchain networks. In order to deliver secure, reliable and cutting-edge DeFi solutions, it is currently important to maximize the value that data streams unlock.

On the other hand, Chainlink has partnered with Fidelity and Sygnum to provide Net asset value (NAV) on-chain data, with the aim of increasing transparency in financial markets. This agreement aims to strengthen Chainlink’s position as a key infrastructure provider in the DeFi sector.

Chainlink (LINK) price has increased by 5.98% over the past 24 hours, at the time of writing, to $13.11. Meanwhile, Avalanche (AVAX) has risen significantly, increasing by 6.71% over the same period at $26.85. These two cryptocurrencies are the top gaining cryptocurrencies in the real-world asset (RWA) category.

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