Umbrella Network deepens partnership with MahaDAO

Umbrella Network announced this Friday, January 28, through its Twitter account, that it is deepening its partnership with MahaDAO. According to the company, this would allow the entire MAHADAO product ecosystem to obtain authentic and always up-to-date prices for their dApps.

Image about the Umbrella Network post on Twitter

“Umbrella Network is pleased to announce the addition of another key data pair to the ever-growing list of world-class data points for our Oracle users to choose from. Umbrella Network has added the MAHA-USD trading pair data as FCD (First Class Data) to its ever-growing list of supported data pairs. This will allow dApp developers to directly request the on-chain price of the MAHA-USD trading pair, right into their smart contracts”, he said through an article published on the Medium platform.

The company indicated that the first-class data chain contract on the Umbrella Network only stores the most recent values ​​on the chain. This means that the most up-to-date prices, along with timestamps, are available for use by dApp developers.

“Your smart contract should always query the timestamp of the key-value pair in CDF (in this case, MAHA-USD is the key and 3.15 (in the screenshot above) is the value). This will allow your smart contract, as scheduled, ensure the value (price) coming from the Umbrella Network decentralized oracle is within the time interval you want New blocks are minted on the Umbrella Network every minute on the BSC/Polygon networks and every hour on the ETH/ Avalanche This ensures that the price obtained through the Umbrella Network decentralized oracles is the most up-to-date among all other decentralized oracles”, he added.

Also read: Moonbeam: “Convergence Finance is available”

What is MahaDAO and how does the addition of the MAHA-USD pair as a DCF benefit you?

According to the company, the MahaDAO ecosystem consists of two tokens: MAHA and ARTH. MAHA is the government and utility token that regulates the value of ARTH, a cryptographic token that does not depreciate. MahaDAO is a DAO (Decentralized Autonomous Organization) governed by the MAHA community.

Similarly, he indicated that by adding themselves as DCFs on the Umbrella Network decentralized oracle, dApps, DAOs, and liquidity pools can simply set up their smart contracts to get the price from the decentralized oracle. This protects these items from price oracle attacks that have led to the draining of entire pools in the past.

In addition, he highlighted that the data of the MAHA-USD trading pair as a CDF serves as the always authentic source of the exact price, validated, authenticated and committed to the Blockchain, by community validators.

“We are excited to add the MAHA-USD trading pair as first class data. This would allow the entire MAHADAO ecosystem of products to obtain authentic and always up-to-date prices for their dApps”, John Chen, President of Umbrella Network.

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