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Chainlink Data Streams Integrated by Umami Finance for Better LPs

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7 months ago

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  • Umami Finance integrates Chainlink Data Streams to enhance the liquidity provider experience on Avalanche.
  • The integration includes ETH/USD, LTC/USD, DOGE/USD, BTC/USD and XRP/USD data streams.

Umami Finance has announced Chainlink Data Streams integration on Avalanche (AVAX) blockchain. Umami Finance, a leader in yield strategy refinement, was an early adopter of this industry-standard, low-latency oracle solution.

This strategic initiative aims to improve the liquidity provider (LP) experience by increasing the accuracy and timeliness of trades completed from Umami GM vaults on Avalanche.

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Revolutionizing Liquidity Provision with Chainlink Data Streams

The connection will initially offer data streams for major cryptocurrency pairs such as ETH/USD, LTC/USD, DOGE/USD, BTC/USD Exchange Rateand XRP/USD. Chainlink Data Streams provides a credible and neutral infrastructure by employing data providers with no conflicts of interest.

This protects LPs from unwanted market dynamics, including price manipulation and frontrunning. Umami Finance vaults can execute trades with sub-second precision thanks to on-demand access to high-frequency market data, which improves transaction 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 many markets.

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

“Chainlink Data Streams was selected for several critical features,” an official at Umami Finance said. “First, sub-second price resolutions ensure transactions are efficient and accurate. Second, secure commit and reveal techniques provide front-running 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 expanded integration

Umami Finance is looking for new ways to use Chain link platform to expand its product and service offerings to other blockchain networks. To offer secure, reliable, and cutting-edge DeFi solutions, it is now important to maximize the value that data flows unlock.

On the other hand, Chainlink has partnered with Fidelity and Sygnum to provide Net Worth Value (NAV) on-chain data, aiming to increase transparency in the financial market. This deal is set to strengthen Chainlink’s position as a key infrastructure provider in the DeFi sector.

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

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