Umee, a cross chain borrowing and lending platform built on the Cosmos SDK, announced the development of Orion, the first decentralized price oracle native to the Cosmos ecosystem. The price oracle will allow applications to accurately determine the price of a Cosmos IBC asset at any given time, which is essential to the smooth and secure operation of blockchain applications.
Built on the Umee blockchain, Orion will ensure that interchain DeFi applications are able to access real-time price data from both on-chain and off-chain sources. Until now, Cosmos builders have only had access to limited price information, which has generally been concentrated in smaller feeds on select protocols. This can make real-time asset prices imprecise and pose a threat if any of the limited price feeds are overwhelmed or breached. As a robust decentralized oracle service, Orion will address these vulnerabilities and shortcomings by using a permissionless set of validators that collect and aggregate price data. The protocol will synchronize price information between chains while computing volume weighted average prices via a commit-reveal schema that penalizes validators for submitting incorrect data.
“We are excited to spearhead the effort to build out the critical infrastructure for a decentralized price feed that can be utilized by everyone across the Cosmos ecosystem,” said Brent Xu, Founder and CEO of Umee. “Orion solves a key problem and will make the Cosmos ecosystem even safer for users and more attractive for builders and developers.”
“With the development of several new DeFi protocols in Cosmos, the ecosystem is in need of an IBC native price oracle that allows cross chain pricing data to be transferred safely across networks,” said Peng Zhong, former CEO of Ignite. “We’re looking forward to the new developments from Umee.”
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. To learn more, visit umee.cc