Ojo formally succeeds Orion, Umee’s original V1 cosmos oracle responsible for over one million daily transactions
NEW YORK–(BUSINESS WIRE)–Umee, a DeFi protocol enabling seamless cross-chain borrowing and lending of digital assets, announced the launch of Ojo, a new oracle chain for the Cosmos ecosystem. Ojo replaces Orion, Umee’s successful V1 oracle, which has grown to average over one million daily transactions and has served as the foundation for other Cosmos oracles.
Ojo utilizes Orion’s successful price feed infrastructure, while integrating new safety-enhancing data feeds – covering metrics, including historical pricing, moving averages, and proof of reserves + proof of liabilities – to create the first ever oracle capable of holistic risk assessment. Through Ojo, Umee will allow institutions to partake in blockchain borrowing and lending with the immutability and transparency expected from DeFi, and the risk assessment features required by traditional finance institutions.
“If the calamitous events of 2022 have taught us anything, it’s that the DeFi ecosystem needs to prioritize risk assessment,” said Brent Xu, CEO of Umee. “Ultimately, long lasting and sustainable DeFi is going to have to be compatible with real world financial requirements. Currently, DeFi’s existing risk assessment features are not sufficient to meet this requirement. That’s why we built Ojo to be an oracle based on verification, not just on trust.”
In support of the Cosmos community, a yet-to-be-determined percentage of the Ojo coin will be airdropped to the Umee ecosystem as well as select Cosmos chains to ensure ecosystem-wide access to the Ojo chain.
Umee is a Cosmos-based decentralized finance hub supporting a suite of composable debt primitives that will enable the next generation of global debt markets connecting borrowers and lenders across all crypto ecosystems. To learn more, visit umee.cc.