- Umoja Labs will tap on Chainlink stable price feeds through the BUILD program.
- In exchange, Umoja Labs will provide about 4 percent of its native token supply to Chainlink service providers, including stakers, over time.
The adoption of digital assets is undeniably imminent across the world, with emerging markets like Africa leading in Web3 adoption. A recent study by Triple-A noted that more than 38 million Africans and 33 million South Americans are already using digital assets. The figure is expected to rise exponentially as more investors flee the highly inflationary fiat market to protect their money value. Moreover, digital assets are cheaper and faster to use than fiat currencies.
However, the infrastructure to onboard billions of global users is still in development across various blockchains. One of the most important projects in ensuring reliable Web3 infrastructure is the Chainlink (LINK) network, which provides stable oracle price feeds to developers.
As a result, the Chainlink network uses the Chainlink BUILD program to accelerate the growth of early-stage and established projects within its ecosystem by providing enhanced services and technical support in exchange for commitments of network fees and other incentives to Chainlink service providers, such as stakers.
Umoja Labs on Chainlink Build
Umoja Labs, a decentralized credit protocol that is working towards democratizing access to DeFi financing for the African diaspora, announced on August 3 that it has officially joined the Chainlink network through the BUILD program. Backed by key Web3 investors like Coinbase Ventures, Umoja Labs is well-positioned to revolutionize the financial markets in Africa. Furthermore, Umoja Labs is now accessing reliable price oracles from the Chainlink network to enable its goal of reaching more global markets.
“One of the first and most important value propositions of Web3 is its ability to provide secure, reliable, and decentralized financial infrastructure that’s truly global. By joining Chainlink BUILD, we’re able to accelerate our mission to serve emerging markets by gaining access to industry-standard oracle services, technical support, and a robust crypto-economic model that empowers us to build all of our infrastructure with greater security assurances,” Robby Greenfield IV, CEO of Umoja Labs, noted.
Notably, Umoja Labs stands to benefit a lot from the strategic partnership with Chainlink network including access to and integration of reliable fiat currency prices from Chainlink Price Feeds, secure monitoring of asset-backed tokens through Chainlink Proof of Reserve, reliable and automated liquidation management provided by Chainlink Automation, and access to new Chainlink product alpha and beta releases, among other benefits.
In exchange, Umoja Labs will provide 4 percent of its native token supply available to Chainlink service providers, including the LINK stakers.
🏗️ #ChainlinkBUILD 🏗️@UmojaLabs is joining Chainlink BUILD to gain enhanced access to Chainlink's industry-leading Web3 services and technical support, which helps support the project's vision to provide robust payments infrastructure for emerging markets using Web3 technology.… pic.twitter.com/AQQqEFmeU5
— Chainlink (@chainlink) August 3, 2023
Market Outlook
Having consolidated for the past fifteen months, Chainlink (LINK) is expected to breakout towards a new high. Moreover, Chainlink network has added dozens of new Web3 projects to its BUILD program and LINK price has gained more than 10 percent in July to trade around $7.08 on Friday. Notably, the Chainlink network had a market capitalization of about $3.8 billion and a 24-hour traded volume of approximately $212 million.
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