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Vendredi 1 Octobre 2021

Umbrella Network Launches on Ethereum, Deploys Cross-Chain Bridge Connecting Ethereum and Binance Smart Chain


Umbrella Network (https://www.umb.network/), the decentralized Layer-2 oracle solution, announced today its launch on the Ethereum blockchain. It will also be releasing an in-house bridge solution for cross-chain transactions between Ethereum and Binance Smart Chain.



Unlike other oracles which have a limited number of data feeds due to the high costs of maintaining price feeds, Umbrella Network will have over 1200 data pairs on Ethereum at launch. The network’s fast and affordable price feeds will enable users to seamlessly integrate price data from cryptocurrency, cryptocurrency options and derivatives, US equities, commodities markets, and much more.

“Ethereum continues to remain the dominant blockchain in the crypto ecosystem, especially for DeFi, and we want to be where the applications and data needs are,” said Sam Kim, Partner at Umbrella Network. “By launching our low cost, high scale solution to the Ethereum network, we stand to bring a lot of value to the overall ecosystem.”

At launch, Umbrella Network will also deploy its Ethereum/Binance Smart Chain bridge. This new feature is an in-house bridging solution and will allow the community to transfer tokens between the two, enabling them to stake and farm on the blockchain of their choice. With further expansion planned to Polygon, Solana, Cardano, and Avalanche, aimed at spreading market data across the entire blockchain ecosystem, Umbrella’s Asset Bridge represents the project’s commitment to becoming an interoperable oracle across all chains.

The Umbrella Network utilizes Merkle Trees to improve the oracle experience. On the Umbrella Network, Merkle trees batch transactions to solve the scalability issues in oracles today. Merkle trees are used to aggregate the data, allowing multiple transactions to bundle up into a single transaction, and for a single fee.

To learn more about Umbrella Network please visit https://www.umb.network/

About Umbrella Network
Umbrella Network is a community-owned Layer-2 oracle network that batches data for providing low-cost, scalable, and secure data. It utilizes the advances in Merkle tree technology to write multiple data points on a single on-chain transaction, making batching data to smart contracts more accurate and cost-effective. Umbrella Network believes a community-owned oracle solution is essential to creating a truly decentralized financial system.

Disclaimer: The text above is a press release that was not written by Finyear.com.
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Avertissement : Le texte ci-dessus est un communiqué de presse qui n'a pas été rédigé par Finyear.com.
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