Oracle’s decentralized service Umbrella Network was launched on the Ethereum platform, enabling cross-chain transactions between Binance Smart Chain (BSC) and the Ethereum platform.
It has also allowed users to bet and farm cryptocurrency tokens on the Ethereum blockchain through the inter-chain bridge. The company also noted that it is in the process of enabling cross-chain connectivity with Cardano (ADA / USD), Solana (SOL / USD), Polygon (MATIC / USD) and Avalanche (AVAX / USD). However, no time limit was provided for integration.
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Umbrella also stated that the protocol will offer a cheaper and faster price than its competitors. It will allow users to easily connect data from traditional financial markets, crypto derivatives, as well as spot cryptocurrencies.
Increased demand for reliable data inputs
Oracle is seen in the industry as an important component for smart contracts because they offer accurate data sources from different sources, allowing them to increase their area of activity.
The demand for reliable data inputs has increased in recent times as the industry continues to embrace smart contract technology. Some jurisdictions seek to provide more data to users. For example, Brazil’s primary stock market is looking for ways to supply data as the country seeks to develop its central bank’s digital currency.
DeFi protocols have also demonstrated their readiness to integrate data oracles, the main chainlink oracle provider (LINK / USD), after launching into Ethereum’s layer two scaling solution, has consolidated its place in the market. Other protocols are also increasing their interests.
Smart contracts are increasingly becoming a data-intensive industry. Oracle services are helping to bridge the gap.
Umbrella to take advantage of Ethereum’s capabilities
Umbrella Network developed the cross-chain bridge that underscored the need to transfer cryptocurrencies and other digital assets between smart contracts and the Ethereum platform. Umbrella currently has over 1,200 data pairs on Ethereum.
Recent exploits in the DeFi world have highlighted the need for new risk management solutions in the ecosystem. As a result, Umbrella says the plan is to leverage Ethereum’s unique capabilities and have balanced decentralized governance and immutability.
The protocol was designed to provide these possibilities, as it is inspired by the factory designs initiated by the Balancer and Uniswap token functionality.
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