Umbrella Network – a challenger oracle – has deployed 1,200 price pair data feeds onto the Ethereum mainnet.
The move has been made possible due to the activation of a cross-chain bridge between Umbrella’s native Binance Smart Chain and the widely popular Ethereum mainnet.
Umbrella (UMB) has been labelled a ‘Chainlink killer’ due to the impressive 1,200 data pair feeds offered by the network compared to the 200 price feed pairs offered by $LINK.
Speaking to Coin Rivet, Sam Kim – one of the visionary partners at the Umbrella Network – explained the significance of the data feeds deploying onto the Ethereum mainnet.
“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,” he said.
“By launching our low cost, high scale solution to the Ethereum network, we stand to bring a lot of value to the overall ecosystem.”
Umbrella activates ETH-BSC asset bridge
Umbrella Network will also deploy its Ethereum-Binance Smart Chain bridge for general use.
This new feature is an in-house solution developed by the network and enables the community to transfer tokens between the two networks
Insiders at Umbrella have revealed further expansion plans to Polygon, Solana, Cardano, and Avalanche, aimed at spreading market data across the entire blockchain ecosystem.
Umbrella’s Asset Bridge has developed to help demonstrate the project’s commitment to becoming an interoperable oracle across all chains.
The network functions by utilising an innovative hash tree (merkle tree) blockchain arrangement, which designates transactions within a block into the root, the branches, and the leaves.
Ultimately, this arrangement enables users to see a specific transaction without downloading the entire block, thus enabling fast price feed data retrieval for Umbrella’s oracles.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.