Umbrella Network now LIVE on the Avalanche Mainnet
This brings the total number of our mainnet launches to 4 — BSC, ETH, 0xPolygon, and now, Avalanche.
Umbrella Network is excited to announce the launch of our mainnet on Avalanche.
TL;DR
- Umbrella Network’s decentralized oracles are now live on Avalanche’s mainnet
- Avalanche dApps can now directly procure faster, cheaper, more secure, and more diverse data points directly into their smart contracts
- Owing to its high EVM-compatibility and fast growing ecosystem, the Avalanche mainnet launch was moved up six months to November
- With over 1800+ data pairs available freely for all Avalanche dApps, Umbrella Network has cemented its position as the data oracle with the most data pairs, highest transaction volume, and now, widest coverage across Blockchains.
Why did $UMB Launch on Avalanche Mainnet Ahead of Schedule?
The rising GAS fees on Ethereum and the concerns around delayed proof of finality on Ethereum’s popular Layer-2s such as Arbitrum have sent several talented developers and their innovative DeFi dApps towards Avalanche.
This meant that Avalanche dApp developers had to make a difficult choice:
- Source their data feeds from centralized sources and risk making the same mistakes that TradFi continues to make — centralizing tendencies and centralized sources of failure
- Source their data feeds from the very expensive, slow, and infrequently updated oracles
This is why Umbrella Network chose to advance the Avalanche Mainnet launch by 6 months and support the Avalanche dApp developers from making costly mistakes.
Why Are Umbrella Network’s Decentralized Oracles Faster, Cheaper, and Cover More Data Pairs?
Right from the ground up, Umbrella Network’s decentralized oracles are designed for scale and high throughput rates. Our Merkle Tree architecture enables us to process thousands of data points as a single transaction — saving massively on GAS fees.
The Merkle proofs are then written on the Blockchain so that the integrity of the data is preserved not just going into the Blockchain — but also far beyond when the data has already been sourced by the dApp smart contract.
Furthermore, this also enables us to process a wider data set than most other decentralized oracles — combined! We provide pricing data across every large-cap and mid-cap cryptocurrency pair, options pricing data, and can provide practically any data set that can be sourced or calculated.
Why are we Excited about Umbrella Network’s Launch on Avalanche’s Mainnet?
Avalanche leads the blockchain industry when it comes to proof-of-finality. Bitcoin transactions can sometimes take up to hours to confirm, while Avalanche transactions finalize in under 2 seconds! Thus, it is no surprise that Avalanche has more than 670,000 unique wallets (as of writing) bridging $5.9+ billion from Ethereum over to Avalanche.
Developers can build or launch existing Ethereum dApps on Avalanche using tools they’re already familiar with. On top of this, Umbrella brings a decentralized Layer-2 oracle solution and all of the benefits that come with that. Highly scalable and low cost oracles can now be natively integrated into smart contracts on Avalanche.
Umbrella Network will start off providing over 1,800 data pairs on Avalanche. More data means more possibilities. Many oracle service providers are not compatible with Avalanche or cannot provide low enough costs to use their services.
“We have seen a lot of momentum on Avalanche over the past few months,” said Sam Kim, Founding partner at Umbrella Network. “Umbrella Network is uniquely positioned to provide the data the ecosystem needs at a much higher scale and reduced price point compared to other oracles currently operating within the network. It is also well-positioned to support many of the dApps looking for more custom or sophisticated data solutions outside of the more commonly available data feeds.”
What’s Next for Umbrella Network?
Umbrella Network is moving closer and closer to widespread adoption as the number of cross-chain integrations steadily increases. Blockchain communities are introduced to new and exciting ways to use their favorite cryptocurrencies like never before.
The launch of Umbrella Network on Avalanche is one more blockchain where high-scale and low-cost oracles can be deployed, just as they were launched on Ethereum, Binance Smart Chain, and Polygon earlier this year. More cross-chain support for blockchains like Arbitrum, Solana, and Cardano are scheduled in the coming months.
Don’t forget, be on the lookout as Umbrella Network aims to have 10,000+ available data pairs by the end of December.
About Umbrella Network
Umbrella Network is a scalable, cost-efficient, and community-owned oracle for the DeFi and blockchain community. Its Layer 2 technology uses the latest advances in Merkle tree technology to write multiple data points on a single on-chain transaction, so it allows for batching data to smart contracts accurately, securely, and cost-effectively.
Umbrella Network believes a community-owned oracle is not only possible but essential to creating a truly decentralized financial system.
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