Umbrella Network, a decentralized oracle service, based on Ethereum, paving the way for cross-chain transactions between the dominant smart contract platform and Binance Smart Chain, or BSC.
Umbrella Network built a cross-chain bridge between Ethereum and BSC in-house, highlighting the necessity to move tokens and other crypto assets between the two networks.
Users may also stake and farm crypto tokens on any blockchain via the cross-chain bridge.
Umbrella stated that further cross-chain connectivity with Polygon, Solana, Cardano, and Avalanche is in the works, but provided no timeline.
Despite the fact that the blockchain sector has given rise to a slew of oracle services, Umbrella says that its protocol delivers faster and more cheap pricing feeds than its competitors.
Users will be able to connect data from spot cryptocurrencies, crypto derivatives, and traditional financial markets with the protocol’s first 1,200 data pairings on Ethereum.
Oracles are seen as a necessary component of smart contracts since they offer trustworthy data feeds from other sources, allowing them to expand their area of activity.
As smart contract technology becomes more widespread, the demand for trustworthy data flows looks to be increasing.
For example, Brazil’s primary stock market is looking into methods to supply data to the country’s central bank’s digital currency project.
Decentralized financial protocols, or Defi, have been eager to incorporate data oracles.
Since its successful deployment on Ethereum layer-two scaling solution Arbitrum in August, Chainlink, the main oracle provider, has carved itself a strong position in this area.