Umbrella Network Mainnet Launch on Ethereum
This is a significant milestone, not just for the project and their community, but, we believe, also for the broader Ethereum ecosystem.
The thousands of Ethereum-based dApps that have been struggling with the various challenges posed by the high cost of getting data, the lack of fresh, readily available price feeds, and just the overall limited number of options when it comes to types of data feeds available from current oracles, now have a a lot of new choices with the launch of Umbrella Network’s decentralized oracles on Ethereum.
Speaking on this key inflection point in the project, founding partner Sam Kim said,
“We are absolutely thrilled to be able to acheive this important milestone. We will now be able to serve the needs of the largest DeFi community with our decentralized oracles, and look to address real challenges the community faces when it comes to the high cost, low availability of data offerings in the ecosystem today.”
And with over 1,200 data pairs currently available at launch, and another several thousand data feeds launching imminently post mainnet launch, there are now a lot more options.
Check out their data feeds here.
What exactly is a Mainnet Launch?
One of the key features of blockchains are that they are immutable, meaning that once written and committed, it cannot be changed.
This is why, before deploying smart contracts to the mainnet, which is the “live” blockchain, developers will look to perform robust testing of the code in an environment, the testnet, that simulates the mainnet.
Umbrella Network’s mainnet launch on Ethereum means that they’ve deployed their smart contracts on the Ethereum Blockchain so that Ethereum-based dApps can communicate with Umbrella Network code in the live environment — requesting and getting data that is reliable, comprehensive, and cost-effective.
Why Are Umbrella Network’s Decentralized Oracles A Superior Solution?
It’s all in the architecture.
In a nutshell, other oracles, after sourcing data (either from a singular source or many), process each piece of data — as separate transactions. This leads to potentially very high cumulative transaction costs if you are looking for large amounts of data, or frequently updated price feeds.
It’s one of the reasons other oracles offer a lot more limited amounts of data, or only refresh data once a day or if a certain % change occurs. Other oracles for the most part offer just a few hundred data pairs.
Umbrella Network’s decentralized oracles, after getting that data from several sources, get them validated by their community validators (Learn about their community validation here) and then, committed to the Blockchain — in batches.
In practice, that makes their transaction costs almost 99% cheaper than the other oracles. They are also able to offer many other benefits including:
- Opportunity to pass on cost-savings to dApps and community validators alike.
- Make available more data pairs (currently 1,200 data pairs growing to over 10,000 by end of 2021) than any other oracle in the ecosystem.
- Currently allow us to make available all of their data feeds free of cost.
- Be extremely flexible when it comes to what types of data they can offer as additional data feeds that they can bring on chain, whether it’s mid or low cap cryptocurrency price pairs, to almost any type of data that can be pulled via API from the real world.
- As a layer-2 solution, they can perform complex and comprehensive calculated data solutions off chain, which they can then aggregate and write onchain in a low cost and efficient manner. This allows us to develop and roll out more advanced solutions such as sophisticated options pricing and yield curve data feeds, among others.
- Append cryptographic proof to data to prevent data-tampering downstream
This is why Umbrella Network’s Ethereum mainnet launch is a significant milestone for the DeFi ecosystem — it will help allow dApp developers to focus more on innovating solutions unencumbered by the challenges that currently exist around the high cost and low availability of secure, up-to-date data.
What’s Next for Umbrella Network?
The Ethereum Mainnet launch is the second major Blockchain where they are now live, after launching on BSC mainnet in May. We will be aggressively pursuing multi-chain support and interoperability by moving to integrate and support additional chains in the coming months, including Polygon, Solana, Cardano, Avalanche, and more.
Check out their ambitious roadmap here.
Our next few major milestones include their in-house developed Token Bridge to enable seamless transfers of $UMB across all supported Blockchains, which will be launching next week.
At launch, they’ll support ETH/BSC bridging with subsequent support planned for additional chains as well as potentially other assets including NFTs in future version releases.
On the data feeds front, they’re on course to make available 10,000+ data sets available by end of 2021. Some of these data points would be from the TradFi ecosystem, such as the entirety of S&P 500 prices and prices of commodities. Look for new sets of data to start being released in the coming weeks now that we are live on Ethereum mainnet.
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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