Umbrella Network Launches Decentralized Data Oracles on Solana
Umbrella Network announced the launch of its Layer-2 decentralized oracle solution on the Solana blockchain.
Developers now from the fastest growing blockchain ecosystem can leverage Umbrella Network’s data feeds to power DeFi exchanges, blockchain games, as well as new categories of apps and platforms.
At launch, Umbrella Network will have over 3,800 data feeds available, including price data from cryptocurrency, US equities, commodities markets, as well as a random number generator among others.
Umbrella is also developing a multitude of custom data solutions, as well as bringing a suite of data feeds on-chain across sports stats, weather information, insurance data, healthcare, energy, geolocation, and much more.
Sam Kim, Senior Advisor at Umbrella Network said:
“Completing our integration with Solana is a major milestone as Umbrella Network is now available on its first non-EVM chain.”
“This comes on the heels of the stellar year Solana had, and we believe that the diversity of dapps being launched in that ecosystem will be further empowered with an oracle solution that can provide highly scalable data and makes it simple to integrate and add verified data feeds.”
Solana is a Layer 1 Proof of Stake (PoS) blockchain capable of processing tens of thousands of smart contracts at once. Its innovative design delivers an eco-friendly blockchain solution that’s secure, scalable, and inexpensive, similar to Umbrella Network’s oracle solution.
Currently, more than 1,400 projects spanning DeFi, NFTs, and web3 are powered by the Solana blockchain. As developers are continuing to drive the expansion of the Solana metaverse through NFTs and GameFi, Umbrella Network’s Layer 2 solution for processing and providing large amounts of data will be useful for entertainment applications that are looking for off-chain computation and high volume data processing.
Anatoly Yakovenko, Co-founder of Solana Labs said:
“NFTs and GameFi play an important role in onboarding the next billion users to crypto.”
“Diverse oracle solutions give developers increasing options to build with tools that fit their use case.”
This announcement is the latest addition to the growing list of chains supported by the network, including Ethereum, Binance Smart Chain, Avalanche, Polygon, and Arbitrum, taking the oracle one step closer to providing decentralized data solutions to as many applications as possible.
About Umbrella Network
Umbrella Network is a community-owned Layer-2 oracle network that batches data for providing low-cost, scalable, and secure data. It utilizes the advances in Merkle tree technology to write multiple data points on a single on-chain transaction, making batching data to smart contracts more accurate and cost-effective. Umbrella network believes a community-owned oracle solution is essential to creating a truly decentralized financial system.
About Solana
Solana is a global state machine and the world’s most performant blockchain. It gives developers the confidence to build for the long term by delivering predictable scaling without compromising security or composability. Solana’s performance is driven by a single global state, which is capable of processing tens of thousands of smart contracts at once, and by Proof of History, a distributed clock that unlocks low-latency, sub-second finality across the global state.
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