The decentralized finance (DeFi) space since 2020 has turned out to be one of the most amazing aspects of the blockchain and crypto space. However, this sphere is reliant on getting access to reliable on-chain data at all times.
Hence the need for data oracle platforms like the massively scalable Umbrella Network (UMB). Most data oracle platforms suffer from serious scalability issues making access to on-chain price data expensive for blockchain and decentralized finance (DeFi) platforms. Umbrella Network (UMB) is providing a lasting solution to this with its innovative, decentralized, community-governed, layer-2 data oracle.
To achieve this, the data oracle platform makes use of a system of Merkle trees. This mechanism makes it possible to bring together thousands of data onto a single blockchain transaction. This, essentially, reduces the cost of accessing onchain data. Most data oracle platforms available today interact with data individually as compared to Umbrella’s Merkle trees system. This individual way of providing on-chain data results in more scalability issues as well as, massively expensive on-chain data.
Umbrella Network (UMB) solution
Umbrella Network is out to make data available to blockchain and DeFi platforms at much-reduced prices as compared to oracle platforms available today. The platform currently boasts of more than 1,000 data pairs with this number rapidly increasing. This is quite impressive as most data oracle platforms available in the market today currently only support between 100 to 200 data pairs. Umbrella network (UMB) currently provides on-chain data to a wide range of platforms ranging from top cryptocurrency pairs, Index platforms like DeFi Pulse, middle-market cryptos to real-world assets like commodities and equities. The possibilities embedded in Umbrella Network on-chain data platform especially in relation to the rapidly expanding DeFi space is basically limitless.
Interestingly, the oracle platform is also one of the first to make use of a Delegated Proof of Stake (DPoS) system. Since Umbrella Network (UMB) is community-owned, the DPoS system helps to reward network participants with incentives. It does this with its low-cap gem and native token UMB. The UMB also doubles as both a governance and a staking cryptocurrency. UMB stakers will earn rewards as high as 750 APY depending on their staking program. Holders of the token will be able to participate in network governance, select validator nodes (VNs) amongst several other functions.
Co-founded by Sam Kim, Umbrella Network (UMB) received support from some of the top Venture Capital (VCs) firms available today. Some of them include Spark Capital, Kyros, CMS, Moonwhale, etc. Huobi, HashQuark, and InfStones have also joined the oracle platform as validators.
Umbrella Network updates and roadmap
Umbrella Network currently boasts of several amazing updates since its inception. First, on February 9, 2021, the oracle network carried out an IDO. The IDO was highly successful and heavily oversubscribed. Over 110,000 applications was received for 1,000 whitelist applications. The IDO completely sold out on Polkastarter in about four minutes. This was followed by its public testnet launch on Ethereum on March 15, 2021. Plans are in place for the oracle platform to go live on Binance Smart Chain (BSC) in May. The launch on BSC will open up Umbrella Network to the myriad of projects available on Binance Smart Chain (BSC).
Currently, Umbrella native token UMB is available for trading on top DEX like Uniswap, SushiSwap, PancakeSwap. Gate.io and AscendEx have also added support for UMB tokens. Umbrella Network (UMB) also boasts of strategic partnerships with Elrond, Polygon, Linear Finance, Unilend, YOP Finance, etc. Also, the mainnet launch on Ethereum is scheduled to take place in July. Plans are also in place to launch on Polkadot, Solana, Cardano, and several other blockchains in the near future.
At the time of writing, UMB was trading at $0.770647, with a market cap of $35,044,733 and a 24-hour trading volume of $1,195,699.
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