Home News Umbrella Network launches on Ethereum with cross-chain bridge to BSC

Umbrella Network launches on Ethereum with cross-chain bridge to BSC

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Umbrella Network launches on Ethereum with cross-chain bridge to BSC. Smart contracts are becoming a data-intensive business, notably for DeFi. Oracle services are assisting in the bridge-building process.

Umbrella Network, a decentralised oracle service, released on Ethereum on Friday, paving the way for cross-chain transactions between Ethereum and Binance Smart Chain, or BSC.

The protocol delivers faster and more cheap pricing feeds than its competitors

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 stake and farm crypto tokens on either blockchain using the cross-chain bridge. Umbrella stated that further cross-chain connectivity with Polygon, Solana, Cardano, and Avalanche is in the works, however, no timeline was provided.

The blockchain sector has given rise to a slew of oracle services. Nonetheless, 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. As well as traditional financial markets with the protocol’s first 1,200 data pairings on Ethereum.

Smart contract technology becomes more widespread

Oracles are considered a necessary component of smart contracts since they offer trustworthy data feeds from other sources. Allowing them to expand their scope of activities. As smart contract technology becomes more widespread, the demand for trustworthy data inputs looks to be rising. For example, Brazil’s primary stock market is looking into methods to supply data inputs for the central bank’s digital currency project.

Data oracles have been a priority for protocols related to decentralised finance, or DeFi. Since its successful deployment on Ethereum layer-two scaling solution Arbitrum in August, Chainlink, the main oracle provider, has established a strong foothold in this area.

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