Umbrella Network Launches Oracle Services On MultiversX
Umbrella is an oracle platform built on top of a Layer 2 Merkle Tree architecture. This design choice allows them to provide cost-effective, more authentic, and cryptographically verifiable data feeds.
Developers leveraging the MultiversX network for decentralized applications can now retrieve price data for their smart contracts from Umbrella. The first price feeds made available by the oracle provider are EGLD/USD and USDT/USD, with USDC, BUSD, ETH and BTC to be added shortly.
"We're thrilled to support the growing MultiversX ecosystem with the integration of Umbrella’s On Chain Data Feeds, which empowers developers to build next-generation DeFi protocols and other innovative use cases," said Philippe Engels, Head of Partnerships and BD at Umbrella Network. "Our secure, reliable and customizable solutions will enable projects to continue to push the boundaries of what's possible when a fast layer 1 blockchain is powered by efficient and scalable oracle infrastructure."
Thanks to its innovative approach for batching transactions instead of submitting each of them individually to the blockchain, Umbrella services are not restricted to just the commonly traded pairs and offer comprehensive datasets, including real world data and events that can be used on demand by ecosystem products for various use cases, from prediction markets to synthetic derivative protocols and more.
“We are excited to have Umbrella Network natively integrated into the MultiversX infrastructure stack. Our ecosystem is on hypergrowth mode and the demand for scalable oracle data streams for smart contracts is increasing at a rapid pace.” said Lucian Mincu, MultiversX CIO.
Umbrella is already working on collaborations within the ecosystem. Hatom, the leading lending protocol on MultiversX, has already expressed interest in using their infrastructure. Umbrella’s registry smart contract is deployed at this address:
About Umbrella Network
Umbrella Network, is a decentralized oracle service secured by a network of decentralized community validators that provides blockchain projects with secure, scalable, and customizable data solutions. Umbrella offers smart contracts a broad suite of solutions, whether it is high frequency pricing updates, aggregating large volumes of data at scale, or providing tailored price feeds for specific needs., Umbrella can provide any data that you need when you need it.
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