Umbrella Network (UMB)
Oracle Data Platform with Massive Scalability
Since 2020, the decentralized finance (DeFi) field has proven to be one of the most fascinating areas of the blockchain and cryptocurrency world. This domain, on the other hand, is reliant on having constant access to trustworthy on-chain data.
The data oracle platform does this by employing a Merkle tree structure. This method allows hundreds of data points to be combined into a single blockchain transaction. This effectively lowers the cost of accessing data on the blockchain. When contrasted to Umbrella’s Merkle trees approach, most data oracle solutions today deal with data independently. This unique approach to supplying on-chain data leads to increased scalability concerns and prohibitively costly on-chain data.
Umbrella Network aims to make data available to blockchain and DeFi systems at a far lower cost than currently existing oracle systems. More than 1,000 data pairs are presently available on the platform, and this figure is quickly growing. This is extremely surprising considering that most data oracle technologies on the market today only support 100 to 200 data pairs. Umbrella network (UMB) now offers on-chain data to a variety of platforms, including leading cryptocurrency pairings, index platforms such as DeFi Pulse, middle-market cryptos, and real-world assets like commodities and stocks.
The Oracle platform is also notable for being one of the first to implement a Delegated Proof of Stake (DPoS) mechanism. The DPoS mechanism serves to reward network participants with incentives since Umbrella Network (UMB) is community-owned. With its low-cap gem and native token UMB, it does this. The UMB is governance and staking cryptocurrency at the same time. Stakeholders at UMB can earn up to 750 APY depending on their staking program. The token’s holders will be able to participate in network governance and choose validator nodes (VNs), among other things.
Umbrella Network (UMB), co-founded by Sam Kim, has attracted funding from some of today’s most prestigious venture capital (VC) companies. Spark Capital, Kyros, CMS, Moonwhale, and others are among them. Validators Huobi, HashQuark, and InfStones have also joined the Oracle platform.
Road Map and Updates of Umbrella Network
Since its start, Umbrella Network has received a slew of incredible enhancements. The oracle network first performed an IDO on February 9, 2021. The IDO was highly successful, with a huge whitelist. For 1,000 whitelist applications, almost 110,000 applications were received. Polkastarter sold out of the IDO in less than four minutes. Following that, on March 15, 2021, it launched its public testnet on Ethereum. The Oracle platform is expected to launch on Binance Smart Chain (BSC) in May. With the debut of BSC, Umbrella Network will have access to the plethora of projects offered on the Binance Smart Chain (BSC)
Umbrella’s native token, UMB, is now accessible for trade on top DEXs including Uniswap, SushiSwap, MXC, and PancakeSwap. UMB coins are now supported by Gate.io and AscendEx. Elrond, Polygon, Linear Finance, Unilend, YOP Finance, and others are among Umbrella Network’s strategic partners. In addition, Ethereum’s main net is expected to begin in July. Plans to launch on Polkadot, Solana, Cardano, and numerous more blockchains are also in the works.
Umbrella Network (UMB) Migrates to BSC
Decentralized finance Umbrella Protocol is the newest cryptocurrency to switch from Ethereum to Binance Smart Chain, which is quicker and cheaper.
The Umbrella Network announced the transfer on May 4, citing growing gas prices on Ethereum as the cause. It suggested that whereas an Ethereum transaction to obtain a data point on-chain would cost $50, the same transaction via BSC might only cost 50 cents. “The Ethereum network’s high costs plainly make it more difficult for us to meet our primary goal: to be the cheapest data provider. High transaction costs imply greater data expenses,” says the author.
At the time of writing, UMB was trading at $0.190646, with a market cap of $9,305,045 and a 24-hour trading volume of $380,227 according to Coingecko.
Furthermore, UMB is failed to return to its all-time high of $2.62 set on Feb 10th. However, if Binance continues to plug its partners and create yield farms for the currency, it won’t be long until it returns to that direction.