Blockchain

Umbrella Network starts on Ethereum with Cross Chain Bridge to BSC

The decentralized Oracle service Umbrella Network was officially launched on Ethereum Friday and prepares the stage for cross-chain transactions between the dominant smart contract platform and Binance Smart Chain or BSC.

The cross-chain bridge connecting Ethereum and BSC was developed internally within the Umbrella Network, underscoring the need to transfer tokens and other crypto assets between the two networks.

The cross-chain bridge also allows users to stake out and farm crypto tokens on both blockchains. Umbrella said it was planning future cross-chain integrations with Polygon, Solana, Cardano and Avalanche, although no timeline was given.

While the blockchain industry has spawned a number of Oracle services,Umbrella Network claims that their protocol offers fast and affordable data feeds compared to top competitors. Initially, the protocol will contain more than 1,200 data pairs on Ethereum, allowing users to integrate data from spot cryptocurrencies, crypto derivatives, and traditional financial markets.

Related: Brazilian stock exchange wants to fulfill wishes for digital real

Oracles are an essential part of smart contracts, as they reliably feed in data from external sources and thus expand their area of ​​application. The demand for reliable data feeds seems to be increasing as smart contract technology grows in popularity. Case in point: Brazil’s most important stock exchange wants to contribute to the country’s central bank’s digital currency project.

Protocols tied to decentralized finance or DeFi have shown an interest in integrating data services. Chainlink, the dominant Oracle provider, has built a strong presence in this niche, especially since the successful implementation of Ethereum’s Layer 2 scaling solution, Arbitrum, in August.

.

.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Gate.io Launches USDE Financial Products with Annualized Returns of Up to 54%, Ushering in a High-Return Era for Stablecoin Investments

Nov 18th, Panama - Gate.io, a global leader in digital asset trading, has officially unveiled…

38 minutes ago

Bitdeer Convertible Notes Worth $360 Million Offered for Expansion Efforts

The Bitdeer convertible notes offer a 42.5% conversion premium, allowing conversion into cash with the…

1 hour ago

Sui Foundation Enters into Strategic Partnership with Franklin Templeton Digital Assets

Grand Cayman, Cayman Islands, 22nd November 2024, Chainwire

2 hours ago

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

3 hours ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

4 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

5 hours ago

This website uses cookies.