Umbrella Network launches on Avalanche
Umbrella Network, the layer 2 decentralized oracle solution, has announced that it has launched on the Avalanche network which will improve the data offerings in the network by more than 10 times.
This is likely to be a very important milestone and partnership for both companies as it is likely to boost the availability of data on the network which can, in turn, be used by the different developers to build more applications on the network.
Strong Growth of Avalanche
Already, Avalanche has been growing at a pretty fast pace and it is looking to onboard many services and features that are already available on the other networks which will be useful for the growth of the ecosystem. Oracles are one such important component and it is estimated that the Umbrella would start with 1,800 data pairs for now and would then gradually grow to include many more pairs in the future.
“We have seen a lot of momentum on Avalanche over the past few months, said Sam Kim, Partner at Umbrella Network. “Umbrella Network is uniquely positioned to provide the data the ecosystem needs at a much higher scale and reduced price point compared to other oracles currently operating within the network. It is also well-positioned to support many of the dApps looking for more custom or sophisticated data solutions outside of the more commonly available data feeds.”
Multi Chain Oracle Solution
It is generally expected that the Avalanche network would grow at a strong pace to emerge as a big competitor for Ethereum and Solana as well. It already has over 670,000 unique addresses and has been hitting all-time highs in transaction volumes and assets transferred over from Ethereum through the Avalanche bridge. The Umbrella network has already launched on all the important chains including Ethereum, BSC, and Polygon and the fact that it has now chosen to launch on Avalanche shows the intention of the company to continue to emerge as a truly multi-chain oracle solution and it also shows how big the Avalanche chain is being viewed in the industry.
This opens up a multitude of possibilities in the chain which should be highly advantageous for both the network as well as for the Oracle as the Umbrella network gets ready to add more than 10,000 data pairs onto the network including US equities.
