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Umbrella Network (https://www.umb.network/), a leading decentralized Layer-2 oracle solution, announced today its successful integration with Arbitrum. At launch, Umbrella Network will have over 3,500 data feeds made available across the Arbitrum ecosystem, including price data from cryptocurrency, cryptocurrency options and derivatives, US equities, commodities markets, and arbitrage-free options pricing, among others.
Umbrella Network is a decentralized oracle that enables dApps to get data across different blockchains, at the lowest price, with the most frequently updated data. With the integration of Arbitrum, Umbrella Network has once again reiterated its focus on facilitating multi-chain interoperability in the DeFi space. This announcement is the latest addition to the growing list of chains the network already supports, including Ethereum, Binance Smart Chain, Avalanche and Polygon.
“We have continued to see a meteoric growth of Arbitrum as a leading ETH L2 rollup scaling solution,” said Sam Kim, Senior Advisor at Umbrella Network. “We are excited to be able to offer our oracle solutions to the increasing number of applications in the Arbitrum ecosystem. Our massively scalable data solutions are perfectly suited for applications on Arbitrum that are seeking lower cost and higher scale operations.”
The Umbrella Network utilizes Merkle Trees to improve the oracle experience. On the Umbrella Network, Merkle Trees are used to aggregate the data, allowing multiple transactions to bundle up into a single transaction, and for a single fee. This solves several of the major challenges facing oracles, providing a much more scalable and lower cost option than what is currently available in the market.
To learn more about Umbrella Network please visit https://www.umb.network/
