Umbrella Network goes live on MultiversX Mainnet

Umbrella Network has recently integrated into MultiversX Mainnet, the first significant step in blockchain technologies. Through this integration, developers can use Umbrella’s quality decentralized data feeds in the MultiversX ecosystem – a top Layer 1 platform with more than three thousand validator nodes providing enormous scalability and resilience.

As the primary oracle on MultiversX, Umbrella Network has initiated this partnership by launching two initial price feeds: EGLD-USD and USDT-USD. In addition, plans have been made to expand the feeds to cover other important cryptocurrencies like USD, BUSD, BTC, and ETH to facilitate a broader range of data services within the MultiversX ecosystem.

Leveraging on Layer 1 protocol, developers integrating umbrella oracle feeds in MultiversX enjoy a breakthrough innovation. This gives rise to cutting-edge, high-yield web3 apps powered with Umbrella’s techno power and extensive repository. Umbrella’s Decentralized Validator Network now offers developers easy access to a large pool of information ranging from updated crypto pricing, meteorological statistics, and sports stats, among other items already placed on the blockchain.

Umbrella Network has one distinguishing characteristic that involves making intricate calculations off the chain before recording data on the chain. The company’s ability to do so offers an array of bespoke solutions fit and appropriate to projects with different or specific data needs. This was evidenced clearly by the Umbrella Network’s recent collaboration with Hatom, the biggest lending and liquidity protocol on MultiversX with more than $140 million TVL. Umbrella is key for price feeds that are vital to how Hatom works and will add more integrations in the future.

Lucian Mincu (CIO of MultiversX) is delighted with this integration; he says that their ecosystem has grown exponentially over time, and therefore, scaling solutions for Oracle data streams to support smart contracts has become necessary. 

Philippe Engels, CEO of Umbrella Network, also stated his excitement about the collaboration. He pointed out that Umbrella’s On-Chain Data Feeds would help developers develop more complex DeFi protocols and many other innovative applications leveraging the fast Layer 1 blockchain of MultiversX enhanced by an effective and scalable oracle structure.

Umbrella Network is the best choice for providing secure, scalable, and personalized data solutions to Blockchain Projects. It offers high-frequency price updates through a network of decentralized community validators who safeguard large-scale data aggregations with tailor-made price feeds. The ability to provide whatever needed data anywhere, anytime, makes this networking very flexible.

Combining Umbrella Network and MultiversX Mainnet marks a milestone in blockchain data solutions. Providing safe & dependable multi-purpose data feeds enables innovative apps into DeFi, GameFi, or any fast-growing areas within the evolving multiverse universe.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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