Umbrella deploys on Rootstock
Continuing the expansion on Bitcoin, after the partnership with Ordify, we’re thrilled to announce a new partnership with Rootstock.
About Rootstock
Rootstock (RSK) is the longest running and leading Bitcoin Sidechain, designed to extend Bitcoin’s capabilities by enabling smart contracts, higher transaction throughput, and more robust decentralized applications (dApps). Often referred to as a true Bitcoin Layer 2, Rootstock uses BTC in the form of rBTC for gas fees on the network.
One of the key features of Rootstock, in fact, is its compatibility with the Ethereum Virtual Machine (EVM), which allows developers to easily port Ethereum-based applications to the Rootstock ecosystem. This interoperability also extends to assets, with the RSK-ETH token bridge and multiple cross chain swap protocols such as Symbiosis and Uniswap facilitating the seamless transfer of tokens between Ethereum and Rootstock networks.
Furthermore, recent developments in the Rootstock ecosystem include the integration of several new DeFi protocols, increasing its Total Value Locked (TVL) and expanding its utility for users interested in DeFi applications secured by the Bitcoin network.
Umbrella’s Role
With this partnership, Umbrella Network will deploy the first decentralized oracle on the Bitcoin blockchain, supported by a dedicated grant from Rootstock. This deployment aims to provide dapps with the necessary data feeds and solutions they need to build their products and create a dynamic and competitive ecosystem on Rootstock. .
The first price feeds that will go live are: RBTC-USD, RIF-USD, DOC-USD, BPRO-USD, SOV-USD.
Team Quotes
Philippe Engels, Head of Partnership at Umbrella said, “We are thrilled to bring our oracle on Rootstock, enabling the network to leverage our data feeds for enhanced DeFi applications and support Rootstock in expanding its ecosystem.”
“This partnership with Umbrella Network aligns with our vision to make Bitcoin work for everyone by extending and enhancing its capabilities. Umbrella’s oracle technology represents a key component in helping attract new Solidity developers and grow the Rootstock ecosystem.” Ongun Ozdemir, Venture Associate at RootstockLabs stated.
Conclusion
This partnership between Umbrella Network and Rootstock marks a pivotal development in the utilization of Bitcoin for advanced smart contract applications. By integrating Umbrella’s oracles with Rootstock’s, this collaboration not only enhances the functionality of Bitcoin’s DeFi landscape but also sets a new standard for innovation on it.
About Umbrella Network
Umbrella Network, is a decentralized oracle service that provides blockchain projects with secure, scalable, and customizable data solutions.
Umbrella offers smart contracts a broad suite of solutions, whether it is high frequency pricing updates, aggregating large volumes of data at scale, or providing tailored price feeds for specific needs. Secured by a network of decentralized community validators, Umbrella can provide any data that you need when you need it.
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