Umbrella Network Announces Launch On BSC Public Testnet
Umbrella Network’s BSC Testnet is now Live!
Since we launched #BSCMonth back at the beginning of May, we have been laser-focused on making sure we can move quickly to get onto the road to mainnet as soon as possible.
Our transition to public testnet is just one further step toward that ultimate goal. We have in the past 3 weeks made a tremendous amount of progress working on the platform, optimizing the code case, improving features and functionality, building out a new BSC Block explorer, and finalizing documentation to be ready for launch.
We have also secured partnerships with 10 BSC projects in the past few weeks, including Smoothy Finance, Blockbank, OpenDefi, 8Pay and others, bringing the overall number of partners in our ecosystem to over 40.
Additionally, We now offer over 1,200 data pairs available for use, including major crypto key pairs, mid and low cap, equities, commodities, indexes, options pricing data, and the entire S&P 500. And we will continue to add more and more data in the coming weeks as we ramp up toward the mainnet launch.
The BSC ecosystem is growing at an explosive pace, with many new projects launching or migrating to the Binance Smart chain in recent months, drawn by much lower transaction and operating costs. Liquidity is also flowing over, with TVL exploding to over 9.8 Billion on PancakeSwap, BSC’s leading DEX, as of May 15th, compared to 7.5B on UniSwap, the leading DEX on Ethereum.
“The decision to shift our computation and Delegated Proof of Stake consensus to BSC will help us to achieve our two main business objectives: 1) to drive the cost of on-chain data as low as possible, and 2) to be fully decentralized and community-owned & operated,” said Sam Kim, Senior Advisor. “Today we move one more step in that direction as we go live on public testnet. To date, there are not many data oracles fully operating on BSC, and Umbrella Network will look to become an active supporter and data provider for the ecosystem.”
With Umbrella Network on BSC, we will be able to leverage the significantly lower operating costs, currently about 1% that of Ethereum, and be able to pass those cost savings over to our end-users in the form of even cheaper data.
Furthermore, validators will also be able to run nodes at a significantly lower overhead. This allows us to open up to our community the opportunity to run validator nodes.
We will now be able to start our transition to be a fully decentralized and truly community-owned oracle, ahead of schedule. Stay tuned for an announcement later this week as we open this up to start taking in applications for our first batch of BSC validator operators.
And finally, we will be kicking off BSC Developer’s Challenge in the coming days to the community to try and spur the development of new and innovative applications on our platform, using our oracle data.
We have established a $60k UMB token prize pool to try to incentivize this development, so stay tuned for more details around this as well.
Testnet Launch Details
- Getting Started — Visit our BSC Developer’s portal at https://portal-bsc.umb.network/
- Documentation — Check out docs.umb.network for documentation and details on how to get started.
- Support — Visit the #testnet channel on our Discord server if you have questions or need support.
Umbrella Network
Umbrella Network is a scalable, cost-efficient, and community-owned oracle for the DeFi and blockchain community. Its Layer 2 technology uses the latest advances in Merkle tree technology to write multiple data points on a single on-chain transaction, so it allows for batching data to smart contracts accurately, securely, and inexpensively. Umbrella believes a community-owned oracle is not only possible but essential to creating a truly decentralized financial system.
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