Umbrella Network
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Umbrella Network

Umbrella Network Announces Public Testnet is Now Live

3, 2, 1, Liftoff!

Umbrella’s public testnet is now live!

Our team has been hard at work getting us to testnet launch today. Major leading validators like InfStones and HashQuark have signed on, though they are still in the process of integrating. All our data sources are connected, and over 750 data pairs are now available for use on our platform.

Many of the partnerships that we have secured over the past 2 months are currently integrating into the system as well, including Bridge Mutual, Polkacover, MahaDAO, YOP Finance, Hedget, BoringDAO and new partner APYSwap. In the meantime, we are excited to open up our system and get the necessary feedback to continue to improve our platform and build the most feature rich and robust oracle solution in the market.

“We are glad to be supporting Umbrella Network during this important phase of testing ahead of the mainnet launch,” said Atif Yaqub, YOP Founder.

“MahaDAO is super excited to bring in decentralised community driven oracles with the help of the Umbrella Network,” said Seven Enamakel, Creator of MahaDAO. “With the help of UMB architecture, we are in line with our objectives of making MahaDAO a fully community driven DAO”

“This is a major inflection point in Umbrella’s mission to bring all of the world’s data on chain,” said Umbrella partner Sam Kim. “We are opening up our system to the public so they can see for themselves the progress that we have made so far in our platform development. Of course, we still have much to do in terms of system improvements, but that’s why we are looking for our community’s feedback as they stress test the platform. This is an important step in the process as we will be taking all of that community feedback and aggressively implementing the relevant parts of it so we can successfully get to mainnet by the summer.”

While the system still has much progress that needs to be made, we are still able to launch with several competitive advantages including being the lowest cost data provider currently in the market, as well as the provider with the largest and most diverse set of data with over 750 pairs at launch. Furthermore, the quality of the available data sets is also a marked improvement over what is currently being offered in the DeFi ecosystem, and will include various real world asset pricing, more complex calculated metrics, and sophisticated volatility data for supporting more accurate and efficient DeFi options trading.

To date, only a very small group of oracle projects, including Chainlink, Band Protocol and Tellor, have successfully released products. We are proud to be able to join this select group in achieving this milestone, and to have done it so soon after our IDO just a few weeks back is unprecedented.

For those users that end up testing the system, please reference our Product Enhancements Log which contains a roadmap of all of the features and functionality we are still working on, known issues, and other enhancements on our radar that will be worked on prior to mainnet launch. Users who are testing the system are encouraged to review this Log beforehand to see if any suggestions, feedback, issues reporting is already included or not. For support, general questions and feedback, as well as issues reporting, please go to our #testnet channel on our Discord.

Additionally, we will be launching a few rewards programs, including a bug bounty program as well as a developer challenge to build apps that can showcase our SDKs and its capabilities. Announcements are forthcoming this week, so stay tuned.

Finally, we wanted to thank our community for the continued support. As we continue our evolution towards a fully decentralized, community-owned project, we take your feedback very seriously, and this public testnet launch is for you to not only see the progress we have made so far, but also to give you a chance to fully test drive the system and give your feedback so we can deliver the best possible platform and solution based on your insights and experience.

Testnet Launch Details

  • Getting Started — Visit docs.umb.network for documentation and details on how to get started.
  • Support — Go to our #testnet channel on Discord if you have comments or questions.
  • Product Enhancement Log — Please check here for features, functionalities, known issues the team is already aware of and working on prior to mainnet.

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.

Stay ahead of our latest updates. Follow Umbrella on:

Telegram| Twitter | TG Announcement channel | Website

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