Umbrella Network goes LIVE on Polygon Mainnet
Umbrella Network is proud to announce that our decentralized oracles are now live on Polygon Mainnet!
Polygon calls itself the ‘Internet of Blockchains’. Their key value proposition is solving the issue of high GAS costs incurred on intra-Blockchain and inter-Blockchain transactions.
This also impacts the scalability of apps built on these Blockchains. While Polygon Network was earlier meant to focus on the Ethereum Blockchain, they have rapidly carved out a distinct niche for themselves.
Umbrella Network is now live on Polygon mainnet and is able to integrate native support for the family of dApps built on Polygon.
This shall enable the plethora of GameFi dApps and fintech dApps mushrooming in the Polygon ecosystem to leverage Umbrella Network’s data feeds natively into their smart contracts!
What exactly is a Mainnet Launch?
One of the key features of blockchains is that they are immutable, meaning that once written and committed, data cannot be edited.
This is why, before deploying smart contracts to the mainnet, which is the “live” blockchain, developers will look to perform robust testing of the code in an environment, the testnet, that simulates the mainnet.
Polygon is an interoperability and scaling framework for building Ethereum-compatible blockchains. It seeks to address some of Ethereum’s major limitations using a novel sidechain solution. Polygon is designed to be an entire platform designed for launching interoperable blockchains. Through Polygon, developers can launch preset blockchain networks with attributes tailored to their needs.
Umbrella Network’s mainnet launch on Polygon means that we’ve deployed our smart contracts on the Polygon Blockchain so that Polygon dApps can leverage not just the benefits of low-cost transactions, but also reap the benefits brought on by Umbrella Network’s decentralized oracles.
Why Are Umbrella Network’s Decentralized Oracles A Superior Solution?
It’s all in the architecture.
In a nutshell, other oracles, after sourcing data (either from a singular source or many), process each piece of data — as separate transactions. This leads to potentially very high cumulative transaction costs if you are looking for large amounts of data, or frequently updated price feeds.
It’s one of the reasons other oracles offer a lot more limited amounts of data or only refresh data once a day or if a certain % change occurs. Other oracles for the most part offer just a few hundred data pairs.
Umbrella Network’s decentralized oracles, after getting that data from several sources, get them validated by our community validators (Learn about our community validation here) and then, committed to the Blockchain — in batches.
In practice, that makes our transaction costs almost 99% cheaper than the other oracles. We are also able to offer many other benefits including:
- Opportunity to pass on cost-savings to dApps and community validators alike.
- Make available more data pairs (currently 1,600 data pairs growing to over 10,000 by end of 2021) than any other oracle in the ecosystem.
- Currently allow us to make available all of our data feeds free of cost.
- Be extremely flexible when it comes to what types of data we can offer as additional data feeds that we can bring on-chain, whether it’s mid or low-cap cryptocurrency price pairs, to almost any type of data that can be pulled via API from the real world.
- As a layer-2 solution, we can perform complex and comprehensive calculated data solutions off-chain, which we can then aggregate and write on-chain in a low cost and efficient manner. This allows us to develop and roll out more advanced solutions such as sophisticated options pricing and yield curve data feeds, among others.
- Append cryptographic proof to data to prevent data-tampering downstream
This is why Umbrella Network’s Polygon mainnet launch is a significant milestone for the DeFi ecosystem — it will help allow dApp developers to focus more on innovating solutions unencumbered by the challenges that currently exist around the high cost and low availability of secure, up-to-date data.
What’s Next for the Umbrella Network?
Umbrella Network will be aggressively pursuing multi-chain support and interoperability by moving to integrate and support additional chains in the coming months, including Solana, Cardano, Avalanche, and more.
Check out our ambitious roadmap here.
On the data feeds front, we’re on course to make 10,000+ data sets available by the end of 2021. Some of these data points would be from the TradFi ecosystem, such as the entirety of S&P 500 prices and prices of commodities. Look for new sets of data to start being released in the coming weeks now that we are live on Polygon mainnet.
“Umbrella Network has long-term goals of providing a lot of different oracle solutions for the NFT and gaming segment, which is thriving on Polygon,”
said Sam Kim, Senior Advisor at Umbrella Network. He also said
“We hope to be able to work with various DeFi applications on their data needs, as well as the growing gaming ecosystem there. Between our scalable data solutions, our newly released arbitrage-free options pricing, which is currently unavailable anywhere else in DeFi, as well as our VRNG, we have many data solutions that could be effectively utilized by applications on Polygon.”
Stay tuned for more updates on our #RoadToMainnet!
About 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 cost-effectively. Umbrella Network believes a community-owned oracle is not only possible but essential to creating a truly decentralized financial system.