Umbrella Network Weekly Recap: Week of June 7th, 2021

Weekly Recap

Hey Umbrellians,

#TheRoadToMainnet continues! And as we start to cross into the second half of the month of June, we are closing in on our big goal to go live on BSC Mainnet.

Our primary focus this past week has been around final testing and preparation. The engineering team has been hard at work updating additional data pairs into our Layer 2 Data for upcoming partnerships, as well as fixing various bugs in the system.

Additionally, we have been doing work in improving our Block Explorer, including adding timestamps to our First Class Data and L2 Data details as well as fixing some bugs affecting filtering included in the URL.

Our staking portal is also undergoing some final patches as we addressed various issues around several bugs that were preventing users from staking their tokens.

We have also been working on cross chain messaging between BSC and Ethereum as we prepare for cross chain interoperability, so stay tuned for more developments on that front.

Thanks for all of the members of the community who have applied to be a validator on BSC. We have received your applications and have started to shortlist and process them. We expect to start onboarding the first cohort of community validators next week, which will be another major milestone as we move towards decentralization.

In other news, we received some positive coverage from That Martini Guy on Youtube, so in case you missed that, you can find the clip here. We are mentioned at approximately 13:26 into the video.

We will also be releasing some tutorial videos on how to use our Block Explorer to find and verify data. The first video in the series was released earlier this past week on our youtube channel here, so check it out if you haven’t done so already.

And finally, for those of you that are interested to learn a bit more about Flash Loans, we released a primer on that recently that goes into the details of what they are, how flash loan attacks are done, and how using decentralized oracles can help to mitigate some of those risks. As we approach mainnet, it is important for us as a decentralized oracle project to work with others in the ecosystem to help protect users from these types of exploits, and to make DeFi a safer environment for further innovation and growth.

That’s it for this week! Stay tuned for more updates including an updated roadmap for second half of 2021, new partnership announcements, and other exciting developments as we as we close in on BSC Mainnet launch!

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, allowing for the batching of data to smart contracts accurately, securely, and inexpensively.

Umbrella Network believes a community-owned oracle is not only possible but essential to creating a truly decentralized financial system. The community-owned Oracle solution offered by Umbrella Network furnishes DApp developers with major key pairs, real-world financial data along with core, mid and long-tail pairs.

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