- Umbrella Network launches on the Ethereum blockchain
- Users can now access cross-chain transactions between Ethereum and BSC
- Users can farm and stake their crypto tokens
Umbrella Network, a decentralized oracle service, is now on the Ethereum blockchain. This launch sets the stage for cross-chain transactions between Ethereum and the Binance Smart Chain. The cross-chain bridge was developed by the Umbrella Network, which will allow token and crypto-asset transfers between the platforms.
Through the cross-chain bridge, users will also be able to farm and stake their crypto tokens on either of the platforms. Umbrella announced plans for more cross-chain integration to other blockchains, including Solana, Polygon, Avalanche, and Cardano.
The umbrella Network claims that it offers affordable pricing and faster transactions on its protocol compared to other platforms. In the beginning, the cross-chain platform will have more than 1000 data pairs from Ethereum. This will allow users to integrate data from crypto derivatives, spot crypto, and traditional money markets.