Umbrella Network (UMB), a Scalable and Community Owned Oracle Network, to List on BitMart Exchange

BitMart Exchange
2 min readMar 16, 2021

BitMart, a premier global digital asset trading platform, will list Umbrella Network (UMB) on March 17, 2021. For all BitMart users, the UMB/USDT trading pair will be officially available for trading at 4:00 AM EDT.

Umbrella Network is a scalable, cost-efficient, and community-owned oracle for the DeFi and blockchain community. Umbrella believes a community-owned oracle is essential to creating a truly decentralized financial system. It is the first decentralized oracle service to empower the community with the scale and security modern DeFi applications require. From electing nodes to governance, Umbrella runs without interference from centralized organizations.

One of the key aspects of the Umbrella Network is its focus on economical viability and scalability. To achieve this, the network greatly reduces the cost of gas by using a system of Merkle Trees to bundle multiple transactions into a single node. This allows each node to validate thousands of transactions for the price it would take to validate one transaction on other networks.

To create a network that’s resistant to manipulation and attacks, Umbrella has put the control of the protocol into the hands of the community. There are no pre-mined tokens and the community, which includes the public token buyers, developers, validators, and data partners, will own the majority of all publicly available tokens.

To celebrate this new listing, BitMart will give away a total of $15,000 UMB in a series of promotion events starting from 4 AM on March 17, 2021. New users will have chances to win $10 UMB as registration bonus. The first 500 users who buy UMB no less than 200 USDT will receive $10 UMB each. Meanwhile, the top 10 users with the highest trading volume will share a $5,000 UMB prize pool. Please visit the event page for further details.

About BitMart

BitMart Exchange is a premier global digital assets trading platform with millions of users worldwide and ranked among the top crypto exchanges on CoinMarketCap. BitMart currently offers 365+ trading pairs with one of the lowest trading fees in the market. To learn more about BitMart, visit their website, follow their Twitter, or join their Telegram for more updated news and promotions. Download BitMart App to trade anytime, anywhere.

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, which allows for batching data to smart contracts accurately and securely. To learn more about Umbrella Network, please visit their website and join their Telegram.