Flare Launches Layer 1 Oracle Network

Dubai, UAE, 10th January, 2023, Chainwire

Flare, the blockchain for building applications that use data from other chains and the internet, has successfully completed its long-awaited token airdrop at 11:59 pm UTC on January 9th. The airdrop saw 4.279B Flare (FLR) tokens distributed to millions of recipients, including users on Binance, OKX, Kraken, Bithumb, UpBit, Kucoin, BitBank, & more, in one of the largest scale distributions in crypto history.

The airdrop is a significant milestone for Flare as developers can now start to take advantage of Flare’s EVM and native data acquisition protocols, the State Connector and Flare Time Series Oracle. These native protocols, secured by the network, provide decentralized access to high-integrity data from other blockchains and the internet, enabling the creation of new use cases and monetization models. 

Hugo Philion, CEO & Co-founder of Flare said, 

“For the blockchain industry to flourish, we need more useful decentralized applications. Flare is tackling this through data, not just prices but transaction details, Web2 events etc, so that developers can build applications that provide more utility to a larger group of users.”

Hugo continues, “Flare’s objective is to enable developers to build applications that securely access more data. This could enable new use cases to be built, such as triggering a Flare smart contract action with a payment made on another chain, or with input from an internet/web2 API. It also facilitates a new way of bridging, specifically to bring non-smart contract tokens to Flare for use in applications like DeFi protocols.”

Flare’s State Connector protocols enable information to be used securely, scalably and trustlessly with smart contracts on Flare. This offers the most powerful class of data on the network and enables more cross-chain solutions to be built. The State Connector derives its safety from combining a decentralized set of attestors with a binary forking protocol, which allows for a malicious majority of data providers to be challenged. In contrast to a proof of stake based system where data providers are obliged to stake value, the security of the State Connector is not limited by the amount staked in the system. This means that the State Connector is invariant in its safety relative to the size of a transaction, this offers a secure system capable of handling large amounts of value.
The Flare Time Series Oracle (FTSO) utilizes the network structure to deliver highly decentralized prices and data series to dapps on Flare without relying on centralized data providers. The FTSO is a highly decentralized data feed oracle, with almost 100 independent data providers incentivized to provide reliable data every 3 minutes. 

The Flare token distribution represents the first 15% of the full public token distribution, with the remainder to be distributed on a monthly basis over 36 months. The method of allocation of the remaining 85% of token supply depends on the outcome of a community vote on Flare Improvement Proposal 01 (FIP.01)

About Flare
Flare is the Layer 1 oracle network that allows developers to build applications that are interoperable with blockchains and the internet. By providing decentralized access to high-integrity data, Flare enables new use cases and monetisation models.

Flare’s State Connector protocols enable information, both from other blockchains and the internet to be used securely, scalably and trustlessly with smart contracts on Flare.

The Flare Time Series Oracle delivers highly-decentralized price and data feeds to dapps on Flare, without relying on centralized providers.

Build on Flare with more data than ever before or build with Flare to serve multiple ecosystems.

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Nadav Dakner


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Binance Launches Oracle Services on BNB Chain

Crypto exchange Binance has launched an oracle service called Binance Oracle to power the BNB chain ecosystem, making it the first-ever blockchain to use Binance Oracle.


Though the team at Binance has stated they have plans to expand it to other chains. “The ability to connect smart contracts with off-chain data will be made available for other blockchains in due time,” said BNB Chain investment director Gwendolyn Regina.

The Binance oracle will be used to help blockchain applications track real-world data. It will also allow existing decentralized applications (dApps) and other Web3 ecosystem partners on the BNB Chain to gain access to data sources and leading computations.

Gwendolyn Regina added, “Binance Oracle will emerge as a significant contributor to Web3 by offering a stable, reliable, and efficient Oracle network with comprehensive accuracy and accessibility features.” Binance has confirmed more than ten BNB Chain projects have already integrated with the Binance Oracle. 

Furthermore, Binance revealed the Oracle solution would combine off-chain data needed by applications such as those in the decentralized finance ecosystem. It will also make use of regional domains to secure the system’s uptime during an unpredictable global crisis.

In addition, The components used to develop the Binance oracle include internal “threshold signatures” – a cryptographic tool used to sign in the individual data feed and price aggregation into blockchain applications securely using an algorithm – this cryptographic mechanism will ensure the oracle’s high dependability and guarantee that there is no single point of failure in the data security, according to Binance.

The crypto exchange has been standing its ground in many areas of the industry lately, taking advantage of its prominent position. Earlier this week, the CEO of Binance, Changpeng Zhao or CZ, announced via Twitter that the firm is investing heavily in DeFi (decentralized finance). CZ tweeted, “Binance is investing heavily in DeFi. (not financial advice).”

Weeks before that, the crypto exchange also launched a $500 million fund on October 14 for miners unable to cope with the ongoing downturn of the crypto-market conditions.

Image source: Shutterstock


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Umbrella Network Announces New Launch: Decentralized Oracles On Ethereum Mainnet

Umbrella Network, the decentralized Layer-2 oracle solution, has officially launched on Ethereum Mainnet. The company made this announcement on its blog on Friday.

Umbrella Network is a community-owned Layer-2 oracle network that batches data for providing low-cost, scalable, and secure data. It utilizes the advances in Merkle tree technology to write multiple data points on a single on-chain transaction, making batching data to smart contracts more accurate and cost-effective. Umbrella network believes a community-owned oracle solution is essential to creating a truly decentralized financial system.

Blockchain Oracles Explained

Most blockchains have cryptocurrencies that are used to transfer value and enable the operations of the protocol. Some blockchains also enable Smart contracts.

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According to Wikipedia, a smart contract is a computer program or a transaction protocol that is intended to automatically execute, control, or document legally relevant events and actions according to the terms of a contract or an agreement. The objectives of smart contracts are the reduction of need in trusted intermediates, arbitrations, and enforcement costs, fraud losses, as well as the reduction of malicious and accidental exceptions.

Related Reading | DOTOracle – Rendering Decentralized Solutions to Polkadot and its Ecosystem

However, there needs to be a way for blockchains and on-chain smart contracts to make use of external, off-chain data for smart contracts to have any real-world applications.

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Ethereum.org clearly defines what an oracle is, the oracle problem, and how decentralized oracles solve it. “An oracle is a bridge between the blockchain and the real world. They act as on-chain APIs you can query to get information into your smart contracts. This could be anything from price information to weather reports. Oracles can also be bi-directional, used to “send” data out to the real world.”

Blockchain (e.g. Ethereum) transactions cannot access off-chain data directly. At the same time, relying on a single source of truth to provide data is insecure and invalidates the decentralization of a smart contract. This is known as the oracle problem.

This oracle problem can be avoided by using a decentralized oracle that pulls from multiple data sources; if one data source is hacked or fails, the smart contract will still function as intended.

Related Reading | Decentralized Oracle Plugin Offers Solution for XinFin’s Smart Contract

Umbrella Network claims its decentralized network is a superior solution to its competitors. It provides comparatively quick and affordable price feeds. It also says that it would make available more data pairs (currently 1,200 data pairs growing to over 10,000 by end of 2021) than any other oracle in the ecosystem.

According to Cointelegraph, the need for reliable data feeds appears to be growing as smart contract technology becomes more mainstream. For example, Brazil’s main stock exchange is exploring ways to provide data inputs for the country’s central bank digital currency (CBDC) project.

Umbrella Network Mainnet Launch On Ethereum

Umbrella Network’s mainnet launch on Ethereum means that it deployed Smart contracts on the Ethereum Blockchain. This means that Ethereum-based dApps can communicate with Umbrella Network code in the live environment — requesting and getting data that is reliable, comprehensive, and cost-effective.

ETHUSD Chart on TradingView.com

ETHUSD Chart on TradingView.com

ETH price at $3,431 | Source: ETHUSD on TradingView.com

Speaking on the mainnet launch, founding partner Sam Kim said, “We are absolutely thrilled to be able to achieve this important milestone. We will now be able to serve the needs of the largest DeFi community with our decentralized oracles, and look to address real challenges the community faces when it comes to the high cost, low availability of data offerings in the ecosystem today.”

The company has been busy with acquisitions and new products in recent months. In May, the network launched on Binance Smart Chain (BSC) mainnet. Umbrella network also stated its plans for future cross-chain integration with Polygon, Solana, Cardano, and Avalanche, in the coming months. In the same breath, it mentioned the launch of its in-house developed Token Bridge next week. This enables seamless transfers of $UMB across all supported Blockchains.

Featured image by @UmbNetwork on Twitter, Chart from TradingView.com


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Chainlink (LINK) looks for momentum while pro traders target $40

Chainlink (LINK) is the leading oracle provider, and the project has onboarded over 281 crypto projects in 2021. Some of these include heavyweights like Huobi’s ECO Chain, the Hedera Governing Council, and Alchemix. 

Launched in Oct. 2020, Chainlink’s verifiable randomness function, or VRF, has also gained notoriety among decentralized applications (dApps). VRF provides an automated source of randomness to ensure prizes and rewards are issued in a verifiably fair fashion.

For example, on Aug. 13, Arbitrum — a layer-two Ethereum scaling solution — launched a beta mainnet service integrated with Chainlink’s oracle data feed and intends to add a “Proof of Reserve” service allowing collateralized assets to be audited using the oracle provider’s web API.

Chainlink offers a secure connection between smart contracts and off-chain data and services, servicing decentralized finance (DeFi) applications, social networks, NFT platforms and interoperability projects.

Big players partner to back Chainlink adoption

Among Chainlink’s major differentials are the node operators, and Swisscom, a Switzerland-based telecommunications company, chose the project for a pilot program on Aug. 5. The company is 51% owned by the Swiss government, and the telecom operator currently has more than 19,000 employees and 6 million subscribers.

On Aug. 10, Bancor, an Ethereum-based decentralized exchange (DEX) and liquidity provider, announced that its upcoming version would integrate Chainlink Keepers to work as external triggers for smart contracts. This tool simplifies the staking experience for liquidity providers and automates advanced trading features.

Bancor holds over $1.5 billion worth of various cryptocurrencies locked in its smart contracts, and this illustrates how Chainlink’s oracle solutions have been forming a critical backbone to the dApps industry.

Derivatives data shows a glass half full

LINK is a crowd favorite, but after retracing 12% from the $30.50 top on Aug. 16, investors have reason to question if the bull trend has come to an end. Fortunately, for bullish investors, derivatives data is signaling that LINK could push to $40 or higher.

Chainlink (LINK) price in USD at Coinbase. Source: TradingView

Related: The crypto effect: Trading altcoins at the edge of addiction

Let’s take a look at LINK’s derivatives data to assess how traders are dealing with the 14% price correction since the $30.50 top in mid-Aug.

LINK futures aggregate open interest. Source: Bybt.com

Standing at $260 million, LINK futures’ open interest might seem small compared to the $1 billion-plus held by Ether (ETH), Cardano (ADA), and XRP. The number is relevant considering its $560 million average daily spot exchange volume, but this is also 65% below larger market-cap altcoins according to Nomics’ transparent volume.

Perpetual contracts, also known as inverse swaps, have an embedded rate usually charged every eight hours. This fee ensures there are no exchange risk imbalances. A positive funding rate indicates that longs (buyers) are the ones demanding more leverage.

However, the opposite situation occurs when shorts (sellers) require additional leverage, and this causes the funding rate to turn negative.

LINK perpetual futures 8-hour funding rate. Source: Bybt.com

As depicted above, the 8-hour fee reached an 0.07% average between Aug. 20 and Aug. 24, which is equivalent to 6.2% per month. This momentary spike rapidly seized as the LINK price crashed below $27 and signaled a well-balanced situation between the leverage used by longs and shorts.

Some analysts might interpret this data as neutral-to-bearish, but the absence of a high futures open interest and a neutral leverage situation is a healthy indicator. This is especially true considering that LINK has rallied 94% since its $13.40 low on July 20.

Consequently, derivatives markets signal a healthy recovery and no impediments for continuing the bullish momentum above $40.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.