Decentralized oracle network Umbrella has released details of its most recent DEX Initial Offering (IDO), showing that 110,000 applicants have signed up for the offer on Polkastarter.
The February 9 offer provided ten times the number of hopefuls who registered as 1,000 randomly selected available slots. 2.5 million UMB tokens were distributed to only 625 participants during the sale.
The IDO collected 72.5 ethers valued at around $ 250,000. In an announcement shared with Cointelegraph, Umbrella stressed that token sales were intended to limit the concentration of tokens among large owners and took “deliberate steps to ensure strong participation at fair prices.”
“This offering is another important step in bringing decentralized oracle networks into an industry where the demand for high quality external data is growing exponentially,” said Samuel Kim, founding partner of Umbrella.
“We firmly believe in the power of community governance and decentralized solutions and will use this crucial moment to drive the next steps in the development of Umbrella Network.”
Umbrella claims that its delegated consensus model for evidence of deployment ensures extremely low cost data transfer. By leveraging a decentralized network of nodes, Umbrella claims it can “validate thousands of transactions for the price it would take to confirm a single transaction [in other networks”/using centralized networks].
The project uses a Layer Two scaling solution that uses Merkle Tree technology to consolidate multiple data points within a single on-chain transaction to reduce the high cost of transactions on the Ethereum mainnet. Umbrella plans to run on Polkadot in the future.
Polkastarter is a cross-chain DEX that facilitates token auctions and pools. The platform has recently enjoyed increasing popularity as a platform for IDOs due to its support for cross-chain token swaps, fixed price offers, and KYC integration.
