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A decentralized oracle in StarkNet, the Ethereum Layer 2 network (a scaling solution), the Empiric Network has received $7 million in funding, led by Variant.
Empiric Network integrates smart contracts with data from cryptocurrency exchanges and major market makers, connecting them to receive or send information.
Unlike traditional centralized oracles, which lack data transparency, the Empiric Network acts as a decentralized oracle and users can verify data aggregated from the blockchain on their own blockchain.
Oracle Empiric helps transfer data using smart contracts that connect the real world and the blockchain. The oracle finds and verifies events and transmits this information to smart contracts on the blockchain.
The funds raised will be used primarily to expand the existing talent team.
Other investors include Alameda, CMT, Flow Traders, cryptocurrency exchange Gemini, and Polygon co-founder Sandeep Nailwal.
StarkNet’s zero-knowledge (ZK) sidechain helps solve the problems of its own Ethereum environment by combining decentralized funding (DeFi) metrics, such as risk, volatility, and return measures, onto a platform for a cheaper and faster network, cost issues, and congestion.
Carl Oscar Schultz, co-founder of empiric Network, said that the oracle of the blockchain is designed to provide DeFi with the data necessary for its actual development and improvement.
Similarly, The DeFi protocol, Morpho Labs, received $18 million in funding under the leadership of Andreessen Horowitz (a16z) and Variant.
In 2020, the blockchain monitoring and automation platform PARSIQ, integrated Chainlink’s price oracles to initiate off-chain actions and trading decisions.
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