Decentralized Oracle Empiric Network Raised $7M Led by Variant

Decentralized oracle on StarkNet, an Ethereum Layer 2 network (a scaling solution) - Empiric Network has secured $7 million in funding led by Variant.

Empiric Network integrates smart contracts with data from cryptocurrency exchanges and large market makers, connecting them to retrieve or send information.

Unlike traditional centralized oracles that lack data transparency, Empiric Network acts as a decentralized oracle, and users can audit the data aggregated from the blockchain on its own blockchain.

Empiric's oracle helps communicate data using smart contracts connecting the real world and blockchain. The oracle finds and verifies events and gives this information to the smart contracts on the blockchain.

The funds raised will be used primarily to expand the current talent team.

Other investors include Alameda, CMT, Flow Traders, crypto exchange Gemini, and Polygon co-founder Sandeep Nailwal, among others.

Zero-Knowledge (ZK) sidechain StarkNet helps solve the problems of its native Ethereum environment by bridging decentralized finance (DeFi) metrics such as risk, volatility, and yield metrics onto the platform for a cheaper and faster network. cost and congestion issues.

Karl Oskar Schulz, the co-founder of Empiric Network, said the blockchain oracle is designed to give DeFi the data it needs to really mature and get better.

In like manner, DeFi protocol Morpho Labs has secured $18 million funding, co-led by Andreessen Horowitz (a16z) and Variant.

In 2020, Blockchain monitoring and automation platform PARSIQ has integrated Chainlink price oracles to trigger off-chain actions and trading decisions.

Image source: Shutterstock