{"id":64518,"date":"2022-07-18T12:32:39","date_gmt":"2022-07-18T09:32:39","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=64518"},"modified":"2025-09-06T14:55:14","modified_gmt":"2025-09-06T11:55:14","slug":"empiric-network-on-starknet-raises-7-million","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/empiric-network-on-starknet-raises-7-million\/","title":{"rendered":"Empiric Network on StarkNet raises $7 million"},"content":{"rendered":"<p>The Empiric Network, a network of decentralized oracles built on StarkNet, a Layer-2 scaling solution, has attracted $7 million in a seed funding round.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-lang=\\\"en\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Introducing Empiric Network, the zk-native oracle for the zk-future of blockchain:<a href=\\\"https:\/\/t.co\/YeVoKcO1aE\\\">https:\/\/t.co\/YeVoKcO1aE<\/a><\/p>\n<p>\u2014 Empiric (@EmpiricNetwork) <a href=\\\"https:\/\/twitter.com\/EmpiricNetwork\/status\/1548010143496843265?ref_src=twsrc%5Etfw\\\">July 15, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>It was led by Variant, with data-processing partners Alameda, CMT Digital, Flow Traders, FTX and Gemini, the team behind StarkNet, StarkWare, and several other companies and business angels.<\/p>\n<p>Empiric noted that blockchain oracles are necessary to provide smart contracts with external data. Traditional oracles are centralised and rely on autonomous infrastructure that delivers a final result without a way to verify. As a result, errors can occur, as in the case of Pyth in September 2021, when the platform&#8217;s Solana-based oracle showed<a href=\"https:\/\/u1f987.com\/en\/news\/on-chain-oracle-pyth-on-solana-records-90-bitcoin-price-plunge\"> an anomalous drop in Bitcoin&#8217;s price<\/a> to $5402 \u2014 about 90%.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cTo deliver on the promises of blockchains, it is necessary to build reliable oracles that are decentralised, transparent and, as a consequence, safe, like smart contracts. To do this, we need to move oracles on-chain, which until recently was too expensive,\u201d the statement said.<\/p>\n<\/blockquote>\n<p>Putting oracles entirely on-chain was made possible by StarkNet, based on ZK-Rollup technology, which cut transaction costs by three to four orders of magnitude and enabled on-chain computations, Empiric emphasised.<\/p>\n<p>The project draws data from major players in the industry, most of whom joined the funding round. The team says that anyone can verify the numbers at any time. It is expected that the Empiric product will broaden information channels beyond price feeds, including, for example, risk, volatility and yield metrics.<\/p>\n<figure class=\\\"wp-block-image\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/lh5.googleusercontent.com\/OgqIc2pJxEEDrjCxHMgJThjRordOoK17Q_hNv3yrYVVns_81bOos6EKYgmAhZMP92Mdw-Js1iNko56qCizJj4VEOXpsbsictsGjGrGpAghl_E_WFrNJQLngUC1QBtikjHt5WKR4j3mxgI-3SBOHbxmg\\\" alt=\\\"Empiric Network on StarkNet raises $7 million\\\"\/><figcaption>Partners of Empiric Network. Data: <a href=\\\"https:\/\/medium.com\/@EmpiricNetwork\/empiric-network-the-zk-native-oracle-dcff3c36658a\\\">Medium<\/a>. <\/figcaption><\/figure>\n<p>The funds will primarily be used to hire new staff, <a href=\\\"https:\/\/www.coindesk.com\/business\/2022\/07\/15\/decentralized-oracle-empiric-network-launches-with-7m-funding-round\/\\\">CoinDesk<\/a> reported, citing co-founder Karl Oskar Schulz.<\/p>\n<p>Earlier in May, StarkWare <a href=\"https:\/\/u1f987.com\/en\/news\/starkware-project-raises-100-million-in-series-d-at-an-8-billion-valuation\">raised $100 million<\/a> at a valuation of $8 billion. The project has also developed another L2 solution \u2014 StarkEx.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, rates and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Empiric Network, a network of decentralized oracles built on StarkNet, a Layer-2 scaling solution, attracted $7 million in a seed funding round.<\/p>\n","protected":false},"author":1,"featured_media":64519,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1389,1133],"class_list":["post-64518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blockchain-oracles","tag-venture-investments"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=64518"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64518\/revisions"}],"predecessor-version":[{"id":64520,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64518\/revisions\/64520"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/64519"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=64518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=64518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=64518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}