Archive storage is the most cost effective for archive data
Reference:
https://www.oracle.com/cloud/storage/archive-storage.html
Oracle Cloud Infrastructure offers two distinct storage class tiers to address the need for both performant, frequently accessed "hot" storage, and less frequently accessed "cold" storage. Storage tiers help you maximize performance where appropriate and minimize costs where possible.
1) Use Archive Storage for data to which you seldom or rarely access, but that must be retained and preserved for long periods of time. The cost efficiency of the Archive Storage offsets the long lead time required to access the data.
2) Use Object Storage for data to which you need fast, immediate, and frequent access. Data accessibility and performance justifies a higher price to store data in the Object Storage. For more information, see Overview of Object Storage.

Oracle Functions is a fully managed, multi-tenant, highly scalable, on-demand, Functions-as-a-Service platform. It is built on enterprise-grade Oracle Cloud Infrastructure and powered by the Fn Project open source engine. Use Oracle Functions (sometimes abbreviated to just Functions) when you want to focus on writing code to meet business needs.
The serverless and elastic architecture of Oracle Functions means there's no infrastructure administration or software administration for you to perform. You don't provision or maintain compute instances, and operating system software patches and upgrades are applied automatically. Oracle Functions simply ensures your app is highly-available, scalable, secure, and monitored. With Oracle Functions, you can write code in Java, Python, Node, Go, and Ruby (and for advanced use cases, bring your own Dockerfile, and Graal VM). You can then deploy your code, call it directly or trigger it in response to events, and get billed only for the resources consumed during the execution.
Oracle Functions is based on Fn Project. Fn Project is an open source, container native, serverless platform that can be run anywhere - any cloud or on-premises. Fn Project is easy to use, extensible, and performant. You can download and install the open source distribution of Fn Project, develop and test a function locally, and then use the same tooling to deploy that function to Oracle Functions.
You can access Oracle Functions using the Console, a CLI, and a REST API. You can invoke the functions you deploy to Oracle Functions using the CLI or by making signed HTTP requests.

https://www.oracle.com/assets/paas-iaas-pub-cld-srvs-pillar-4021422.pdf Enterprises demand more than just availability from their cloud infrastructure. Mission-critical workloads also require consistent performance, and the ability to manage, monitor, and modify resources running in the cloud at any time. Only Oracle offers end-to-end SLAs covering performance, availability, manageability of services.