Online Blockchain plc: USDC is Latest Asset to be Added to Umbria's Cross-Chain Narni Bridge

Share On Facebook
share on Linkedin
Print

$1 million Total Value Locked in Narni pool and increasing rapidly.

©

Users of Umbria Network’s Narni Bridge can now send $USDC between the Ethereum and Polygon networks groundbreakingly quickly and cheaply.

The popular stablecoin can be migrated cross-chain in under four minutes and typically for less than $10 in gas fees – bridge.umbria.network. $USDC holders can also lend their tokens (provide liquidity) to the bridge in the protocol’s Pool and Earn staking feature to earn APY https://bridge.umbria.network/pool/). These liquidity providers receive fees when other participants bridge USDC between networks.

The recent addition of ETH to the bridge has made waves in the DeFI community. The gas fees for transfer of the asset from Ethereum to Polygon network are exceptionally low and can even be sub $2. Current ETH liquidity providers have been earning up to 99.99% APY by lending the asset to the bridge. ETH currently accounts for over two-thirds of the total value locked.

“Stablecoins are a particularly exciting proposition on the Narni Bridge as these assets traditionally attract nominal APY. However, as USDC and USDT are frequently bridged, we expect that they will soon be accruing higher fee generation and rewarding liquidity providers far more than we are used to seeing,” said Oscar Chambers, Co-lead developer of Umbria.

For more information about the bridge see the Umbria documentation page: bridge.umbria.network/docs and for feedback, questions and the very latest news about the Narni Bridge please head to our Discord channel.

 

See the latest data on UMBR on CoinMarketCap and CoinGecko:
https://coinmarketcap.com/currencies/umbria-network/news/
https://www.coingecko.com/en/coins/umbria-network

 

About Umbria

https://umbria.network/

Umbria is a Decentralised Finance protocol, which is demystifying and simplifying DeFi and getting more people earning greater income on their crypto.

The Umbria ecosystem has two major components:

A Decentralised Exchange (DEX) – an automated liquidity protocol powered by a constant product formula, deployed using smart contracts and governed entirely on-chain.

The DEX facilitates token swaps and powers an UMBR farm, which pays liquidity providers to the DEX in UMBR (Umbria’s native governance token).

A Cross-chain Asset Bridge – Umbria’s Narni bridge enables the seamless transfer of assets between otherwise incompatible blockchains and cryptocurrency networks. Bridging is incredibly quick and incurs extremely low fees in comparison to validator-driven bridges.

UK-publicly listed Online Blockchain plc (LSE: OBC) acts as Umbria’s coordinator, administrator and advisor. This provides a level of transparency rare in the DeFi space.

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20211208 03:23:12