LONDON, July 21, 2021 /PRNewswire/ -- The testing of
Umbria Network's cross-chain Narni bridge is in its final
stages.
Narni will enable users to move ERC-20 tokens securely from one
blockchain network to another cheaply, quickly and easily. In
testing, moving USDT from the Ethereum network to the Polygon
network (formerly Matic) took an average of 47 seconds and
cost just $2.80; Polygon to Ethereum
took an average of two minutes 12 seconds and cost $5.62. This is significantly faster and cheaper
than the Polygon web wallet bridge, which can cost upwards of
$200 and take several hours for a
transaction to complete.
Umbria -
https://umbria.network/ - has identified that no current
bridging system facilitates the movement of large amounts of crypto
assets from one blockchain to another in a cost-effective, fast and
easy-to-understand way. Narni Bridge is being developed to make the
whole ecosystem more efficient and remove the barriers that users
presently experience. It will allow participants to capitalise on
arbitrage opportunities effortlessly and at fractional
cost.
Narni will empower users to rapidly migrate liquidity in high
orders of magnitude from any decentralised exchange on any EVM
compatible blockchain into Umbria's DEX. This will alleviate the friction
point other exchanges currently experience due to being confined to
a single network.
As well as enabling the transfer of assets between chains, the
Narni bridge will reward participants for providing liquidity in a
new type of farming, which is unlike that of a traditional AMM
style of exchange, traditional farms or vaults. Those
staking single assets (as opposed to pairs) on the bridge
will earn APY, the highest rate of which is expected for stablecoin
farmers. The auto-harvesting feature of Narni will also save users
money and is part of Umbria's
drive to make the experience as fruitful as possible for liquidity
providers.
"Umbria will have a bridge,
which allows people to potentially transfer all their assets very
easily from any DEX - such as Uniswap or SushiSwap - on any EVM
compatible blockchain into the Umbria protocol. This will give Umbria a massive advantage over many of its
DeFi competitors," said Oscar
Chambers, Co-lead developer of Umbria. "Umbria is going to be like the mothership with
lots of people passing through its ecosystem as they move from one
corner of the DeFi space to the other."
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
Umbria is a Decentralised
Finance protocol, which is creating low-cost and easy-to-use DeFi
applications. Umbria aims to
demystify and simplify DeFi and get people earning income on their
crypto.
Umbria's first partnership -
with Polygon - is seeing it use Polygon's Ethereum scaling solution
to develop a suite of popular DeFi features at fractional on-chain
cost of many current DeFi platforms with greater transaction speed.
Umbria is actively developing
further collaborations in the DeFi space.
Umbria's Layer 2 Decentralised
Exchange (DEX) and farm for its native governance token UMBR and
the popular MATIC token launched in May
2021. This farm and the previous one have been characterised
by consistently high APY.
Umbria's cross-chain bridge
(Narni) - an industry game changer - will facilitate easier,
quicker and cheaper transfer of assets between different blockchain
ecosystems. The bridge will also enable people to stake their
tokens and earn APY like they would in traditional farming. The APY
is expected to be particularly high for stablecoins.
Its governance token $UMBR is available
on Uniswap as well as Umbria's DEX. Other
facilities will continue to come online which will utilise
the Umbria protocol and its governance token.
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.
Francesca De Franco
francescad@advfnplc.com +44 794 125 3135
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SOURCE Online Blockchain plc