LONDON, Aug. 16, 2021 /PRNewswire/ -- Umbria Network is
pleased to announce that its highly anticipated Narni 'Insta'
Bridge is in Beta and available to the public.
Users of the bridge - bridge.umbria.network - can now
transfer $UMBR (Umbria's governance token) between the
Ethereum Mainnet and Matic Mainnet quickly, easily and cheaply.
Imminently the bridge's functionality will extend to see it
compatible with a universe of other assets and integrating with a
host of different blockchains.
In addition to asset transfers between networks, users can now
'pool and earn' - that is provide liquidity to the bridge - to
receive fees (bridge.umbria.network/pool). Whenever someone
bridges assets between two cryptocurrency networks using the Umbria
Narni Bridge, the liquidity providers receive a share of a 0.2%
fee. Liquidity providers can provide a single asset to the bridge
and earn interest in the native asset they supplied. This facility
is currently available for UMBR on both the Ethereum and Polygon
networks and will quickly be extended to other assets. Stablecoin
farmers should find this function particularly profitable.
Stablecoins are likely to be the assets most frequently bridged due
to their common use in arbitrage and trading and are therefore
expected to accrue higher fee generation for the liquidity
providers. Unlike in traditional liquidity provision and farming,
stablecoins offer a high yield.
Umbria has also launched its
Connect Portal, which enables anyone to very quickly
and easily connect their Metamask wallet to any EVM compatible
chain. By using the connect portal, users can configure their
wallet to interact with their assets on the desired network at
the click of a button instead of having to manually configure
RPC connections.
"We're delighted to bring a game-changing product to the DeFi
community and are looking forward to developing Narni into a main
hub for cross-chain transactions," said Barney Chambers, Co-lead developer of
Umbria. "We believe Narni will be
a gateway for introducing a large audience to the Umbria ecosystem."
For more information about the bridge see previous news
announcements (below) and the Umbria documentation page:
bridge.umbria.network/docs
Online Blockchain plc: Umbria Network's Narni Blockchain
Bridge in Testing Mode
Online Blockchain plc: Umbria DeFi protocol releases
exceptional results for cross-chain transfer of USDT
For any feedback or questions 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
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 - facilitates easier,
quicker and cheaper transfer of assets between different blockchain
ecosystems. The bridge also enables people to stake their
tokens and earn APY like they would in traditional farming. The APY
is expected to be particularly attractive
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.
Photo -
https://mma.prnewswire.com/media/1594221/Online_Blockchain_Narni_Bridge.jpg
Contact:
Francesca De Franco,
francescad@advfnplc.com
+44 (0)7941253135
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SOURCE Online Blockchain plc