Umbria Network Releases Cheapest Fantom Cross-chain Bridge on the Market
28 March 2022 - 11:03PM
(via Blockchain Wire) Umbria ($UMBR) today announces the full
public launch of its Fantom (FTM) bridge – the third cross-chain
bridge to be added to the platform in Q1 of 2022.
Unlike other Fantom bridging solutions, where native Ethereum
first has to be wrapped (WETH) before being transferred, the Narni
liquidity bridge - bridge.umbria.network - makes the process of
moving Ether (ETH) between the Ethereum Mainnet and the Fantom
network quick, cheap and easy. Price comparison testing of Narni
versus the Multichain bridge, which is endorsed on the Fantom
website, provided the following results (with gas price normalised
for fair comparison): 1
Narni Bridge: Fantom to Ethereum - cost:
$6.66
Multichain Bridge: Fantom to Ethereum - cost:
$66.74
Narni Bridge: Ethereum to Fantom – cost:
$6.57
Multichain Bridge – Ethereum to Fantom - cost:
$9.29
Umbria already provides the fastest and cheapest bridging from
the Ethereum network to the Polygon network, Avalanche network
and Binance Smart Chain (and vice versa) with bridges for
more EVM-compatible chains road mapped for 2022. In addition to
transferring assets between these networks, users can provide
liquidity to the bridge as a single asset to earn high
APY with no impermanent loss. Whenever a participant bridges assets
between two cryptocurrency networks using Narni, the liquidity
providers receive a share of a 0.2% fee in the native crypto/token
they supplied - bridge.umbria.network/pool.
“Lots of NFT projects and dApps are electing to build on Fantom
due to its fast, high-throughput smart contracts. However, whilst
the Fantom network solves many of the issues of the Ethereum
network it has been difficult to onboard users due to the high cost
and technical difficulty of bridging until now,” said Oscar
Chambers. “Umbria’s Narni bridge is helping the decentralised
community discover a host of more efficient chains such as Fantom
and access them cheaply, quickly and easily.”
Join Umbria’s Twitter Space on Thursday, 31st March at 5pm UTC
where the team will be talking everything Fantom, AVAX, Polygon and
Binance Smart
Chain: https://twitter.com/i/spaces/1djGXPABzORGZ
Umbria is looking to reach out to projects on Fantom that would
benefit from cheap and fast bridging. Any parties interested in a
partnership should fill out the Partnership Contact Request
form: https://partner.umbria.network/
- Ends –
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/
https://bridge.umbria.network/
Operating within the DeFi and NFT space, Umbria Network enables
anyone to migrate cryptocurrency assets across chain cheaply and
quickly and earn high APYs on those assets with no impermanent
loss.
Umbria’s flagship Narni cross-chain bridge is solving current
blockchain interoperability issues. Narni removes the difficulty
and expense of moving assets between blockchains and is the fastest
and cheapest cross-chain liquidity bridge between the Ethereum and
Polygon networks. Narni eliminates the barriers to entry for
engaging with DeFi applications and NFTs making them much more
accessible to a wider audience.
The Umbria ecosystem, built on Polygon, has three major
protocols:
- A Cross-chain Asset Bridge: enables the fast
and cheap transfer of assets between otherwise incompatible
blockchains and cryptocurrency networks.
- A Staking Pool: users can earn interest on
their crypto assets by providing liquidity to the Narni
bridge
- A Decentralised Exchange (DEX): an automated
liquidity protocol powered by a constant product formula, deployed
using smart contracts and governed entirely on-chain. Provides fast
and cheap token swapping
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.
For media enquiries, contact Francesca De Franco
- francesca@onlineblockchain.io
1 Conducted on March 24th, 2022
Francesca De Franco
PR Consultant
Online Blockchain
07941253135
francesca (at) onlineblockchain.io
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