Online Blockchain plc: Umbria announces alpha version of its Layer 2 DEX
May 11 2021 - 3:48AM
InvestorsHub NewsWire
Umbria
announces
alpha version of its Layer
2 DEX
-
Decentralised
Exchange launches
on
Polygon chain -
The first
phase of Umbria Network's
DEX development has been
completed.
The
DeFi
protocol's trading
platform is fully functional with asset swaps
and
liquidity
provision both
successfully
tested.
Umbria
-
https://umbria.network/ -, which was
recently
mapped on Polygon (formerly
Matic), will enable
its users
to
benefit from fast,
fractional
cost
transactions when
using its developing suite of
features. On testing, the
transaction fees for swapping ERC20 tokens were
less than
$0.001. The
Layer
2 DEX
is a
modified version of SushiSwap
with
extra governance features.
The
Umbria token list, which
includes the ERC20 assets that
users will be able to swap and provide liquidity for
on Umbria
DEX, can be viewed
here.
The development team
is currently building out the user interface with
asset swapping
on the
Umbria
DEX and official
liquidity pools (that will
provide bonus
UMBR
for
liquidity providers) scheduled
for
Q3
of
2021, which is in line
with its
roadmap.
The
next farm
-
https://farm.umbria.network/
-
on
the
Umbria
platform
will
be on
Polygon chain and will
be
for the
UMBR-MATIC
liquidity
pair.
It will work in a
similar way to Umbria's
existing
Ethereum
farm but
fees to
enter and exit will be much
lower.
The team will continue creating
farms
with the most
favourable APY
possible.
"We're
very pleased with the liquidity we're seeing for UMBR-ETH
and we
will enable people to easily
migrate
this liquidity directly from Uniswap
onto the
Umbria DEX,"
said
Oscar Chambers, Co-lead developer of
Umbria. "There are many developments and features in the
pipeline, which will get our community excited. Fast,
low-cost
transactions and attractive APY
are key for the
project."
-
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
Head over
to the Umbria
Discord channel,
Telegram,
Instagram,
Twitter,
Facebook or
LinkedIn to find out more about the project. Become part of the
journey.
About Umbria
https://umbria.network/
Umbria is a decentralized
protocol, which enables DeFi (Decentralised Finance) applications
on the Ethereum blockchain. It aims to demystify
and simplify DeFi and get people
earning income on their crypto. Using cutting edge-layer two
technology developed by Polygon, Umbria is developing a suite of
popular DeFi features at fractional on-chain cost of many current
DeFi platforms with greater transaction
speed (while maintaining all the
cryptographic security provided by Ethereum).
Umbria is available
on
Uniswap and users can add liquidity to earn
fees. The
first Umbria Farm went live on March 26th,
2021. A
user of Umbria will soon be able to swap tokens and earn interest
on their cryptocurrency positions on the Umbria website with other
facilities coming online (via developers and community initiatives)
which will utilise the Umbria protocol and its governance
token. One of the
initial features of Umbria is that it will allow users to deposit
cryptocurrency as liquidity in AMM (automated market making) pools
to earn fees from token swapping and earn additional Umbria as an
incentive for providing liquidity. The Umbria governance token will
also enable users in the network to take
control over decision-making and have voting power over the
development and governance
of Umbria's
protocol.
UK-publicly listed
Online
Blockchain plc (LSE:OBC) is acting as
Umbria's coordinator, administrator and advisor.
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