Online Blockchain plc: Umbria's Cross-Chain Narni Bridge is Now Live
August 16 2021 - 2:00AM
ADVFN Crypto NewsWire
Online Blockchain plc: Umbria's Cross-Chain Narni Bridge is Now
Live
-
DeFi
protocol's bridge enables
quick,
easy
and cheap
transfer of assets between different blockchains
-
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
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
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