Online Blockchain plc: Umbria Network's Narni Blockchain Bridge in Testing Mode
June 15 2021 - 4:48AM
InvestorsHub NewsWire
Online
Blockchain plc: Umbria Network's Narni Blockchain Bridge in Testing
Mode
-
easier,
quicker and cheaper transfer of assets between
different
blockchain ecosystems -
DeFi
protocol Umbria Network -
https://umbria.network/
-
has
initiated development of a first-of-its-kind blockchain
bridge.
Umbria's
'Narni' bridge will facilitate quick, frictionless and
cost-effective cross-chain transactions thereby removing the
barriers associated with many other bridges. Initially enabling the
transfer of UMBR (Umbria's governance token) between the Ethereum
Mainnet and Matic Mainnet, the second stage of Narni's development
will see it compatible with other assets, and integrating with
other blockchains such as Binance Smart Chain and subsequently any
EVM (Ethereum Virtual Machine) compatible chain.
The
Umbria development team is focused on creating a supreme user
experience and promoting blockchain interoperability and
compatibility.
Currently anyone
moving assets from Ethereum to the Polygon network
(previously
Matic) can experience slow
transaction speeds,
high
fees and the confusing technical challenge of configuring their
cryptocurrency wallet to work with multiple chains. By using a
different transfer mechanism to comparable bridges, the Narni
'insta-bridge' will ensure users can quickly and economically
migrate assets from one network to another in just a few clicks.
The Narni insta-bridge will
also
automatically
suggest the correct configuration for Metamask to track assets on
the pertinent networks.
Narni
will make the superior features afforded by the
Umbria DEX
and
Umbria farms much easier to
access and will open up the platform to a wider audience. Another
key feature will be the ability
to
provide liquidity to the bridge to earn high APY. On
launch,
this
facility will be available for UMBR on both the Ethereum and
Polygon networks and will be quickly extended to other
assets.
Liquidity
provision on the Narni bridge will be
a
compelling proposition for stablecoin farmers, who usually generate
low APY when pooling. The developers of Narni expect the majority
of bridged assets to be stablecoins such as USDT and USDC -
subsequently earning a large volume of fees for the liquidity
providers. These fees will potentially generate
far greater APYs than those offered in traditional DeFi
farming
as
liquidity is used
more efficiently than in traditional AMM pools.
Umbria's
Narni bridge, which is named after the famous Bridge of Augustus, a
Roman arch bridge in the Italian city of Narni in the Umbria
region, is due to launch in a few weeks time for transfers between
Polygon-ETH chains.
"The
release of Narni will be a watershed moment in providing our
community with an improved user experience across our DeFi products
and services. Narni will be a hub for transferring between chains
and solve the current issue of lack of blockchain interoperability
and scalability,"
commented Barney
Chambers, co-lead and co-founder of Umbria Network.
"We are
moving towards being blockchain agnostic; ultimately
Umbria's bridge
will realise full frictionless interoperability between a universe
of chains."
The Umbria team
will be hosting an Ask Me Anything event on its Discord server to
answer any questions from the community. The date and time will be
announced soon via Umbria's social media channels (Discord,
Telegram,
Instagram,
Twitter,
Facebook. Anyone interested
in participating can also send an email to hello@umbria.network and
will be notified once the
time
has been finalised.
-----
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 decentralized
protocol that is creating low-cost and easy-to-use DeFi
applications by leveraging Layer 2 technology on
Ethereum.
It aims to demystify and
simplify DeFi and get people accessing innovative financial
services and products as well as earning income on their crypto.
Using Polygon's (formerly Matic) Ethereum scaling solution, 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 forking the best
features of current DeFi projects and simplifying the
over-complicated user-experience, which currently acts as a barrier
to entry for those with limited experience and knowledge of
cutting-edge cryptocurrency technologies.
The Umbria governance token is
available on Uniswap
as well as Umbria's
DEX (Decentralised Exchange). Users can deposit cryptocurrency as
liquidity in liquidity pools on the Umbria DEX and earn fees from
token swapping and earn additional Umbria as an incentive for
providing liquidity to certain pairs. UMBR-MATIC LP tokens can be
staked in the UMBR-MATIC farm, which is currently paying 248% APY
(as of June 7th, 2021).
The Umbria 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.
Other facilities will continue
to come online (via developers and community initiatives) 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.
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