Online Blockchain plc: Cheap, Fast and Easy Bridging of Aavegotchi's GHST Token on Umbria Network
October 11 2021 - 4:19AM
ADVFN Crypto NewsWire
Online Blockchain plc: Cheap, Fast
and Easy Bridging of Aavegotchi's GHST Token on Umbria
Network
- Liquidity providers can earn APY
on $GHST with the Narni Bridge -
Umbria
Network's Narni Bridge now supports the cross-chain migration of
Aavegotchi's GHST token between the Ethereum and Polygon
networks.
GHST tokens are
used to buy DeFi-powered 'Gotchi' avatars – playable NFTs – and
other goods in the popular Aavegotchi game, which is integrated
into the AAVE DeFi platform. With the Narni Bridge, GHST can be
transferred for less than half the price and 10 times faster than
is possible with the current bridging solution used for
Aavegotchi.
Another key
benefit for GHST holders is they can earn APY by lending their
asset to the Narni Bridge in a system called pooling -
https://bridge.umbria.network/pool.
In return for 'staking' in the pool, liquidity providers earn a
0.2% fee whenever other users bridge the GHST token between
networks. The pool pays the GHST token to liquidity providers (with
no impermanent loss) in a scenario similar to a traditional farm.
Their rewards are auto-harvested every five minutes and there is no
lock-up period meaning tokens can be un-staked at any time. The APY
for current GHST liquidity providers has been up to
255%.
Find out more
here: Umbria
Narni Bridge x Aavegotchi: First Look
There are extra earnings on offer for those who have
staked UMBR (Umbria's
native governance token) in the bridge. These liquidity
providers receive their share of 0.3%
of all fees generated across all assets
on the bridge – including GHST - for the network to which they
provided the UMBR liquidity. This affords the opportunity to
generate passive income on all tokens available on Narni. These
rewards are added to the staking balance of each token on the
respective network.
"The intersection of DeFi,
gaming and NFTs is an exciting and growing area. It creates yet
more demand and opportunity for the Narni Bridge and the ultra-fast
and cheap bridging it provides," said Oscar Chambers, co-lead
developer at Umbria Network. "We've already seen major adoption
from NFT communities such as Zed Run and we're now delighted to be
working with Aavegotchi to deliver a superior user experience to
their community."
"The timing of
this couldn't be better. Umbria's solution represents a huge
improvement for bridging GHST at a time when we are focusing a lot
of energy on also making our Aavegotchi NFTs multichain," says
Aavegotchi summoner Jesse Johnson.
-
Ends
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About
Umbria
https://umbria.network/
Umbria is a
Decentralised Finance protocol, which is demystifying and
simplifying DeFi and getting more people earning greater income on
their crypto.
The Umbria ecosystem has two major components:
A Decentralised Exchange (DEX) -
an automated liquidity protocol powered by a constant product
formula, deployed using smart contracts and governed entirely
on-chain.
The DEX
facilitates token swaps and powers an UMBR farm, which pays
liquidity providers to the DEX in UMBR (Umbria's native governance
token).
A Cross-chain Asset Bridge –
Umbria's Narni bridge enables the seamless transfer of assets
between otherwise incompatible blockchains and cryptocurrency
networks. Bridging is incredibly quick and incurs extremely low
fees in comparison to validator-driven bridges.
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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