LONDON, May 20, 2021 /PRNewswire/ -- Umbria's Layer 2 DEX is going live on Friday,
21st of May and will enable fast, low-cost swaps and liquidity
providing.
Users of the DeFi protocol will be able to deposit Umbria's token UMBR alongside MATIC
in liquidity pools on the Umbria DEX. In return for providing
liquidity, they'll receive LP tokens and earn additional UMBR and
MATIC. Participants will benefit from the fast, inexpensive
transactions provided by the Polygon Layer 2 (formerly Matic).
The https://matic.umbria.exchange/ URL will be active on launch
day.
UMBR-MATIC will be one of the initial liquidity pairs on the DEX
with others quickly following. Anyone will be able to create
trading pairs for swapping and liquidity providing in the pools. If
an asset isn't shown on the Umbria DEX, users can list any ERC20
token that's on Ethereum and the Polygon mapper, and any ERC20
contract deployed on the Polygon chain by providing
liquidity. This will enable instant asset swaps.
Holders of UMBR-MATIC LP tokens can add these to the new Farm,
which is also on Polygon chain and going live on May 21st, to earn more $UMBR. This is a
portion of the one token minted per minute, according to the amount
staked. The team is hopeful that this will be one of the highest
APY farms on Polygon.
The latest farm will work in a similar way to Umbria's existing UMBR-ETH farm – which
is still available and launched with an APY in excess of 1000% -
but fees to enter and exit will be much lower. Farming will soon be
extended to other unique and interesting liquidity pairs not
featured on other DEXs.
From May 21st, anyone can easily
configure their MetaMask wallet and connect to the MATIC Mainnet -
in order to access the Umbria Layer 2 Farm and Exchange - from
here: https://umbria.network/connect/
"This has been a concentrated development period and we're
delighted to be rolling out the initial features of our Layer 2 DEX
and our first Farm on Polygon ahead of schedule," said Barney Chambers, Co-Lead Developer at
Umbria. "The feedback from our
community has been amazing and we'd like to thank them and Online
Blockchain plc in its advisory capacity for their continued support
and input for the Umbria
project."
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
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 cutting edge-layer two
technology developed by Polygon (formerly Matic), 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 where users can add liquidity to earn
fees. They can stake their Uniswap LP tokens in the Umbria Farm,
which is currently paying 196% APY (as of May 12th, 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.
Umbria Network's Layer 2 DEX is in alpha and fully functional.
Users will soon be able to deposit cryptocurrency as liquidity in
liquidity pools to earn fees from token swapping and earn
additional Umbria as an incentive
for providing liquidity to certain pairs.
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.
Contact:
Francesca De Franco,
francescad@advfnplc.com
+44 794 125 3135
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SOURCE Online Blockchain plc