LONDON, June 15, 2021 /PRNewswire/ -- 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.
Francesca De Franco,
francescad@advfnplc.com, +44 794 125 3135
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SOURCE Online Blockchain plc