Umbria DeFi protocol releases exceptional results for cross-chain transfer of USDT
July 21 2021 - 05:00AM
InvestorsHub NewsWire
Umbria
DeFi
protocol
releases
exceptional results
for cross-chain
transfer of USDT
-
high
speed and low cost for
moving crypto assets between networks -
The
testing
of
Umbria Network's cross-chain Narni bridge is in its final
stages.
Narni will enable users to
move
ERC-20 tokens
securely from one
blockchain
network
to another
cheaply,
quickly
and easily.
In testing, moving
USDT from
the
Ethereum
network
to
the
Polygon network
(formerly Matic)
took an average of
47 seconds
and cost just
$2.80;
Polygon
to Ethereum
took an average of two
minutes 12 seconds
and cost
$5.62.
This is significantly faster
and cheaper than
the Polygon web wallet bridge,
which
can cost upwards of $200
and take several hours for a transaction to complete.
Umbria
-
https://umbria.network/ -
has
identified that no
current bridging system facilitates
the
movement of large amounts
of crypto
assets
from one blockchain to another
in
a cost-effective,
fast
and
easy-to-understand
way.
Narni
Bridge is being developed to make the whole ecosystem
more efficient and remove
the barriers
that
users presently
experience.
It will
allow participants to capitalise on arbitrage opportunities
effortlessly and at fractional cost.
Narni
will
empower
users
to rapidly
migrate
liquidity in high orders of
magnitude from any
decentralised
exchange on
any
EVM compatible blockchain into
Umbria's
DEX. This will alleviate
the friction
point other
exchanges currently
experience
due to
being confined to
a
single network.
As well as enabling
the transfer
of
assets between chains, the Narni bridge will reward
participants for providing liquidity in a new type of
farming, which is
unlike
that of
a traditional
AMM style of exchange,
traditional farms
or
vaults. Those
staking single assets
(as
opposed to pairs) on the bridge will earn APY, the
highest rate of
which
is
expected
for
stablecoin farmers.
The
auto-harvesting
feature of Narni
will
also save users money and is part
of Umbria's
drive
to make the experience
as fruitful as possible for liquidity
providers.
"Umbria
will have a bridge, which allows people to potentially
transfer
all
their assets very easily from any DEX -
such
as Uniswap
or
SushiSwap
-
on any
EVM compatible blockchain into the Umbria
protocol. This will
give
Umbria a massive advantage over many of its DeFi
competitors," said Oscar
Chambers, Co-lead developer
of Umbria. "Umbria
is going to be like the mothership with
lots of
people passing through its ecosystem as
they move from one corner of
the DeFi
space
to the other."
-
Ends
–
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 - will facilitate easier, quicker and
cheaper transfer of assets between different blockchain ecosystems.
The bridge will also enable people to stake their tokens and earn
APY like they would in traditional farming. The APY is expected to
be particularly high 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.
Online Blockchain (LSE:OBC)
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From Feb 2023 to Mar 2023
Online Blockchain (LSE:OBC)
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