Online Blockchain plc: Cheap, Fast and Easy bridging of USDT now available on Umbria Network
August 31 2021 - 4:30AM
ADVFN Crypto NewsWire
Online Blockchain plc:
Cheap,
Fast
and
Easy
bridging of USDT
now
available
on Umbria Network
-
DeFi
protocol
expands
assets
on its
cross-chain
Narni
bridge
-
USDT can
now be migrated
cross-chain almost instantly and at
minimal cost using
Umbria's Narni
Bridge
-
bridge.umbria.network.
In
addition to bridging
the
stablecoin
quickly
between the Ethereum Mainnet
and
Polygon
network with extremely
low fees, users can
lend their USDT to the bridge in a system called
pooling
and earn
APY (a
return similar
to interest on
deposits).
With
Narni's
'pool and
earn' feature
(https://bridge.umbria.network/pool/),
liquidity
providers receive
fees
when
other
participants bridge
USDT
between
networks.
Stablecoins
are expected
to accrue higher fee generation because of
their popularity and uses.
Using
the Narni
bridge, it
takes an average of 47 seconds at
an average
cost of just $2.80 to transfer USDT from the Ethereum network to
the Polygon network (formerly
Matic).
Transferring
USDT
from Polygon to
Ethereum takes
an average
of two minutes 12 seconds and costs
on
average $5.62. This
is groundbreakingly
quick
and inexpensive
with other methods costing many times more and taking much
longer.
"With
Narni,
it's a lot easier for people to use their
crypto assets
across different networks,
and the
addition of USDT is another
milestone,"
said Oscar
Chambers,
Co-lead
developer of
Umbria. "We're
going to be
rapidly introducing other assets
with
an
initial
focus
on stablecoins.
We are
already seeing the staking
feature of the Narni
Bridge
attracting
yield farmers to provide valuable liquidity to bridge the Matic and
Ethereum communities and
in
return provide
themselves
with a lucrative return on their crypto."
For more
information about the bridge see the Umbria
documentation page:
bridge.umbria.network/docs
and
for feedback,
questions
and the very
latest news about
the Narni
Bridge
please head to our Discord
channel.
- 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 -
facilitates
easier,
quicker and cheaper transfer of assets between different blockchain
ecosystems. The bridge also enables
people
to stake their tokens and earn APY like they would in traditional
farming. The APY is expected to be particularly attractive
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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