TIDMOBC
Online Blockchain PLC
03 May 2022
News Release
May 3rd, 2022
Umbria Network's Cross-chain Narni Bridge Surpasses 100,000
Transactions
- revolutionising the DeFi and NFT space with fastest, cheapest
multichain bridging -
Online Blockchain plc, administrator, co-ordinator and adviser
to Umbria Network, is pleased to report on the excellent progress
of the platform's cross-chain asset bridge 'Narni.'
Since its beta launch on August 16th, 2021, Narni has quickly
expanded its scope from an Ethereum to Polygon bidirectional bridge
- supporting the transfer of $ETH, $USDC, $USDT, $MATIC, $WBTC,
$GHST and Umbria's native token $UMBR - to a multichain bridge,
which also includes the Avalanche, Fantom, Binance Smart Chain
(BNB) and Arbitrum networks. Transaction volume has consistently
risen on Narni with average transactions per day now totalling 600,
and transaction values ranging anywhere between $3 and $50,000.
By using a novel liquidity-provision protocol, Narni enables
users to transfer crypto funds between chains at fractional cost
compared with traditional validator-driven bridges (approximately a
90% discount to other solutions). This has led to its adoption by
many NFT and DeFi platforms that have deployed their decentralised
applications (dApps) on Layer 2 networks and other Ethereum scaling
solutions and who wish to onboard communities quickly and easily.
It has also resulted in Umbria partnering with over 50 projects in
the space.
In addition to benefitting from incredibly fast and cheap
transactions, users of Narni can put their crypto assets to work by
staking them to the bridge to earn fees that produce a high ROCE on
their crypto. With Narni's 'pool and earn' feature, liquidity
providers receive fees when other participants bridge that specific
asset between networks. There's further incentive for those staking
$UMBR ; these liquidity providers earn their share of a 0.3% fee
whenever anyone transfers any asset supported by the bridge
cross-chain. The rewards earned are paid in the assets used to
bridge between networks. For example, if someone bridges ETH, fees
are paid in ETH not some secondary token and are added to the
staker's balance on their respective network to compound their
fees. There is no impermanent loss when staking on Narni as only
one asset is provided as liquidity. There are now almost 2000
unique liquidity providers who have collectively earned over
$500,000 in fees (on Ether pairs) since Narni launched.
Coinciding with the bridge going live, Umbria launched its
Connect Portal . This enables anyone to connect their Metamask
wallet very quickly and easily to any EVM compatible chain. With
the Connect Portal, users can configure their wallet to interact
with their assets on the desired network at the click of a button
instead of having to manually configure RPC connections.
"With a nominal marketing budget, transaction volume on the
Narni bridge has accelerated considerably. The product is gaining a
growing following of loyal fans across the spectrum ranging from
those bridging small amounts to interact with Play-to-Earn games
and mint NFTs to crypto whales who are shifting large sums to take
advantage of arbitrage and investment opportunities on DeFi
platforms," said Clem Chambers, CEO of Online Blockchain. "Narni,
in delivering the cheapest and fastest bridging, helps solve the
liquidity fragmentation issues that have been blighting alternative
networks. We have a compelling roadmap and look forward to adding
to Umbria's suite of products and services."
To view the Whitepaper, please go to:
https://umbria.network/assets/Umbria_Network_Whitepaper.pdf
- 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
https://umbria.network/
https://bridge.umbria.network/
Operating within the DeFi and NFT space, Umbria Network enables
anyone to migrate cryptocurrency assets across chain cheaply and
quickly and earn high ROCE on those assets with no impermanent
loss.
Umbria 's flagship Narni cross-chain bridge is solving current
blockchain interoperability issues. Narni removes the difficulty
and expense of moving assets between blockchains and is the fastest
and cheapest cross-chain liquidity bridge between the Ethereum and
Polygon networks. Narni eliminates the barriers to entry for
engaging with DeFi applications and NFTs making them much more
accessible to a wider audience.
The Umbria ecosystem, built on Polygon, has three major
protocols:
1. A Cross-chain Asset Bridge : enables the fast and cheap
transfer of assets between otherwise incompatible blockchains and
cryptocurrency networks.
2. A Staking Pool : users can earn fees on their crypto assets
by providing liquidity to the Narni bridge
3. A Decentralised Exchange (DEX) : an automated liquidity
protocol powered by a constant product formula, deployed using
smart contracts and governed entirely on-chain. Provides fast and
cheap token swapping
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.
For media enquiries, contact Francesca De Franco -
francesca@onlineblockchain.io
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END
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