TIDMOBC
Online Blockchain PLC
04 August 2022
News Release
August 4(th) , 2022
Umbria Network joins Arbitrum and Fantom ecosystems and adds
Optimism bridge
- expanding Web3 presence with development and collaborations
-
Online Blockchain plc, administrator, co-ordinator and adviser
to Umbria Network - https://umbria.network/ -, today announces the
latest milestones for the platform's cross-chain asset bridge .
Umbria's Narni bridge, which facilitates the cheap and fast
transfer of crypto assets between different blockchains, has added
Optimism to its portfolio of bridges:
https://bridge.umbria.network/bridge/ethereum-optimism/eth
Optimism, a Layer 2 Ethereum scaling solution that uses Optimistic
rollups, has seen significant uptake within the DeFi space and
currently has $1.20 billion Total Value Locked (TVL) [1] . Using
the Narni bridge, users can now onboard to this popular network
cheaply and quickly. In testing, Narni produced the following
results in comparison to the official Optimism bridge.
Optimism bridge - cost: $0.52 speed: 5 minutes
Umbria Narni Bridge - cost: $0.32 speed: 2.5 minutes
The Narni multichain bridge now enables bi-directional transfer
of tokens between the Ethereum and Polygon, Avalanche, Fantom,
Binance Smart Chain (BNB) , Arbitrum and Optimism networks.
Another major boon for the project is its addition to both the
Arbitrum and Fantom ecosystems. These two protocols are colossi
within the space and boast significant TVL. Umbria's listing on the
Arbitrum One Portal can be viewed by clicking ' bridges ' here :
https://portal.arbitrum.one/ On the Fantom Foundation website, the
listing can be viewed by clicking 'cross-chain bridges' on the
https://fantom.foundation/ homepage. Umbria recently announced that
it had been admitted to the Polygon Ecosystem DAO's accelerator
program 'Polygon Village . ' This is an initiative designed to
assist developers in growing their projects. More details can be
viewed here .
T he Umbria development team ha s also just completed the buil d
of a new infrastructure , which makes the Narni bridges's oracle
system more modular. The oracle system negates the unnecessary
on-chain operations that can be handled off-chain to dramatically
speed up cross-chain transactions. The update has generalised the
underlying core systems of the oracle so the code that each
blockchain oracle requires can be more easily abstracted thereby
reducing complexity and increasing efficiency for adding further
blockchains to the platform in the future.
"We've already been experiencing great traction with the Narni
bridge ; the addition to the portals of such significant scaling
solutions will further amplify our exposure in the DeFi, GameFi and
NFT arena , " said Clem Chambers, CEO of Online Blockchain plc . "
Umbria will be adding many more chains going forward as per the
roadmap. Through reducing the complexity and cost of bridging, the
project is looking forward to helping new audiences discover the
opportunities that exist on alternative networks. "
- 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 Network
Cheapest, fastest cross-chain bridge
https://umbria.network/
https://bridge.umbria.network/
https://bridge.umbria.network/staking-pool/
Operating within the DeFi and NFT space, Umbria Network enables
anyone to migrate cryptocurrency assets across chain cheaply and
quickly.
Umbria's Narni cross-chain liquidity bridge solves blockchain
interoperability issues by removing the difficulty and expense of
moving assets between blockchains and is the fastest and cheapest
cross-chain bridge between Ethereum mainnet and Polygon, Binance
Smart Chan, Avalanche, Fantom and Arbitrum. Narni eliminates the
barriers to entry for engaging with DeFi applications and NFTs
making them much more accessible to a wider audience.
Additionally, bridge liquidity providers earn fees on their
crypto assets with no impermanent loss.
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 interest 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
[1] https://l2beat.com/ - As of August 1(st) 2022
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END
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August 04, 2022 02:30 ET (06:30 GMT)
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