Online Blockchain PLC Transactions on Umbria Network's Bridge Up 1000%
November 08 2022 - 2:00AM
RNS Non-Regulatory
TIDMOBC
Online Blockchain PLC
08 November 2022
News Release
November 8(th) , 2022
Online Blockchain plc: Transactions on Umbria Network's Narni
Bridge Rise by 1000%
- Highest bridging volume between Ethereum and Polygon
blockchains -
Since September 2021, the number of bridging transactions
recorded on Umbria Network's cross-chain bridge have increased by a
factor of 10.
Narni - a capital-efficient, multi-chain asset bridge (
https://umbria.network ) - enables users to move tokens (bridge)
between Ethereum and numerous other blockchains extremely cheaply
and quickly. Its bi-directional Ethereum/Polygon bridge has seen
the highest number of transactions with over 200,000 completed
between these two networks since February 2022. Ethereum to Binance
Chain bridging has witnessed a recent spike with transactions
increasing 10 times since September 2022, whilst Ethereum to
Arbitrum bridging volume has tripled in the same period.
The Narni bridge's highest volume day occurred on March 15(th) ,
2022, when over 2000 bridging transactions were completed. This was
related to numerous NFT mints taking place. Umbria has also seen
good uptake of its bridge widget product . The widget can be
integrated into a project's platform as a simple iframe meaning
anyone can easily bring the functionality and seamless bridging
experience of Narni directly to their community. Additionally,
Umbria 's related referral program offers referrers (those
integrating the widget) a 0.1% fee for every bridge transaction
completed via their widget.
Umbria's development work is now focussed on its Oracle V2. This
is an 'any to any' bridge, which when completed will facilitate
bi-directional asset transfers between any of the networks
supported on the platform. For example, Polygon to Binance Chain,
Fantom to Avalanche or Optimism to Arbitrum.
"By using a novel liquidity-provision protocol, the Narni bridge
enables users to transfer crypto funds between chains at fractional
cost compared with traditional validator-driven bridges. It opens
the door to those wishing to engage in DeFi and GameFi applications
and NFTs who had previously found bridging between blockchains not
economically viable," said Clem Chambers, CEO of Online Blockchain
plc. "Additionally, users of the Narni bridge can put their crypto
assets to work and earn fees with no impermanent loss by providing
liquidity. This has proved a very popular feature for those looking
for real yield."
To view the Whitepaper, please go to:
https://umbria.network/assets/Umbria_Network_Whitepaper.pdf
- Ends -
About Umbria Network
https://umbria.network/
https://bridge.umbria.network/
Umbria Network enables anyone to migrate cryptocurrency assets
across chain cheaply and quickly and earn fees on those assets with
no impermanent loss.
Umbria 's 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, Avalanche, BNB, Optimism, Fantom and Arbitrum 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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