Online Blockchain plc: MATIC and ETH Added to Umbria Network's Narni Cross-chain Bridge

Rhea-AI Summary

Umbria has expanded its Narni cross-chain liquidity bridge to include ETH and MATIC, alongside USDT and UMBR. Users can transfer ETH from the Ethereum network to Polygon for as low as $2.56 in gas fees, attracting many DeFi participants, particularly the Zed Run community. The bridge's 'Pool and Earn' function allows liquidity providers to earn up to 70% APY on staked assets without impermanent loss. The bridge's growing Total Value Locked (TVL) indicates increasing adoption and liquidity, with more chains and assets expected to be added soon.

Positive

• Expansion of Narni Bridge to support ETH and MATIC enhances cross-chain liquidity.
• Low gas fees for transfers, starting at $2.56, increase user adoption.
• Liquidity providers can earn up to 70% APY with no impermanent loss.

Negative

• None.

LONDON, Sept. 20, 2021 /PRNewswire/ -- Umbria's ultra-low-cost liquidity bridge now supports ETH and MATIC in addition to USDT and UMBR.

Using Narni - https://bridge.umbria.network - the native tokens for the Ethereum and Polygon networks can be transferred exceptionally quickly and cheaply cross-chain. ETH, which was launched first, can be bridged from the Ethereum to Polygon Network for as little as $2.56 in gas, which is significantly less than other bridges. This has caused the Narni Bridge to be adopted rapidly by many DeFi participants and has especially caught the attention of the Zed Run community, who had previously been hampered by prohibitively expensive gas fees. 

Another considerable advantage of the Narni Bridge is the APY it pays liquidity providers. Its "Pool and Earn" function (https://bridge.umbria.network/pool/) enables users to lend their MATIC and ETH (and other assets) to the bridge and earn APY when other participants bridge that specific token between networks. Anyone currently providing ETH to the Polygon pool has received up to an astounding 70% APY with no impermanent loss. 

Further information can be found here: bridge.umbria.network/docs.

"We're seeing great momentum now with the Narni bridge and a very pleasing increase in Total Value Locked (TVL). Lots of people are bridging, which in turn attracts more liquidity providers who are enticed by the interest they can earn on the asset they supply," said Oscar Chambers, Co-lead developer of Umbria. "More chains and assets are coming online imminently; we'd love to hear from the DeFi community about what they'd like to see next on the Narni Bridge."

Go to the Discord and Twitter channels for the very latest product development news.  

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.

Photo - https://mma.prnewswire.com/media/1628734/Online_Blockchain_plc.jpg

Contact:
Francesca De Franco 
francescad@advfnplc.com 
+44 (0)7941 253135

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SOURCE Online Blockchain plc

FAQ

What new cryptocurrencies were added to Umbria's Narni Bridge?

Umbria's Narni Bridge now supports ETH and MATIC in addition to USDT and UMBR.

How much can liquidity providers earn on the Narni Bridge?

Liquidity providers can earn up to 70% APY on their staked assets.

What is the cost to transfer ETH using the Narni Bridge?

Transferring ETH from Ethereum to Polygon costs as little as $2.56 in gas fees.

What community has shown interest in the Narni Bridge?

The Zed Run community, previously affected by high gas fees, has shown significant interest.

What is Total Value Locked (TVL) in the context of the Narni Bridge?

The Total Value Locked (TVL) refers to the total assets staked in the Narni Bridge, indicating its growing adoption.