Online Blockchain plc: Umbria Network Launches DEX and Farming on Polygon Chain
Umbria's Layer 2 DEX is set to launch on May 21, 2021, enabling rapid, low-cost swaps and liquidity provision. Users can deposit UMBR tokens and MATIC in liquidity pools to earn LP tokens and additional rewards. The platform utilizes the Polygon Layer 2 network for fast transactions. Initial trading pairs include UMBR-MATIC, with a focus on low fees and high APY farming opportunities. The DEX and first Farm will enhance user engagement while simplifying DeFi access through improved usability.
- Launch of Layer 2 DEX on May 21, 2021, enabling fast and low-cost transactions.
- Users can earn additional UMBR and MATIC by providing liquidity.
- Initial APY of over 196% for liquidity farmers, indicating high earning potential.
- Utilization of Polygon Layer 2 technology enhances transaction speed and reduces costs.
- None.
LONDON, May 20, 2021 /PRNewswire/ -- Umbria's Layer 2 DEX is going live on Friday, 21st of May and will enable fast, low-cost swaps and liquidity providing.
Users of the DeFi protocol will be able to deposit Umbria's token UMBR alongside MATIC in liquidity pools on the Umbria DEX. In return for providing liquidity, they'll receive LP tokens and earn additional UMBR and MATIC. Participants will benefit from the fast, inexpensive transactions provided by the Polygon Layer 2 (formerly Matic).
The https://matic.umbria.exchange/ URL will be active on launch day.
UMBR-MATIC will be one of the initial liquidity pairs on the DEX with others quickly following. Anyone will be able to create trading pairs for swapping and liquidity providing in the pools. If an asset isn't shown on the Umbria DEX, users can list any ERC20 token that's on Ethereum and the Polygon mapper, and any ERC20 contract deployed on the Polygon chain by providing liquidity. This will enable instant asset swaps.
Holders of UMBR-MATIC LP tokens can add these to the new Farm, which is also on Polygon chain and going live on May 21st, to earn more $UMBR. This is a portion of the one token minted per minute, according to the amount staked. The team is hopeful that this will be one of the highest APY farms on Polygon.
The latest farm will work in a similar way to Umbria's existing UMBR-ETH farm – which is still available and launched with an APY in excess of
From May 21st, anyone can easily configure their MetaMask wallet and connect to the MATIC Mainnet - in order to access the Umbria Layer 2 Farm and Exchange - from here: https://umbria.network/connect/
"This has been a concentrated development period and we're delighted to be rolling out the initial features of our Layer 2 DEX and our first Farm on Polygon ahead of schedule," said Barney Chambers, Co-Lead Developer at Umbria. "The feedback from our community has been amazing and we'd like to thank them and Online Blockchain plc in its advisory capacity for their continued support and input for the Umbria project."
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
Head over to the Umbria Discord channel, Telegram, Instagram, Twitter, Facebook or LinkedIn to find out more about the project. Become part of the journey.
About Umbria
Umbria is a decentralized protocol that is creating low-cost and easy-to-use DeFi applications by leveraging Layer 2 technology on Ethereum.
It aims to demystify and simplify DeFi and get people accessing innovative financial services and products as well as earning income on their crypto. Using cutting edge-layer two technology developed by Polygon (formerly Matic), Umbria is developing a suite of popular DeFi features at fractional on-chain cost of many current DeFi platforms with greater transaction speed while maintaining all the cryptographic security provided by Ethereum.
Umbria is forking the best features of current DeFi projects and simplifying the over-complicated user-experience, which currently acts as a barrier to entry for those with limited experience and knowledge of cutting-edge cryptocurrency technologies.
The Umbria governance token is available on Uniswap where users can add liquidity to earn fees. They can stake their Uniswap LP tokens in the Umbria Farm, which is currently paying
The Umbria token will also enable users in the network to take control over decision-making and have voting power over the development and governance of Umbria's protocol.
Umbria Network's Layer 2 DEX is in alpha and fully functional. Users will soon be able to deposit cryptocurrency as liquidity in liquidity pools to earn fees from token swapping and earn additional Umbria as an incentive for providing liquidity to certain pairs.
Other facilities will continue to come online (via developers and community initiatives) 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.
Contact:
Francesca De Franco,
francescad@advfnplc.com
+44 794 125 3135
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SOURCE Online Blockchain plc
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