Online Blockchain plc: Umbria's Cross-Chain Narni Bridge is Now Live

Rhea-AI Summary

On August 16, 2021, Umbria Network announced the launch of its Narni 'Insta' Bridge, now in Beta. This bridge allows users to transfer $UMBR tokens between Ethereum and Matic Mainnet efficiently and at low cost. Additionally, liquidity providers can earn fees by supplying assets to the bridge, with a share of a 0.2% fee for each transaction. Umbria also introduced a Connect Portal to simplify wallet configurations across EVM-compatible chains. The project aims to enhance cross-chain transactions and engage a broader audience within the DeFi ecosystem.

Positive

• Launch of Narni 'Insta' Bridge in Beta, facilitating low-cost and efficient token transfers.
• Liquidity providers can earn fees from transactions, particularly with stablecoins.
• Introduction of Connect Portal for simplified wallet access to various blockchains.

Negative

• None.

LONDON, Aug. 16, 2021 /PRNewswire/ -- Umbria Network is pleased to announce that its highly anticipated Narni 'Insta' Bridge is in Beta and available to the public.

Users of the bridge - bridge.umbria.network - can now transfer $UMBR (Umbria's governance token) between the Ethereum Mainnet and Matic Mainnet quickly, easily and cheaply. Imminently the bridge's functionality will extend to see it compatible with a universe of other assets and integrating with a host of different blockchains. 

In addition to asset transfers between networks, users can now 'pool and earn' - that is provide liquidity to the bridge - to receive fees (bridge.umbria.network/pool). Whenever someone bridges assets between two cryptocurrency networks using the Umbria Narni Bridge, the liquidity providers receive a share of a 0.2% fee. Liquidity providers can provide a single asset to the bridge and earn interest in the native asset they supplied. This facility is currently available for UMBR on both the Ethereum and Polygon networks and will quickly be extended to other assets. Stablecoin farmers should find this function particularly profitable. Stablecoins are likely to be the assets most frequently bridged due to their common use in arbitrage and trading and are therefore expected to accrue higher fee generation for the liquidity providers. Unlike in traditional liquidity provision and farming, stablecoins offer a high yield.

Umbria has also launched its Connect Portal, which enables anyone to very quickly and easily connect their Metamask wallet to any EVM compatible chain. By using 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. 

"We're delighted to bring a game-changing product to the DeFi community and are looking forward to developing Narni into a main hub for cross-chain transactions," said Barney Chambers, Co-lead developer of Umbria. "We believe Narni will be a gateway for introducing a large audience to the Umbria ecosystem."

For more information about the bridge see previous news announcements (below) and the Umbria documentation page: bridge.umbria.network/docs

Online Blockchain plc: Umbria Network's Narni Blockchain Bridge in Testing Mode

Online Blockchain plc: Umbria DeFi protocol releases exceptional results for cross-chain transfer of USDT

For any feedback or questions about the Narni Bridge please head to our Discord channel.

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/1594221/Online_Blockchain_Narni_Bridge.jpg

Contact:
Francesca De Franco,
francescad@advfnplc.com
+44 (0)7941253135

 

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SOURCE Online Blockchain plc