Online Blockchain plc: Cheap, Fast and Easy Bridging of Aavegotchi's GHST Token on Umbria Network
Liquidity providers can earn APY on $GHST with the Narni Bridge
LONDON, Oct. 11, 2021 /PRNewswire/ -- Umbria Network's Narni Bridge now supports the cross-chain migration of Aavegotchi's GHST token between the Ethereum and Polygon networks.
GHST tokens are used to buy DeFi-powered 'Gotchi' avatars – playable NFTs – and other goods in the popular Aavegotchi game, which is integrated into the AAVE DeFi platform. With the Narni Bridge, GHST can be transferred for less than half the price and 10 times faster than is possible with the current bridging solution used for Aavegotchi.
Another key benefit for GHST holders is they can earn APY by lending their asset to the Narni Bridge in a system called pooling - https://bridge.umbria.network/pool. In return for 'staking' in the pool, liquidity providers earn a 0.2% fee whenever other users bridge the GHST token between networks. The pool pays the GHST token to liquidity providers (with no impermanent loss) in a scenario similar to a traditional farm. Their rewards are auto-harvested every five minutes and there is no lock-up period meaning tokens can be un-staked at any time. The APY for current GHST liquidity providers has been up to 255%.
Find out more here: Umbria Narni Bridge x Aavegotchi: First Look
There are extra earnings on offer for those who have staked UMBR (Umbria's native governance token) in the bridge. These liquidity providers receive their share of 0.3% of all fees generated across all assets on the bridge – including GHST - for the network to which they provided the UMBR liquidity. This affords the opportunity to generate passive income on all tokens available on Narni. These rewards are added to the staking balance of each token on the respective network.
"The intersection of DeFi, gaming and NFTs is an exciting and growing area. It creates yet more demand and opportunity for the Narni Bridge and the ultra-fast and cheap bridging it provides," said Oscar Chambers, co-lead developer at Umbria Network. "We've already seen major adoption from NFT communities such as Zed Run and we're now delighted to be working with Aavegotchi to deliver a superior user experience to their community."
"The timing of this couldn't be better. Umbria's solution represents a huge improvement for bridging GHST at a time when we are focusing a lot of energy on also making our Aavegotchi NFTs multichain," says Aavegotchi summoner Jesse Johnson.
About Umbria
Umbria is a Decentralised Finance protocol, which is demystifying and simplifying DeFi and getting more people earning greater income on their crypto.
The Umbria ecosystem has two major components:
A Decentralised Exchange (DEX) - an automated liquidity protocol powered by a constant product formula, deployed using smart contracts and governed entirely on-chain.
The DEX facilitates token swaps and powers an UMBR farm, which pays liquidity providers to the DEX in UMBR (Umbria's native governance token).
A Cross-chain Asset Bridge – Umbria's Narni bridge enables the seamless transfer of assets between otherwise incompatible blockchains and cryptocurrency networks. Bridging is incredibly quick and incurs extremely low fees in comparison to validator-driven bridges.
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.
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Media contact:
Francesca De Franco
+44(0) 794 125 3135
[email protected]
SOURCE Online Blockchain plc
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