Online Blockchain plc: MATIC and ETH Added to Umbria Network's Narni Cross-chain Bridge
Liquidity providers currently earning up to 70% APY on ETH with Umbria's bridge
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.
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Contact:
Francesca De Franco
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+44 (0)7941 253135
SOURCE Online Blockchain plc
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