Online Blockchain plc: Umbria Network Launches DEX and Farming on Polygon Chain
May 20 2021 - 5:00AM
InvestorsHub NewsWire
Online
Blockchain plc: Umbria Network Launches
DEX and
Farming
on
Polygon Chain
-
UMBR-MATIC
one
of the unique
liquidity
pairs
available -
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 1000% - but fees to enter and
exit will be much lower. Farming will
soon
be
extended to other
unique
and
interesting liquidity
pairs not featured
on other
DEXs.
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."
-
ends -
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 196% APY (as of May
12th, 2021).
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.
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