LONDON, Nov. 29, 2021 /PRNewswire/ -- Ether (ETH), the
native cryptocurrency for the Ethereum Network, can be transferred
exceptionally quickly and cheaply cross-chain using Umbria's Narni Bridge -
bridge.umbria.network.
The world's second-largest digital currency by market
cap can typically be transferred from the Ethereum blockchain
to the Polygon blockchain in less than four minutes, and
often at a cost of just $4-$9. This is a
fraction of the gas price of other solutions and has led to Narni
being adopted by many in the NFT community who had previously been
experiencing exorbitant fees.
Users of Umbria's cross-chain
liquidity bridge can also earn a passive income from their
$ETH through Narni's 'pool and earn' -
https://bridge.umbria.network/pool/ This feature enables
participants to lend their assets to the bridge, that is become
liquidity providers (LPs), to earn interest. LPs receive fees when
other users bridge ETH between networks. There is no impermanent
loss, as experienced with most other platforms, as only one asset
is provided as opposed to a liquidity pair.
"As a result of the integration of Polygon on the
OpenSea platform there's been an explosion in the number of
NFT projects being built on Polygon. This means there's a massive
demand for bridging ETH to the Polygon Network (that is exchanging
ETH for WETH) in this space alone," said Barney Chambers, Co-lead developer of Umbria
Network. "It isn't just the cheap and fast bridging that has got
the community excited, the APY for lending the asset is also very
attractive. We currently have almost $1.5
million TVL in Ethereum alone on the bridge."
For more information about the bridge see the Umbria documentation page:
bridge.umbria.network/docs and for feedback, questions and the very
latest news about Umbria and 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
https://umbria.network/
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, built on
Polygon, has three major protocols:
- A Cross-chain Asset Bridge: enables the fast
and cheap transfer of assets between otherwise incompatible
blockchains and cryptocurrency networks.
- A Staking Pool: users can earn interest on their
crypto-assets by providing liquidity to the bridge.
- A Decentralised Exchange (DEX) an automated
liquidity protocol powered by a constant product formula, deployed
using smart contracts, governed entirely on-chain. Fast and
cheap token swapping
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.
For media enquiries, contact Francesca De Franco -
francesca@onlineblockchain.io, +44(0) 794 125 3135
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SOURCE Online Blockchain plc