Subject: PDT
Online Blockchain plc: Cheap, Fast and Easy Bridging of ETH on Umbria Network
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 - [email protected], +44(0) 794 125 3135
SOURCE Online Blockchain plc
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