RCS - Online Blockchain - MATIC & ETH Added to Umbria Network’s Narni Bridge

Online BlockchainAnnouncement

20/09/2021 07:00

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RNS Number : 1765M  Online Blockchain PLC  20 September 2021

News Release
September 20th, 2021
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

 

 

Umbria's ultra-low-cost liquidity bridge now supports ETH and MATIC in
addition to USDT and UMBR.

 

Using Narni - https://bridge.umbria.network/ (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/ (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
(https://bridge.umbria.network/docs/docs-page.html#cross-chain-bridge)

 

 

"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 (https://discord.com/invite/ARyFVDY) and Twitter
(https://twitter.com/NetworkUmbria) channels for the very latest product
development news.

 

 

- Ends -

 

See the latest data on UMBR on CoinMarketCap and CoinGecko:

 

https://coinmarketcap.com/currencies/umbria-network/news/
(https://coinmarketcap.com/currencies/umbria-network/news/)

https://www.coingecko.com/en/coins/umbria-network
(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
(https://app.uniswap.org/#/swap?inputCurrency=0xa4bbe66f151b22b167127c770016b15ff97dd35c)
 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 (http://www.onlineblockchain.io/)
(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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