RCS - Online Blockchain - Umbria Network's Narni Bridge: Progress Update

Online BlockchainAnnouncement

03/05/2022 07:15

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RNS Number : 9790J  Online Blockchain PLC  03 May 2022

News Release

 

May 3rd, 2022

 

Umbria Network's Cross-chain Narni Bridge Surpasses 100,000 Transactions

- revolutionising the DeFi and NFT space with fastest, cheapest multichain
bridging -

 

 

Online Blockchain plc, administrator, co-ordinator and adviser to Umbria
Network, is pleased to report on the excellent progress of the platform's
cross-chain asset bridge 'Narni.'

 

Since its beta launch
(https://www.prnewswire.com/news-releases/online-blockchain-plc-umbrias-cross-chain-narni-bridge-is-now-live-301354965.html)
on August 16th, 2021, Narni has quickly expanded its scope from an Ethereum to
Polygon bidirectional bridge - supporting the transfer of $ETH, $USDC, $USDT,
$MATIC, $WBTC, $GHST and Umbria's native token $UMBR - to a multichain bridge,
which also includes the Avalanche, Fantom, Binance Smart Chain (BNB) and
Arbitrum networks. Transaction volume has consistently risen on Narni with
average transactions per day now totalling 600, and transaction values ranging
anywhere between $3 and $50,000.

 

 

By using a novel liquidity-provision protocol, Narni enables users to transfer
crypto funds between chains at fractional cost compared with traditional
validator-driven bridges (approximately a 90% discount to other solutions).
This has led to its adoption by many NFT and DeFi platforms that have deployed
their decentralised applications (dApps) on Layer 2 networks and other
Ethereum scaling solutions and who wish to onboard communities quickly and
easily. It has also resulted in Umbria partnering with over 50 projects in the
space.

 

In addition to benefitting from incredibly fast and cheap transactions, users
of Narni can put their crypto assets to work by staking them to the bridge to
earn fees that produce a high ROCE on their crypto. With Narni's 'pool and
earn' (https://bridge.umbria.network/pool/) feature, liquidity providers
receive fees when other participants bridge that specific asset between
networks. There's further incentive for those staking $UMBR
(https://uk.advfn.com/crypto/UmbriaToken-UMBR) ; these liquidity providers
earn their share of a 0.3% fee whenever anyone transfers any asset supported
by the bridge cross-chain. The rewards earned are paid in the assets used to
bridge between networks. For example, if someone bridges ETH, fees are paid in
ETH not some secondary token and are added to the staker's balance on their
respective network to compound their fees. There is no impermanent loss when
staking on Narni as only one asset is provided as liquidity. There are now
almost 2000 unique liquidity providers who have collectively earned over
$500,000 in fees (on Ether pairs) since Narni launched.

 

 

Coinciding with the bridge going live, Umbria launched its Connect Portal
(https://umbria.network/connect) . This enables anyone to connect their
Metamask wallet very quickly and easily to any EVM compatible chain. With the
Connect Portal, users can configure their wallet to interact with their
assets on the desired network at the click of a button instead of having to
manually configure RPC connections.

 

 

"With a nominal marketing budget, transaction volume on the Narni bridge has
accelerated considerably. The product is gaining a growing following of loyal
fans across the spectrum ranging from those bridging small amounts to interact
with Play-to-Earn games and mint NFTs to crypto whales who are shifting large
sums to take advantage of arbitrage and investment opportunities on DeFi
platforms," said Clem Chambers, CEO of Online Blockchain. "Narni, in
delivering the cheapest and fastest bridging, helps solve the liquidity
fragmentation issues that have been blighting alternative networks. We have a
compelling roadmap and look forward to adding to Umbria's suite of products
and services."

 

To view the Whitepaper, please go to:
https://umbria.network/assets/Umbria_Network_Whitepaper.pdf
(https://umbria.network/assets/Umbria_Network_Whitepaper.pdf)

 

 

- 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

 

https://umbria.network/ (https://umbria.network/)

https://bridge.umbria.network/ (https://bridge.umbria.network/)

 

Operating within the DeFi and NFT space, Umbria Network enables anyone to
migrate cryptocurrency assets across chain cheaply and quickly and earn high
ROCE on those assets with no impermanent loss.

 

Umbria's flagship Narni cross-chain bridge is solving current blockchain
interoperability issues. Narni removes the difficulty and expense of moving
assets between blockchains and is the fastest and cheapest cross-chain
liquidity bridge between the Ethereum and Polygon networks. Narni eliminates
the barriers to entry for engaging with DeFi applications and NFTs making them
much more accessible to a wider audience.

 

The Umbria ecosystem, built on Polygon, has three major protocols:

1.    A Cross-chain Asset Bridge: enables the fast and cheap transfer of
assets between otherwise incompatible blockchains and cryptocurrency networks.

2.    A Staking Pool: users can earn fees on their crypto assets by
providing liquidity to the Narni bridge

3.    A Decentralised Exchange (DEX): an automated liquidity protocol
powered by a constant product formula, deployed using smart contracts and
governed entirely on-chain. Provides fast and cheap token swapping

 

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.

 

 

For media enquiries, contact Francesca De Franco -
francesca@onlineblockchain.io (mailto:francesca@onlineblockchain.io)

 

 

 

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