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

Online BlockchainAnnouncement

04/08/2022 07:30

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RNS Number : 8475U  Online Blockchain PLC  04 August 2022

News Release

 

August 4(th), 2022

 

Umbria Network joins Arbitrum and Fantom ecosystems and adds Optimism bridge

- expanding Web3 presence with development and collaborations -

 

 

Online Blockchain plc, administrator, co-ordinator and adviser to Umbria
Network - https://umbria.network/ (https://umbria.network/) -, today announces
the latest milestones for the platform's cross-chain asset bridge.

 

 

Umbria's Narni bridge, which facilitates the cheap and fast transfer of crypto
assets between different blockchains, has added Optimism to its portfolio of
bridges: https://bridge.umbria.network/bridge/ethereum-optimism/eth
(https://bridge.umbria.network/bridge/ethereum-optimism/eth)  Optimism,  a
Layer 2 Ethereum scaling solution that uses Optimistic rollups, has seen
significant uptake within the DeFi space and currently has $1.20 billion
Total Value Locked (TVL) 1  (#_ftn1) . Using the Narni bridge, users can now
onboard to this popular network cheaply and quickly. In testing, Narni
produced the following results in comparison to the official Optimism bridge.

 

Optimism bridge - cost: $0.52 speed: 5 minutes

Umbria Narni Bridge - cost: $0.32 speed: 2.5 minutes

 

The Narni multichain bridge now enables bi-directional transfer of tokens
between the Ethereum and Polygon, Avalanche, Fantom, Binance Smart Chain
(BNB), Arbitrum and Optimism networks.

 

Another major boon for the project is its addition to both the Arbitrum and
Fantom ecosystems. These two protocols are colossi within the space and boast
significant TVL. Umbria's listing on the Arbitrum One Portal
(https://portal.arbitrum.one/) can be viewed by clicking 'bridges' here:
https://portal.arbitrum.one/ (https://portal.arbitrum.one/) On the Fantom
Foundation website, the listing can be viewed by clicking 'cross-chain
bridges' on the https://fantom.foundation/ (https://fantom.foundation/)
homepage. Umbria recently announced that it had been admitted to the Polygon
Ecosystem DAO's accelerator program 'Polygon Village.' This is an initiative
designed to assist developers in growing their projects. More details can be
viewed here
(https://www.globenewswire.com/en/news-release/2022/06/07/2457608/0/en/Umbria-Network-Admitted-to-Polygon-s-Accelerator-Program-to-Enhance-Development.html)
.

The Umbria development team has also just completed the build of a new
infrastructure, which makes the Narni bridges's oracle system
(https://chain.link/education/blockchain-oracles)  more modular. The oracle
system negates the unnecessary on-chain operations that can be handled
off-chain to dramatically speed up cross-chain transactions. The update has
generalised the underlying core systems of the oracle so the code that each
blockchain oracle requires can be more easily abstracted thereby reducing
complexity and increasing efficiency for adding further blockchains to the
platform in the future.

 

 

"We've already been experiencing great traction with the Narni bridge; the
addition to the portals of such significant scaling solutions will further
amplify our exposure in the DeFi, GameFi and NFT arena," said Clem Chambers,
CEO of Online Blockchain plc. "Umbria will be adding many more chains going
forward as per the roadmap. Through reducing the complexity and cost of
bridging, the project is looking forward to helping new audiences discover the
opportunities that exist on alternative networks."

 

 

- 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 Network

Cheapest, fastest cross-chain bridge

 

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

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

https://bridge.umbria.network/staking-pool/
(https://bridge.umbria.network/staking-pool/)

 

Operating within the DeFi and NFT space, Umbria Network enables anyone to
migrate cryptocurrency assets across chain cheaply and quickly.

 

Umbria's Narni cross-chain liquidity bridge solves blockchain interoperability
issues by removing the difficulty and expense of moving assets between
blockchains and is the fastest and cheapest cross-chain bridge between
Ethereum mainnet and Polygon, Binance Smart Chan, Avalanche, Fantom and
Arbitrum. Narni eliminates the barriers to entry for engaging with DeFi
applications and NFTs making them much more accessible to a wider
audience.

 

Additionally, bridge liquidity providers earn fees on their crypto assets with
no impermanent loss.

 

 

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 interest 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)

 

 

 1  (#_ftnref1) https://l2beat.com/ (https://l2beat.com/) - As of August 1(st)
2022

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