Further integration of Umbria into Polygon ecosystem
Polygon is introducing Umbria Network’s groundbreaking cross-chain Narni Bridge to its community.
Umbria is on a mission to lower the barriers to entry for Decentralized Finance and deliver the best services and products for crypto users. Its unique style of cross-chain bridge provides the fastest and cheapest transfer of assets between the Ethereum and Polygon networks. The Narni Bridge removes a lot of the encumbrances associated with cross-chain bridging and, by using a novel ‘liquidity’ model, assets can be transferred approximately 10 times cheaper and 10 times faster than with equivalent validator-driven bridges.
In addition to providing seamless transfer of crypto assets, Narni’s ‘Pool and Earn’ feature https://bridge.umbria.network/pool/ enables liquidity providers to earn attractive APYs – with no impermanent loss – on tokens supported by the bridge. These include: MATIC, ETH, USDC, USDT, GHST, WBTC and Umbria’s native governance token UMBR. Users lend their assets to the Narni bridge and earn APYs when other participants bridge that specific token between networks. The APYs on the supported assets has been consistently high and very attractive especially for ETH and MATIC. For stablecoins the use case is also very compelling. As an extra incentive for UMBR holders, anyone staking the token receives a share of 0.3% of all fees generated across all assets on the bridge (for the network to which they provided the UMBR liquidity). These rewards are added to the staking balance of each token on the respective network.
Unlike platforms such as Uniswap or SushiSwap where users provide liquidity as a pair of two different tokens and lose upside due to assets’ price fluctuations, on Umbria’s Pool And Earn there is no impermanent loss as only one asset at a time is provided as liquidity.
The Narni bridge works by replacing the on-chain validation protocol, which relies on an extremely computationally expensive process, with a liquidity pool protocol. This means there is a liquidity pool on the networks on both sides of the transaction. A participant sends their funds into the liquidity pool on the starting network and the bridge sends their funds back to them from the liquidity pool on the destination network. A small fee is paid by the user migrating their assets, of which a percentage is given to liquidity providers of the bridge on the destination network.
The ultra-fast and cheap bridging afforded by Narni has led to major adoption from NFT communities such as Zed Run and Aavegotchi. Any projects interested in integrating the bridge can get in touch with the Umbria team on their Discord channel.
The bridge will feature here: https://wallet.polygon.technology/fast-withdraw/ and the main Narni Bridge site can be found here: https://bridge.umbria.network/
Umbria is adding Binance Smart Chain to its Narni offering imminently.
POLYGON QUOTE
“Umbria’s objective is to become the main hub for cross-chain transactions. With Polygon showcasing Narni to its community that is nearer to being realised and we’re very grateful for their support,” said Oscar Chambers, co-founder and co-lead developer of Umbria Network. “Narni is invaluable for the many projects in the Polygon ecosystem that want to open the door to cheap and fast bridging for their users. We’re looking forward to welcoming these different communities.”
About Polygon
Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 1200+ applications hosted, ~600M total transactions processed, ~60M unique user addresses, and $5B+ in assets secured.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.
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About Umbria
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 has two major components:
A Decentralised Exchange (DEX) – an automated liquidity protocol powered by a constant product formula, deployed using smart contracts and governed entirely on-chain.
The DEX facilitates token swaps and powers a UMBR farm, which pays liquidity providers to the DEX in UMBR (Umbria’s native governance token).
A Cross-chain Asset Bridge – Umbria’s Narni bridge enables the seamless transfer of assets between otherwise incompatible blockchains and cryptocurrency networks. Bridging is incredibly quick and incurs extremely low fees in comparison to validator-driven bridges.
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.
Find more information visit https://umbria.network/.
Source : cryptodaily.io
