3 May 2022 07:00
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 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' feature, liquidity providers receive fees when other participants bridge that specific asset between networks. There's further incentive for those staking $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. 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
- Ends -
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/
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 (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