OBC.L Regulatory News (OBC)

News Release

August 4th, 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/ -, 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  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]. 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 can be viewed by clicking 'bridges' here: https://portal.arbitrum.one/ On the Fantom Foundation website, the listing can be viewed by clicking 'cross-chain bridges' on the 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.

The Umbria development team has also just completed the build of a new infrastructure, which makes the Narni bridges's oracle system 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://www.coingecko.com/en/coins/umbria-network

About Umbria Network 

Cheapest, fastest cross-chain bridge 

https://umbria.network/

https://bridge.umbria.network/ 

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 (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