Online Blockchain plc: USDC is Latest Asset to be Added to Umbria's Cross-Chain Narni Bridge
September 29 2021 - 2:19AM
InvestorsHub NewsWire
Online Blockchain
plc: USDC is Latest Asset to be Added to Umbria's Cross-Chain Narni
Bridge
- $1
million Total Value Locked in Narni pool and increasing rapidly
-
Users of Umbria
Network's Narni Bridge can now send $USDC
between the
Ethereum and Polygon networks groundbreakingly quickly and
cheaply.
The popular
stablecoin can be migrated cross-chain in under four minutes and
typically for less than $10 in gas fees - bridge.umbria.network.
$USDC holders can also lend their tokens (provide liquidity) to the
bridge in the protocol's Pool and Earn staking feature to earn
APY https://bridge.umbria.network/pool/).
These liquidity providers receive fees when other participants
bridge USDC between networks.
The
recent addition of ETH to the bridge has made waves in the DeFI
community. The gas fees for transfer of the asset from Ethereum to
Polygon network are exceptionally low and can even be sub
$2. Current ETH liquidity providers have been earning up to 99.99%
APY by lending the asset to the
bridge. ETH currently accounts for over two-thirds of the total
value locked.
"Stablecoins are
a particularly exciting proposition on the Narni Bridge as these
assets traditionally attract nominal APY. However, as USDC and USDT
are frequently bridged, we expect that they will soon be accruing
higher fee generation and rewarding liquidity providers far more
than we are used to seeing," said Oscar Chambers, Co-lead developer
of Umbria.
For more
information about the bridge see the Umbria documentation
page: bridge.umbria.network/docs
and for
feedback, questions and the very latest news about the Narni Bridge
please head to our Discord
channel.
- 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/
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 an 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.
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