LONDON, Nov. 22, 2021 /PRNewswire/ -- MATIC, the
native token for the Polygon Network, can be migrated cross-chain
almost instantly and at minimal cost using Umbria's Narni Bridge -
bridge.umbria.network.
The popular token, which is currently ranked
20 of all crypto assets in terms of market cap, can be
transferred with the Narni Bridge at approximately a 90% discount
to other solutions. A typical transaction for MATIC takes less
than four minutes and often costs just $4-$9 to transfer from Ethereum to
Polygon.
In addition to benefitting from incredibly fast and
inexpensive transactions, users of Narni can put their
$MATIC to work by lending it to the bridge to
earn interest on this asset. With Narni's 'pool and earn' feature
(https://bridge.umbria.network/pool/), liquidity
providers (LPs) receive fees when other participants bridge MATIC
between networks.
The 'pool and earn' feature is particularly lucrative for
anyone staking $UMBR – Umbria's governance token. These liquidity
providers earn their share of a 0.3% fee, whenever anyone transfers
any of the assets supported by the bridge (including MATIC)
cross-chain. The rewards earned are paid in the assets used to
bridge between networks and are added to the staking balance of
each token on the respective network. Unlike many other platforms,
where users provide liquidity as a pair of two different tokens and
can lose upside due to the change in value of the underlying
assets, on Narni there is no impermanent loss as only one
asset is provided as liquidity.
Wednseday 17th, November saw the Narni bridge
record its highest volume of transactions.
"Polygon solves many of the significant limitations of the
Ethreum Network chiefly poor throughput and high gas fees, which is
making it an increasingly popular platform for DeFi and NFT
projects to build on including ourselves," said Oscar Chambers, Co-lead developer at
Umbria. "As its market share and
TVL increases so does interest in its native token MATIC. We're
seeing this first hand and are thrilled to enable users to bridge
this asset incredibly cheaply, easily and quickly; and to earn
APY."
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.
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, built on Polygon, has three
major protocols:
- A Cross-chain Asset Bridge:
enables the fast and
cheap transfer of assets between otherwise
incompatible blockchains and cryptocurrency networks.
- A Staking Pool:
users can earn interest on their crypto-assets
by providing liquidity to the bridge.
- A Decentralised Exchange (DEX) an
automated liquidity protocol powered by a constant product formula,
deployed using smart contracts, governed entirely on-chain.
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.
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SOURCE Online Blockchain plc