LONDON, Feb. 16, 2022 /PRNewswire/ -- Umbria ($UMBR) is pleased to announce the full
public launch of its highly anticipated Avalanche (AVAX) bridge
ahead of schedule.
Users of Umbria's Narni
liquidity bridge - bridge.umbria.network - can now move
their Ether (ETH) between the Ethereum Mainnet and the Avalanche
network quickly, easily and cheaply at approximately a 90%
discount to the official AVAX bridging solution. Comparison testing
of the two bridges for sending 0.01 ETH from the Ethereum network
to the Avalanche network (February
11th, 2022) provided the following results:
Narni Bridge – Cost: $2.43;
transaction speed: 2 minutes and 42 seconds
AVAX official bridge - Cost $27.62; transaction speed: 10 minutes and 34
seconds
View the comparison video demonstration here.
The Narni bridge already provides the fastest and cheapest
bridging from the Ethereum network to the Polygon network and
Binance Smart Chain (and vice versa) and will shortly be
adding Fantom. A further eight bridges for EVM-compatible chains
are planned in 2022 as per the Umbria roadmap. In addition to transferring
assets between these networks, users can provide liquidity to the
bridge as a single asset to earn high APY with no
impermanent loss. Whenever a participant bridges assets between two
cryptocurrency networks using Narni, the liquidity providers
receive a share of a 0.2% fee in the native crypto/token they
supplied - bridge.umbria.network/pool.
"Onboarding new crypto users to Avalanche can be difficult due
to the technical challenges and knowledge required, the lengthy
transaction times and the prohibitive costs. Our bridging protocol
removes these barriers, which ultimately increases access to
Avalanche projects from Ethereum," said Barney Chambers, co-lead developer and founder
of Umbria Network. "We're looking forward to introducing an even
wider audience to the Umbria
ecosystem and are excited to be moving ever closer to being the hub
for the cheapest and fastest cross-chain transactions."
Join Umbria's AVAX Twitter
Space on Thursday, 24th February at 5pm UTC to find out more:
https://twitter.com/i/spaces/1OdJrBYZaDnJX
Umbria is looking to reach
out to projects on AVAX that would benefit from cheap and fast
bridging. Any parties interested in a partnership should fill out
the Partnership Contact Request
form: https://partner.umbria.network/
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 APYs 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:
- 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 Narni bridge
- 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 - +44 (0) 794 125 3135
View original content to download
multimedia:https://www.prnewswire.com/news-releases/online-blockchain-plc-umbria-network-releases-lowest-cost-avalanche-cross-chain-bridge-301483425.html
SOURCE Online Blockchain plc