LONDON, Aug. 31, 2021 /PRNewswire/ -- USDT can now be
migrated cross-chain almost instantly and at minimal cost using
Umbria's Narni Bridge -
bridge.umbria.network.
In addition to bridging the stablecoin quickly between the
Ethereum Mainnet and Polygon network with extremely low fees, users
can lend their USDT to the bridge in a system called pooling and
earn APY (a return similar to interest on deposits). With Narni's
'pool and earn' feature (https://bridge.umbria.network/pool/),
liquidity providers receive fees when other participants bridge
USDT between networks. Stablecoins are expected to accrue higher
fee generation because of their popularity and uses.
Using the Narni bridge, it takes an average of 47 seconds at an
average cost of just $2.80 to
transfer USDT from the Ethereum network to the Polygon network
(formerly Matic). Transferring USDT from Polygon to Ethereum takes
an average of two minutes 12 seconds and costs on average
$5.62. This is groundbreakingly quick
and inexpensive with other methods costing many times more and
taking much longer.
"With Narni, it's a lot easier for people to use their crypto
assets across different networks, and the addition of USDT is
another milestone," said Oscar
Chambers, Co-lead developer of Umbria. "We're going to be rapidly introducing
other assets with an initial focus on stablecoins. We are already
seeing the staking feature of the Narni Bridge attracting yield
farmers to provide valuable liquidity to bridge the Matic and
Ethereum communities and in return provide themselves with a
lucrative return on their crypto."
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
Umbria is a Decentralised
Finance protocol, which is creating low-cost and easy-to-use DeFi
applications. Umbria aims to
demystify and simplify DeFi and get people earning income on their
crypto.
Umbria's first partnership -
with Polygon - is seeing it use Polygon's Ethereum scaling solution
to develop a suite of popular DeFi features at fractional on-chain
cost of many current DeFi platforms with greater transaction speed.
Umbria is actively developing
further collaborations in the DeFi space.
Umbria's Layer 2 Decentralised
Exchange (DEX) and farm for its native governance token UMBR and
the popular MATIC token launched in May
2021. This farm and the previous one have been characterised
by consistently high APY.
Umbria's cross-chain bridge
(Narni) - an industry game changer - facilitates easier,
quicker and cheaper transfer of assets between different blockchain
ecosystems. The bridge also enables people to stake their
tokens and earn APY like they would in traditional farming. The APY
is expected to be particularly attractive
for stablecoins.
Its governance token $UMBR is available
on Uniswap as well as Umbria's DEX. Other
facilities will continue to come online which will utilise
the Umbria protocol and its governance token.
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.
Contact:
Francesca De Franco
francescad@advfnplc.com
07941253135
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SOURCE Online Blockchain plc