LONDON, Oct. 11, 2021 /PRNewswire/ --
Umbria Network's Narni Bridge now supports the
cross-chain migration of Aavegotchi's GHST token between the
Ethereum and Polygon networks.
GHST tokens are used to buy DeFi-powered 'Gotchi' avatars –
playable NFTs – and other goods in the popular Aavegotchi game,
which is integrated into the AAVE DeFi platform. With the Narni
Bridge, GHST can be transferred for less than half the price
and 10 times faster than is possible with the current bridging
solution used for Aavegotchi.
Another key benefit for GHST holders is they can earn APY by
lending their asset to the Narni Bridge in a system called pooling
- https://bridge.umbria.network/pool. In return for 'staking'
in the pool, liquidity providers earn a 0.2% fee whenever
other users bridge the GHST token between networks. The pool pays
the GHST token to liquidity providers (with no impermanent loss) in
a scenario similar to a traditional farm. Their rewards
are auto-harvested every five minutes and there is no
lock-up period meaning tokens can be un-staked at any time.
The APY for current GHST liquidity providers has been up to
255%.
Find out more here: Umbria Narni Bridge x Aavegotchi: First
Look
There are extra earnings on offer for those who have
staked UMBR (Umbria's
native governance token) in the bridge. These liquidity providers
receive their share of 0.3% of all fees generated across
all assets on the bridge – including GHST - for the
network to which they provided the UMBR liquidity. This affords the
opportunity to generate passive income on all tokens available on
Narni. These rewards are added to the staking balance of each
token on the respective network.
"The intersection of DeFi, gaming and NFTs is an exciting and
growing area. It creates yet more demand and opportunity for
the Narni Bridge and the ultra-fast and cheap bridging it
provides," said Oscar Chambers,
co-lead developer at Umbria Network. "We've already seen major
adoption from NFT communities such as Zed Run and
we're now delighted to be working with Aavegotchi to
deliver a superior user experience to
their community."
"The timing of this couldn't be better. Umbria's solution represents a huge
improvement for bridging GHST at a time when we are focusing a lot
of energy on also making our Aavegotchi NFTs multichain," says
Aavegotchi summoner Jesse
Johnson.
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.
Photo -
https://mma.prnewswire.com/media/1656476/Online_Blockchain_GHST.jpg
Media contact:
Francesca De Franco
+44(0) 794 125 3135
francescad@advfnplc.com
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SOURCE Online Blockchain plc