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:
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.
Francesca De Franco
SOURCE Online Blockchain plc