London, UK, Sept. 29, 2021 (GLOBE NEWSWIRE) — (via Blockchain Wire) Users of Umbria Network’s Narni Bridge can now send $USDC between the Ethereum and Polygon networks groundbreakingly quickly and cheaply.
The popular stablecoin can be migrated cross-chain in under four minutes and typically for less than $10 in gas fees – bridge.umbria.network. $USDC holders can also lend their tokens (provide liquidity) to the bridge in the protocol’s Pool and Earn staking feature to earn APY (https://bridge.umbria.network/pool/). These liquidity providers receive fees when other participants bridge USDC between networks.
The recent addition of ETH to the bridge has made waves in the DeFI community. The gas fees for transfer of the asset from Ethereum to Polygon network are exceptionally low and can even be sub $2. Current ETH liquidity providers have been earning up to 99.99% APY by lending the asset to the bridge. ETH currently accounts for over two-thirds of the total value locked.
“Stablecoins are a particularly exciting proposition on the Narni Bridge as these assets traditionally attract nominal APY. However, as USDC and USDT are frequently bridged, we expect that they will soon be accruing higher fee generation and rewarding liquidity providers far more than we are used to seeing,” said Oscar Chambers, Co-lead developer of Umbria.
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.
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See the latest data on UMBR on CoinMarketCap and CoinGecko:
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.