Transactions on Umbria Network's Bridge Up 1000%
News Release
November 8th, 2022
Online Blockchain plc: Transactions on Umbria Network's Narni Bridge Rise by 1000%
- Highest bridging volume between Ethereum and Polygon blockchains -
Since September 2021, the number of bridging transactions recorded on Umbria Network's cross-chain bridge have increased by a factor of 10.
Narni - a capital-efficient, multi-chain asset bridge ( https://umbria.network ) - enables users to move tokens (bridge) between Ethereum and numerous other blockchains extremely cheaply and quickly. Its bi-directional Ethereum/Polygon bridge has seen the highest number of transactions with over 200,000 completed between these two networks since February 2022. Ethereum to Binance Chain bridging has witnessed a recent spike with transactions increasing 10 times since September 2022, whilst Ethereum to Arbitrum bridging volume has tripled in the same period.
The Narni bridge's highest volume day occurred on March 15th, 2022, when over 2000 bridging transactions were completed. This was related to numerous NFT mints taking place. Umbria has also seen good uptake of its bridge widget product . The widget can be integrated into a project's platform as a simple iframe meaning anyone can easily bring the functionality and seamless bridging experience of Narni directly to their community. Additionally, Umbria 's related referral program offers referrers (those integrating the widget) a 0.1% fee for every bridge transaction completed via their widget.
Umbria's development work is now focussed on its Oracle V2. This is an 'any to any' bridge, which when completed will facilitate bi-directional asset transfers between any of the networks supported on the platform. For example, Polygon to Binance Chain, Fantom to Avalanche or Optimism to Arbitrum.
"By using a novel liquidity-provision protocol, the Narni bridge enables users to transfer crypto funds between chains at fractional cost compared with traditional validator-driven bridges. It opens the door to those wishing to engage in DeFi and GameFi applications and NFTs who had previously found bridging between blockchains not economically viable," said Clem Chambers, CEO of Online Blockchain plc. "Additionally, users of the Narni bridge can put their crypto assets to work and earn fees with no impermanent loss by providing liquidity. This has proved a very popular feature for those looking for real yield."
To view the Whitepaper, please go to: https://umbria.network/assets/Umbria_Network_Whitepaper.pdf
- Ends -
About Umbria Network
https://bridge.umbria.network/
Umbria Network enables anyone to migrate cryptocurrency assets across chain cheaply and quickly and earn fees on those assets with no impermanent loss.
Umbria 's 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, Avalanche, BNB, Optimism, Fantom and Arbitrum 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:
1. A Cross-chain Asset Bridge : enables the fast and cheap transfer of assets between otherwise incompatible blockchains and cryptocurrency networks.
2. A Staking Pool : users can earn fees on their crypto assets by providing liquidity to the Narni bridge
3. 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
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