Cross chain Narni Bridge beta launches from Umbria Network
|Christian Hargrave in Blockchain Wednesday, August 25, 2021|
Umbria Network's cross chain Narni Bridge is in Beta. The DeFi protocols bridge enables the quick, easy, and cheap transfer of assets between different blockchains.
Umbria Network has announced that Narni ‘Insta’ Bridge is in Beta and available to the public.
Cross chain Narni Bridge extends functionality
Users of the bridge - bridge.umbria.network can now transfer $UMBR (Umbria's governance token) between the Ethereum Mainnet and Matic Mainnet quickly, easily, and cheaply. Imminently the bridge’s functionality will extend to see it compatible with a universe of other assets and integrating with a host of different blockchains.
In addition to asset transfers between networks, users can now ‘pool and earn’ that is provide liquidity to the bridge to receive fees (bridge.umbria.network/pool). Whenever someone bridges assets between two cryptocurrency networks using the Umbria Narni Bridge, the liquidity providers receive a share of a 0.2% fee. Liquidity providers can provide a single asset to the bridge and earn interest in the native asset they supplied. This facility is currently available for UMBR on both the Ethereum and Polygon networks and will quickly be extended to other assets. Stablecoin farmers should find this function particularly profitable. Stablecoins are likely to be the assets most frequently bridged due to their common use in arbitrage and trading and are therefore expected to accrue higher fee generation for the liquidity providers. Unlike in traditional liquidity provision and farming, stablecoins offer a high yield.
Umbria has also launched its Connect Portal, which enables anyone to very quickly and easily connect their Metamask wallet to any EVM compatible chain. By using the connect portal, users can configure their wallets to interact with their assets on the desired network at the click of a button instead of having to manually configure RPC connections.
“We’re delighted to bring a game-changing product to the DeFi community and are looking forward to developing Narni into the main hub for cross-chain transactions. We believe Narni will be a gateway for introducing a large audience to the Umbria ecosystem,” said Barney Chambers, Co-lead developer of Umbria.
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