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Umbria Network is pleased to announce that its highly anticipated Narni ‘Insta’ Bridge is in Beta and available to the public.
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 wallet 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 a main hub for cross-chain transactions,” said Barney Chambers, Co-lead developer of Umbria. “We believe Narni will be a gateway for introducing a large audience to the Umbria ecosystem.”
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