London, UK, March 28, 2022 (GLOBE NEWSWIRE) -- (via Blockchain Wire) Umbria ($UMBR) today announces the full public launch of its Fantom (FTM) bridge – the third cross-chain bridge to be added to the platform in Q1 of 2022.
Unlike other Fantom bridging solutions, where native Ethereum first has to be wrapped (WETH) before being transferred, the Narni liquidity bridge - bridge.umbria.network - makes the process of moving Ether (ETH) between the Ethereum Mainnet and the Fantom network quick, cheap and easy. Price comparison testing of Narni versus the Multichain bridge, which is endorsed on the Fantom website, provided the following results (with gas price normalised for fair comparison): 1
Narni Bridge: Fantom to Ethereum - cost: $6.66
Multichain Bridge: Fantom to Ethereum - cost: $66.74
Narni Bridge: Ethereum to Fantom – cost: $6.57
Multichain Bridge – Ethereum to Fantom - cost: $9.29
Umbria already provides the fastest and cheapest bridging from the Ethereum network to the Polygon network, Avalanche network and Binance Smart Chain (and vice versa) with bridges for more EVM-compatible chains road mapped for 2022. In addition to transferring assets between these networks, users can provide liquidity to the bridge as a single asset to earn high APY with no impermanent loss. Whenever a participant bridges assets between two cryptocurrency networks using Narni, the liquidity providers receive a share of a 0.2% fee in the native crypto/token they supplied - bridge.umbria.network/pool.
“Lots of NFT projects and dApps are electing to build on Fantom due to its fast, high-throughput smart contracts. However, whilst the Fantom network solves many of the issues of the Ethereum network it has been difficult to onboard users due to the high cost and technical difficulty of bridging until now,” said Oscar Chambers. “Umbria’s Narni bridge is helping the decentralised community discover a host of more efficient chains such as Fantom and access them cheaply, quickly and easily.”
Join Umbria’s Twitter Space on Thursday, 31st March at 5pm UTC where the team will be talking everything Fantom, AVAX, Polygon and Binance Smart Chain: https://twitter.com/i/spaces/1djGXPABzORGZ
Umbria is looking to reach out to projects on Fantom that would benefit from cheap and fast bridging. Any parties interested in a partnership should fill out the Partnership Contact Request form: https://partner.umbria.network/
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See the latest data on UMBR on CoinMarketCap and CoinGecko:
https://coinmarketcap.com/currencies/umbria-network/news/
https://www.coingecko.com/en/coins/umbria-network
About Umbria
https://bridge.umbria.network/
Operating within the DeFi and NFT space, Umbria Network enables anyone to migrate cryptocurrency assets across chain cheaply and quickly and earn high APYs on those assets with no impermanent loss.
Umbria’s flagship 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 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:
- A Cross-chain Asset Bridge: enables the fast and cheap transfer of assets between otherwise incompatible blockchains and cryptocurrency networks.
- A Staking Pool: users can earn interest on their crypto assets by providing liquidity to the Narni bridge
- 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
1 Conducted on March 24th, 2022
