Umbria Network joins Arbitrum and Fantom ecosystems and

London, UK, Aug. 04, 2022 (GLOBE NEWSWIRE) — Online Blockchain plc, administrator, co-ordinator and adviser to Umbria Network -https://umbria.network/-, today announces the latest milestones for the platform’s cross-chain asset bridge.

Umbrias Narni bridge, which facilitates the cheap and fast transfer of crypto assets between different blockchains, has added Optimism to its portfolio of bridges:https://bridge.umbria.network/bridge/ethereum-optimism/eth Optimism, a Layer 2 Ethereum scaling solution that uses Optimistic rollups, has seen significant uptake within the DeFi space and currently has $1.20billion Total Value Locked (TVL)1. Using the Narni bridge, users can now onboard to this popular network cheaply and quickly. In testing, Narni produced the following results in comparison to the official Optimism bridge.

Optimism bridge – cost: $0.52 speed: 5 minutes

Umbria Narni Bridge – cost: $0.32 speed: 2.5 minutes

The Narni multichain bridge now enables bi-directional transfer of tokens between the Ethereum and Polygon, Avalanche, Fantom, Binance Smart Chain (BNB), Arbitrum and Optimism networks.

Another major boon for the project is its addition to both the Arbitrum and Fantom ecosystems. These two protocols are colossi within the space and boast significant TVL. Umbrias listing on theArbitrum One Portalcan be viewed by clicking bridges here:https://portal.arbitrum.one/On the Fantom Foundation website, the listing can be viewed by clicking cross-chain bridges on thehttps://fantom.foundation/homepage. Umbria recently announced that it had been admitted to the Polygon Ecosystem DAOs accelerator program Polygon Village. This is an initiative designed to assist developers in growing their projects. More details can be viewedhere.

The Umbria development team has also just completed thebuild of anew infrastructure, whichmakes the Narni bridgessoracle systemmore modular. The oracle system negates the unnecessary on-chain operationsthatcan be handled off-chain to dramatically speed upcross-chaintransactions. The update has generalised the underlying core systems of the oraclesothe code that each blockchain oracle requires can be more easily abstracted thereby reducing complexity and increasing efficiency for adding further blockchainsto the platform in the future.

“Weve already been experiencing great traction with the Narni bridge; the addition to the portals of such significant scaling solutions will further amplify our exposure in the DeFi, GameFi and NFT arena, said Clem Chambers, CEO of Online Blockchain plc. Umbria will be adding many more chains going forward as per the roadmap. Through reducing the complexity and cost of bridging, the project is looking forward to helping new audiences discover the opportunities that exist on alternative networks.

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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 Network

Cheapest, fastest cross-chain bridge

https://umbria.network/

https://bridge.umbria.network/

https://bridge.umbria.network/staking-pool/

Operating within the DeFi and NFT space, Umbria Network enables anyone to migrate cryptocurrency assets across chain cheaply and quickly.

Umbrias Narni cross-chain liquidity bridge solves blockchain interoperability issues by removing the difficulty and expense of moving assets between blockchains and is the fastest and cheapest cross-chain bridge between Ethereum mainnet and Polygon, Binance Smart Chan, Avalanche, Fantom and Arbitrum. Narni eliminates the barriers to entry for engaging with DeFi applications and NFTs making them much more accessible to a wider audience.

Additionally, bridge liquidity providers earn fees on their crypto assets with no impermanent loss.

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 interest 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 listedOnline 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

1https://l2beat.com/- As of August 1st2022