Breakthrough year for Umbria and its Narni cross-chain bridge
London, UK, Dec. 15, 2022 (GLOBE NEWSWIRE) — Umbria Network reveals highlights from 2022 including new products, bridges and partnerships; milestones achieved and expansion within the Web3 ecosystem.
In addition to the recently reported 1000% increase in transactions on its cross-chain bridge platform, Umbria Network (https://umbria.network) has seen a broad range of landmarks across the year. Since the start of January 2022, a total of 7420 ETH has been transferred from one blockchain to another using the protocol’s Narni bridge with the biggest single transaction being 99.999 ETH. The platform currently has over 2000 liquidity providers in the system with approximately 800 individual wallets staking Umbria’s governance token $UMBR.
This year a further five cross-chain bridges (in addition to the existing Polygon bridge) have been launched. These facilitate the fastest and cheapest cryptocurrency asset transfers between the Ethereum blockchain and BNB Chain, Fantom, Optimism, Avalanche and Arbitrum networks. Umbria has also been admitted to Polygon’s Accelerator Program – the Polygon Ecosystem DAO’s “Polygon Village” – an initiative designed to assist developers in growing their projects. Full details here.
In Q2 Umbria released its bridge widget v2, which allows any platform to integrate the superior, seamless bridging experience of Narni quickly and easily into their site. This was followed by the launch of an associated referral program that enables partner projects to earn 0.1% of all bridging volume that comes through their integrated widget. Q3 saw the announcement of the ‘Sweep to Umbria’ function. Users of the feature can convert very small balances of crypto that they have in their wallet (such as USDC, USDT, ETH, WBTC and Matic) into $UMBR to make them viable.
In 2022 the protocol joined the Arbitrum One Portal, Fantom Foundation, Optimism and DappRadar ecosystems and kickstarted its partnership endeavour with The Red Village, the leading Dark-Fantasy franchise in the metaverse. It subsequently added a further 30-plus partners over the course of the year ranging from DEXes, DeFi protocols and P2E games to art and music NFT projects and crypto resource and aggregator platforms.
Umbria took part in many marketing events with leading blockchains to showcase the project. These included an Optimism Demo Day and AMAs with Polygon, Arbitrum and Fantom Foundation’s CEO Michael Kong (where 3.2k tuned in). It also hosted numerous Twitter Spaces with partner projects, sponsored its first charity event in the metaverse and took part in a range of dedicated interviews.
Other achievements in 2022:
- Successfully verified for CoinMarketCap’s Community channel making it an early adopter of this new social feature
- Heralded as one of the 6 Best Cross-chain bridges of 2022
- Added to DeBridges, the biggest blockchain bridges aggregator platform
- Launched the ‘Umbrians’ on OpenSea – a set of 10,000 unique NFTs on the Polygon network. A cohort of 1000 ‘Juiced Umbrians’ have special functionality and benefits for holders
- Hosted eight partner competitions for Umbrian holders; winners received NFT drops and access to whitelist spots for a variety of projects
“2022 has been an exciting year for Umbria Network and great all-round progress has been made despite the current bear market,” said Clem Chambers, CEO of Online Blockchain plc 1 “In 2023 we’re looking forward to pushing ahead with the Oracle V2, an ‘any to any’ bridge (as opposed to bilateral) that will facilitate asset transfers between all of the networks supported on the platform.”
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Umbria Network’s Narni bridge is a capital-efficient, multi-chain asset bridge. It enables the fastest and cheapest bi-directional bridging of crypto assets between the Ethereum Mainnet and a range of EVM-compatible blockchains (Polygon, Avalanche, Arbitrum, Fantom, Binance Chain and Optimism).
Bridge webpage: https://bridge.umbria.network
The Narni bridge generates fee-based rewards to liquidity providers as an incentive for liquidity provision (Pool & Earn)
There are two types of liquidity provisions for the bridge:
1. Lending a *single* asset to the bridge
Those lending a single asset to the bridge (such as ETH, USDC, USDT, MATIC WBTC) – on a single network — earn 40% of the bridging fee whenever someone bridges that asset to that network. They earn in that asset.
2. Lending $UMBR (Umbria’s native token) to the bridge
UMBR stakers in the pool earn 60% of all fees generated by the bridge, paid every minute in ETH, MATIC, USDC, USDT, GHST, WBTC and UMBR.
There is no lock in period – assets can be unstaked at any time – and no impermanent loss.
Umbria also offers a referral program for projects/platforms integrating its bridge widget.
Umbria docs: https://bridge.umbria.network/docs/
Umbria founding team: https://umbria.network/team/
1 Online Blockchain plc acts as Umbria’s advisor, administrator and co-ordinator
CONTACT: Francesca De Franco PR Consultant 07941253135 francesca -at- onlineblockchain.io