- Summary:
- Decentralized protocol, Umbria Network, has introduced a bridge solution between Ethereum and Fantom. How significant is this?
DeFi-centric protocol, Umbria Network, has launched a Fantom bridge. This will enable direct cross-chain linkage between Ethereum-native Umbria products and the Fantom ecosystem. Notably, this is the third bridge that Umbria has added in the first quarter of 2022. Notably, it will also be the cheapest cross-platform bridge on the network. The new bridge is another essential step to helping Umbria in its mission to simplify DeFi and make it accessible to the masses.
The new bridge, called Narni Bridge, brings a higher efficiency, which is likely to attract more users to the platform. Importantly, it marks a departure from the current set-up whereby Ethereum-native assets have to be packed into Wrapped Ethereum (WETH) before transmission from the Fantom ecosystem to Ethereum. Also, there is a significant variation in the gas fees among the cross-bridge solutions in the market currently.
For comparison, the gas fees breakdown between Multichain bridge and Narni bridge between Ethereum and Fantom is as follows: Multichain bridge transaction from Ethereum to Fantom costs $9.29, compared to using Narni bridge, which costs $6.57. Similarly, a transaction from Fantom to Ethereum across Narni bridge costs $6.66 compared to using the Multichain bridge, which costs $66.74. Furthermore, transactions across the Narni bridge are comparatively faster than on other bridges.
Besides Ethereum, Umbria Network also provides cross-chain interoperability to the Binance Smart Chain Avalanche and Polygon. Moreover, the network has lined up additional bridges to facilitate interoperability among more EVM-native protocols.
Users can earn decent income when they provide liquidity on the bridge. Whenever another user transacts their assets across different blockchain ecosystems using the bridge, the liquidity provider earns 0.2% APY.
About Umbria Network
Umbria Network is a decentralized protocol that facilitates DeFi transactions on the Ethereum ecosystem. Also, it proves cross-chain bridges and aims to simplify and ease access to DeFi across various blockchain ecosystems. It uses its native UMBR token to power its processes and users can earn from transaction fees by supplying liquidity.