Polygon (MATIC) and ethereum cross-chain transactions now possible with Narni bridge

Karthik Subramanian

Umbria, a decentralised protocol that is focused on developing DeFi apps using Layer 2 of Ethereum, has announced the development of its Narni bridge, a first of its kind cross-blockchain bridge.

DTCC’s ALERT hits six million instructions

With the growth of the crypto community, we have been seeing more and more blockchains being built and many tokens and projects are being launched on different blockchains. The challenge with these is the transferability and the inter-operability between the various blockchains. It is very difficult to work with different blockchains and it is also very difficult to transfer tokens and coins across the blockchains.

Though there are many bridges in operation and many under development as well, the coverage is still pretty much in its infancy and the ease of use is also a big question. Umbria seeks to fill that gap by building the Narni bridge that would initially enable the transfer of UMBR tokens to the Ethereum and MATIC (Polygon) mainnet. The company also plans to expand this bridge in the later phases to cover the Binance Smart Chain and any Ethereum Virtual Machine compatible chain.

As an example, it can be seen that if anyone wants to move assets from the Polygon (MATIC) network to Ethereum, it takes a lot of time and the transaction costs are also very high. Also, new entrants into the crypto world face a technical challenge as well as the process involves several complex steps. Umbria hopes to overcome all these issues with its Narni bridge by enabling this transfer with just a few clicks so that the wallet can work with multiple chains. It would also suggest the correct configuration of the Metamask wallets so that the assets across different chains can be tracked, the company said.

“The release of Narni will be a watershed moment in providing our community with an improved user experience across our DeFi products and services. Narni will be a hub for transferring between chains and solve the current issue of lack of blockchain interoperability and scalability,” commented Barney Chambers, co-lead and co-founder of Umbria Network. “We are moving towards being blockchain agnostic; ultimately Umbria’s bridge will realise full frictionless interoperability between a universe of chains.”

The company also expects that the majority of the bridged assets to be stablecoins which means that the liquidity providers are likely to earn much more APY than those who do normal DeFi farming.

Another point to note here is the continued growth of the MATIC(polygon) network with more and more developers building on it and for it as well. It is likely to emerge as a strong challenger to the Ethereum network if the ETH network does not pull up its socks and cuts down its gas fees and brings in scalability quickly.

Read this next

Industry News

Celsius $750m insurance claims are fraud, says lawyer seeking EU crypto superfund

“It is an intentional deception in aid of a billion-dollar securities offering.”

Institutional FX

DGCX brokers authorized to provide derivatives trading and clearing services

The DFM is looking to provide multiple asset classes such as; equities, ETFs, equities’ futures, crude oil futures, etc. to meet the growing demand from its diversified base of local and international investors.

Digital Assets

EQONEX leaves “crowded crypto exchange space” amid crypto winter

“The recent extreme market volatility and declining trading volumes have added to the headwinds being felt by exchange operators. We take a realistic view that our exchange will not move the needle for us financially over the near-to-medium term.”

Digital Assets

FTX and Paradigm partner for spreads trading: lower risk, lower fees

“This structured spread trading product is the first that will enable crypto investors to utilize cash and carry trades through FTX and Paradigm.”

Industry News

SEC uncovers online retail brokerage hacking scheme

Fraudsters were able to sell their holdings at artificially high prices and reap more than $1 million in illicit proceeds, the SEC alleged. 

Executive Moves

Cornerstone FS taps James Hickman as CEO

“I see great potential in the business from its proprietary technology to its regulatory permissions. It is already delivering an exceptional service to its SME customers and the scalable platform is ideally positioned to add further product capability.”

Retail FX

FCA warns of Lite Forex Pro as crackdown on clone scams continues

The UK Financial Conduct Authority has put out a press release that warns about a new ‘clone firm’ investment scam impersonating LiteForex‎, which rebranded last year as LiteFinance.

Digital Assets

Novogratz’s Galaxy Digital backs out of $1.2 billion deal to buy BitGo

Crypto merchant bank Galaxy Digital would not move forward with its bid to buy digital-asset custodian BitGo.

Executive Moves

OctaFX elevates Nikolas Charalampous to executive director role

OctaFX has promoted its head of dealing, Nikolas Charalampous, to the role of executive director, which saw the expansion of his day-to-day responsibilities and oversight.