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

    Fintech

    Nubank makes impressive turnaround, posting $1 billion profit in 2023

    Brazil’s Nubank has made a remarkable turnaround, swinging from a net loss in 2022 to a $1 billion net profit in 2023. The digital bank’s revenues have soared past $8 billion, marking a major milestone in its financial performance.

    Retail FX

    Spanish watchdog warns of UP MARKETS, BITBINX

    The Comision Nacional del Mercado de Valores (CNMV), the financial regulatory body of Spain, announced in a statement that it has added to its warning list new website that are illegally offering financial services to Spanish citizens.

    Digital Assets

    MicroStrategy buys 3,000 more bitcoins, suffers phishing attack

    MicroStrategy, the largest corporate investor in bitcoin, has expanded its cryptocurrency portfolio by buying an additional 3,000 bitcoins for $155 million.

    Crypto Insider

    Saudi Launches World’s First Cultural Metaverse

    The Saudi Ministry of Culture, droppGroup, and Oracle have joined forces to launch the Cultural Universe, the world’s first government-operated national Metaverse initiative.

    Retail FX

    eToro revives IPO plans after failed $10B SPAC merger

    Israeli social trading network eToro is actively exploring options for a public market listing, according to CEO Yoni Assia in an exclusive interview with CNBC.

    Digital Assets

    Meme Coin Communities Gear Up for the CoinMarketCap Crypto Awards

    CoinMarketCap’s Crypto Awards 2024, the first edition of a new annual event, is captivating the global crypto community. This is especially true for the Meme Coin Of The Year category, where voting has become a battleground for the most passionate and vibrant communities in the crypto space.

    Digital Assets

    Sui Recognized as 2024 Blockchain Solution of the Year at AIBC Eurasia Awards

    The Layer-1 Received the Top Honor at the Eurasia Awards While Experiencing a Period of Unprecedented Growth and Recognition

    Crypto Insider

    Vitalik Buterin, Sandeep Nailwal Lead Decentralized AGI Summit, Address Centralized AI Risks at ETHDenver

    Sentient and Symbolic Capital’s Decentralized AGI Summit will feature leading Decentralized AI authorities like Vitalik Buterin and Sandeep Nailwal.

    Digital Assets

    Aethir Unveils Its First Decentralized AI Node Sale

    Aethir, a leader in decentralized GPU cloud infrastructure, has announced its highly anticipated Node Sale.

    <