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

Digital Assets

Jacobi Asset Management seeks FCA’s greenlight for Bitcoin-pegged ETF

Crypto asset manager Jacobi Asset Management has received a regulatory go-ahead for an exchange-traded fund that seeks to track the price of Bitcoin (BTC) while satisfying the laws in the UK.

Digital Assets

Tether, Bitfinex to pay $41 million fine to end CFTC probe into USDT reserves

The US Commodity Futures Trading Commission (CFTC) settled Friday a nearly two-year investigation into the finances and corporate practices of Tether and Bitfinex.

Retail FX

Cypriot license of Dualix & AGM Markets parent wholly suspended

After several months of pause, the Cypriot authorities is once again flexing their muscles and actively finding compliance irregularities.

Retail FX

CySEC Suspends ‘in whole’ CIF License of Maxiflex Ltd (EuropeFX)

The Cyprus Securities and Exchange Commission (CySEC) today said it has wholly suspended the Cyprus Investment Firm (CIF) License of FX retail brokerage firm Maxiflex Ltd (trading as EuropeFX).

Retail FX

Freetrade celebrates 1 million UK users as trading platform plans to roll out in Europe

Freetrade will soon be launching in Sweden as the trading platform begins to roll out across Europe in 2022.

Industry News

Neteller launches fiat-to-crypto withdrawals 8 months after Skrill

Its sister digital wallet, Skrill, has launched its fiat-to-crypto withdrawal service in February of this year.

Institutional FX

Mexico gets US fractional shares trading via GBM – Drivewealth partnership

Drivewealth is a pioneer in fractional investing and has much to do with the momentum for real-time fractional trading within the industry.

Industry News

Jarden Securities gets slap on wrist from NZ’s FMA for violations prior merger

The regulation allows derivatives issuers to deposit money into the trust account to safeguard against the risk of a shortfall, but the FMA found the OMF did it for business-related payments to third party providers.

Industry News

Plum gets $14 million in funding as it enters race for super app

Plum, a money management app launched in 2017, has announced that it has raised $14 million in its Series A funding round from a host of investors that include Ventura Capital, dmg ventures, Global brain, and others.