Online Blockchain plc, co-ordinator, adviser and administrator for Umbria Network, says the number of bridging transactions recorded on the protocol’s cross-chain bridge have increased by a factor of 10 since September 2021.
Narni – a capital-efficient, multi-chain asset bridge (https://umbria.network) – enables users to move tokens (bridge) between Ethereum and numerous other blockchains extremely cheaply and quickly. Its bi-directional Ethereum/Polygon bridge has seen the highest number of transactions with over 200,000 completed between these two networks since February 2022. Ethereum to Binance Chain bridging has witnessed a recent spike with transactions increasing 10 times since September 2022, whilst Ethereum to Arbitrum bridging volume has tripled in the same period.
The Narni bridge’s highest volume day occurred on March 15th, 2022, when over 2000 bridging transactions were completed. This was related to numerous NFT mints taking place. Umbria has also seen good uptake of itsbridge widget product. The widget can be integrated into a project’s platform as a simple iframe meaning anyone can easily bring the functionality and seamless bridging experience of Narni directly to their community. Additionally, Umbria’s related referral program offers referrers (those integrating the widget) a 0.1% fee for every bridge transaction completed via their widget.
Umbria’s development work is now focussed on its Oracle V2. This is an ‘any to any’ bridge, which when completed will facilitate bi-directional asset transfers between any of the networks supported on the platform. For example, Polygon to Binance Chain, Fantom to Avalanche or Optimism to Arbitrum.
“By using a novel liquidity-provision protocol, the Narni bridge enables users to transfer crypto funds between chains at fractional cost compared with traditional validator-driven bridges. It opens the door to those wishing to engage in DeFi and GameFi applications and NFTs who had previously found bridging between blockchains not economically viable,” said Clem Chambers, CEO of Online Blockchain plc. “Additionally, users of the Narni bridge can put their crypto assets to work and earn fees with no impermanent loss by providing liquidity. This has proved a very popular feature for those looking for real yield.”