– Approximately 20% APY for ETH liquidity providers on Narni Bridge and no impermanent loss –
Ether (ETH), the native cryptocurrency for the Ethereum Network, can be transferred exceptionally quickly and cheaply cross-chain using Umbria’s Narni Bridge – bridge. umbria.network.
Latest Fintech Insights: The Dummies Guide to Becoming an NFT Millionaire by Crocs League Founder Doctor Troller
The world’s second-largest digital currency by market cap can typically be transferred from the Ethereum blockchain to the Polygon blockchain in less than four minutes, and often at a cost of just $4–$9. This is a fraction of the gas price of other solutions and has led to Narni being adopted by many in the NFT community who had previously been experiencing exorbitant fees.
Users of Umbria’s cross-chain liquidity bridge can also earn a passive income from their $ETH through Narni’s ‘pool and earn’ -This feature enables participants to lend their assets to the bridge, that is become liquidity providers (LPs), to earn interest. LPs receive fees when other users bridge ETH between networks. There is no impermanent loss, as experienced with most other platforms, as only one asset is provided as opposed to a liquidity pair.
Browse The Complete News About Fintech : Rario Launches Marketplace Feature to Allow Users to Buy, Sell and Trade Cricket NFTs
“As a result of the integration of Polygon on the OpenSea platform there’s been an explosion in the number of NFT projects being built on Polygon. This means there’s a massive demand for bridging ETH to the Polygon Network (that is exchanging ETH for WETH) in this space alone,” said Barney Chambers, Co-lead developer of Umbria Network. “It isn’t just the cheap and fast bridging that has got the community excited, the APY for lending the asset is also very attractive. We currently have almost $1.5 million TVL in Ethereum alone on the bridge.”
Read More About Fintech News : Global X ETFs Launches Blockchain & Bitcoin Strategy ETF (BITS)
[To share your insights with us, please write to sghosh@martechseries.com]
