Now Available on Umbria Network
– DeFi protocol expands assets on its cross-chain Narni bridge –
USDT can now be migrated cross-chain almost instantly and at minimal cost using Umbria’s Narni Bridge – bridge.umbria.network.
In addition to bridging the stablecoin quickly between the Ethereum Mainnet and Polygon network with extremely low fees, users can lend their USDT to the bridge in a system called pooling and earn APY (a return similar to interest on deposits). With Narni’s ‘pool and earn’ feature (https://bridge.umbria.network/pool/), liquidity providers receive fees when other participants bridge USDT between networks. Stablecoins are expected to accrue higher fee generation because of their popularity and uses.
Using the Narni bridge, it takes an average of 47 seconds at an average cost of just $2.80 to transfer USDT from the Ethereum network to the Polygon network (formerly Matic). Transferring USDT from Polygon to Ethereum takes an average of two minutes 12 seconds and costs on average $5.62. This is groundbreakingly quick and inexpensive with other methods costing many times more and taking much longer.
“With Narni, it’s a lot easier for people to use their crypto assets across different networks, and the addition of USDT is another milestone,” said Oscar Chambers, Co-lead developer of Umbria. “We’re going to be rapidly introducing other assets with an initial focus on stablecoins. We are already seeing the staking feature of the Narni Bridge attracting yield farmers to provide valuable liquidity to bridge the Matic and Ethereum communities and in return provide themselves with a lucrative return on their crypto.”
For more information about the bridge see the Umbria documentation page: bridge.umbria.network/docs and for feedback, questions and the very latest news about the Narni Bridge please head to our Discord channel.
