Umbria Partners with Polygon to Leverage DeFi Protocol
– Polygon providing funding, scalability solution, mentorship and marketing support –
Umbria Network, a decentralized finance platform on the Ethereum blockchain – umbria.network, is proud to announce that it will be deploying its suite of applications on Polygon (previously Matic Network).
Polygon – which has vast experience and presence in the DeFi space – provides scalable, secure and instant Ethereum transactions using Plasma side chains and a Proof-of-Stake network. It is one of the most active layer-2 Ethereum scaling solutions in existence today. Its Developer Support Program is designed to help developers overcome difficulties they may face while developing Blockchain-based applications. It helps those building on Polygon to thrive via:
• Early support grants
• Technical guidance from its team and network
• Security audit support
• Marketing and promotional support
• Help with investor connections
The Umbria team has decided to build its applications on the Polygon network due to its EVM compatibility; high speed, low-cost transactions, and overall composability of the network.
The Umbria roadmap outlines a release of its DeFi platform with Polygon side-chain integration on the Mainnet by Q3 of 2021. The DeFi platform recently released its governance token on Uniswap, which will be used to vote on future changes to the protocol.
“We are incredibly excited about our new partnership with Polygon and look forward to collaborating with the team to achieve our common aim of bringing DeFi to the masses by removing barriers to entry,” said Barney Chambers, co-lead developer at Umbria. “The technical and marketing support provided by Polygon will be invaluable in driving Umbria forward with the Polygon blockchain scalability platform making it the perfect solution for us.”
“We are happy to help the Umbria team build their suite of DeFi applications and are excited to partner with them on their journey to mass adoption,” said Arjun Kalsy, VP Growth – Polygon (previously Matic Network).
Umbria is a decentralized protocol, which enables DeFi (Decentralised Finance) applications on the Ethereum blockchain. It aims to demystify and simplify DeFi and get people earning income on their crypto. On the Umbria network, anyone will gain access to a developing suite of services created by smart contracts.
You can buy UMBR on UniSwap and add liquidity to earn fees. A user of Umbria will soon be able to swap tokens and earn interest on their cryptocurrency positions on the Umbria website with other facilities coming online (via developers and community initiatives) which will utilize the Umbria protocol and its utility token. One of the initial features of Umbria is that it will allow users to deposit cryptocurrency as liquidity in AMM (automated market-making) pools to earn fees from token swapping and earn additional Umbria as an incentive for providing liquidity.
UK-publicly listed Online Blockchain plc (LSE:OBC) is acting as Umbria’s coordinator, administrator, and advisor.