LONDON, May 11, 2021 /PRNewswire/ -- The first phase of
Umbria Network's DEX development has been completed.
The DeFi protocol's trading platform is fully functional with
asset swaps and liquidity provision both successfully tested.
Umbria - https://umbria.network/
-, which was recently mapped on Polygon (formerly Matic), will
enable its users to benefit from fast, fractional cost transactions
when using its developing suite of features. On testing, the
transaction fees for swapping ERC20 tokens were less than
$0.001. The Layer 2 DEX is a modified
version of SushiSwap with extra governance features.
The Umbria token list, which
includes the ERC20 assets that users will be able to swap and
provide liquidity for on Umbria DEX, can be viewed here.
The development team is currently building out the user
interface with asset swapping on the Umbria DEX and official
liquidity pools (that will provide bonus UMBR for liquidity
providers) scheduled for Q3 of 2021, which is in line with its
The next farm - https://farm.umbria.network/ - on the
Umbria platform will be on Polygon
chain and will be for the UMBR-MATIC liquidity pair. It will work
in a similar way to Umbria's
existing Ethereum farm but fees to enter and exit will be much
lower. The team will continue creating farms with the most
favourable APY possible.
"We're very pleased with the liquidity we're seeing for UMBR-ETH
and we will enable people to easily migrate this liquidity directly
from Uniswap onto the Umbria DEX," said Oscar Chambers, Co-lead developer of
Umbria. "There are many developments and features in the
pipeline, which will get our community excited. Fast, low-cost
transactions and attractive APY are key for the project."
See the latest data on UMBR on CoinMarketCap and CoinGecko:
Head over to the Umbria
Discord channel, Telegram, Instagram, Twitter, Facebook or LinkedIn
to find out more about the project. Become part of the
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. Using cutting
edge-layer two technology developed by Polygon, Umbria is developing a suite of popular DeFi
features at fractional on-chain cost of many current DeFi platforms
with greater transaction speed (while maintaining all the
cryptographic security provided by Ethereum).
Umbria is available on Uniswap
and users can add liquidity to earn fees. The first Umbria Farm
went live on March 26th,
2021. 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 utilise the Umbria protocol and its governance 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. The Umbria governance
token will also enable users in the network to take control over
decision-making and have voting power over the development and
governance of Umbria's
UK-publicly listed Online Blockchain plc (LSE:OBC) is acting as
administrator and advisor.
Francesca De Franco
+44 794 125 3135.
SOURCE Online Blockchain plc