Umbria activates Avalanche cross-chain bridge ahead of schedule
Umbria has launched the full public use of its highly-anticipated Avalanche bridge a month ahead of schedule.
Users of Umbria’s Narni liquidity bridge can now move their Ether (ETH) between the Ethereum Mainnet and the Avalanche network quickly, and at an approximate 90% discount to the official AVAX bridging solution.
Comparison testing of the two bridges, performed last week, for sending 0.01 ETH from the Ethereum network to the Avalanche network provided the following results:
Narni Bridge – Cost: $2.43; transaction speed: 2 minutes and 42 seconds
AVAX official bridge – Cost $27.62; transaction speed: 10 minutes and 34 seconds
View the comparison video demonstration here.
The Narni bridge already provides the fastest and cheapest bridging from the Ethereum network to the Polygon network and Binance Smart Chain (and vice versa) and will shortly be adding Fantom. A further eight bridges for EVM-compatible chains are planned in 2022 as per the Umbria roadmap.
In addition to transferring assets between these networks, users can provide liquidity to the bridge as a single asset to earn high APY with no impermanent loss. Whenever a participant bridges assets between two cryptocurrency networks using Narni, the liquidity providers receive a share of a 0.2% fee in the native crypto/token they supplied.
“Onboarding new crypto users to Avalanche can be difficult due to the technical challenges and knowledge required, the lengthy transaction times and the prohibitive costs,” said Barney Chambers, co-lead developer and founder of Umbria Network.
“Our bridging protocol removes these barriers, which ultimately increases access to Avalanche projects from Ethereum.
“We’re looking forward to introducing an even wider audience to the Umbria ecosystem and are excited to be moving ever closer to being the hub for the cheapest and fastest cross-chain transactions.”