Umbria Network Launches Polygon Chain DEX and Farming
By Juan Mende.
Umbria’s decentralized exchange launched its DEX Layer 2. The implementation immediately provides liquidity to the system and enables fast and low-cost exchanges.
The Umbria Network, a global payment network that consists of software, smart tokens, and a liquidity pool built on the Polygon Layer 2 decentralized exchange protocol (formerly Matic) will provide liquid DEX services to scale payments and transactions.
The URL https://matic.umbria.exchange it’s available to the public since May 21.
UMBR-MATIC will be the first blockchain group on the platform. Other projects from prominent groups will be added shortly after.
Anyone can create commercial pairs in order to trade and provide liquidity to groups. Users can enumerate any ERC20 token that is on Ethereum and the Polygon mapper, as well as any ERC20 contract that is implemented in the Polygon cadena and provides liquidity, if an activity does not appear on Umbria DEX. Interchanges of instantaneous activities will be possible as a result of this.
To get more $UMBR, holders of UMBR-MATIC LP tokens can add them to the new farm, which is also available on the Polygon network and will be available on May 21. This is a portion of the token generated every minute, based on the amount staked. The team hopes that this will be one of Polygon’s top farms in terms of annual return (APY).
“It was a focused time of work and we are thrilled to be able to produce ahead of schedule the first features of our Layer 2 DEX and our first Polygon farm.”— Barney Chambers
The latest farm is working similarly to Umbria’s current UMBR-ETH farm – which still has an APY of over 1000% accessible and launched – but the costs for entry to and leave are substantially cheaper. Soon, farming will expand to more fascinating and unusual liquidity pairings that are not represented on other DEXs.
Starting May 21, anybody may easily configure their MetaMask ticketing system and connect to MATIC Mainnet to have access to Umbria Layer 2 Farm and Exchange, by clicking here: https://umbria.network/connect/
Barney Chambers, co-lead developer for Umbria stated that “It was a focused time of work and we are thrilled to be able to produce ahead of schedule the first features of our Layer 2 DEX and our first Polygon farm,”. And added: “Our community’s reaction has been wonderful, and we would like to thank them and Online Blockchain plc for their continuous support and contribution to the Umbria project.”
More information about the project
Umbria is a decentralized protocol that is creating low-cost and easy-to-use DeFi applications by leveraging Layer 2 technology on Ethereum.
It aims to demystify and simplify DeFi and get people accessing innovative financial services and products as well as earning income on their crypto. Using cutting edge-layer two technology developed by Polygon (formerly Matic), 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 forking the best features of current DeFi projects and simplifying the over-complicated user-experience, which currently acts as a barrier to entry for those with limited experience and knowledge of cutting-edge cryptocurrency technologies.
The Umbria governance token is available on Uniswap where users can add liquidity to earn fees. They can stake their Uniswap LP tokens in the Umbria Farm, which is currently paying 196% APY (as of May 12th, 2021).
The Umbria 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 protocol.
Umbria Network’s Layer 2 DEX is in alpha and fully functional. Users will soon be able to deposit cryptocurrency as liquidity in liquidity pools to earn fees from token swapping and earn additional Umbria as an incentive for providing liquidity to certain pairs.
UMBR latest data on Coinmarketcap and Coingecko
By Juan Mende
📈 Juan Mende is a technology, blockchain, and crypto enthusiast. It has worked as a lawyer with special expertise on intellectual property and subsequently as a digital marketing specialist developing and editing content in several digital projects. Currently, he is the editor at Cryptopress, as well as a marketing manager for DiarioBitcoin.com and ComparaCripto.com.