Umbria Token Fully Compatible with Polygon’s Layer 2 Chain
– Unlocks low transaction fees, fast block times and other innovations of Polygon –
The Umbria governance token (UMBR) has been added to Polygon’s token mapper paving the way for key Umbria DeFi developments on Layer 2.
Umbria Network (https://umbria.network/) can now create a suite of applications on Polygon, which will be part of the Umbria ecosystem. Polygon – formerly Matic – provides scalable, secure and instant Ethereum transactions using their plasma proof of stake chain. Users of Umbria Network will be able to benefit from the fast, low-cost transactions (two second blocks with approximately 1c transaction fees) and heightened user experience that it affords.
Umbria will start developing its Decentralized Exchange’s (DEX) features on Polygon’s chain and can now fulfil bounty programs and airdrops and create farms and other DeFi products within a faster and cheaper environment.
“Token mapping of Umbria on Polygon PoS chain opens the door for our development on Layer 2 and a range of exciting opportunities for the Umbria protocol,” said Barney Chambers, co-lead developer at Umbria. “Polygon have been instrumental in helping drive the project forward and the next few months are going to be filled with exciting innovation.”
“We’re pleased to welcome Umbria’s ecosystem of DeFi products to Polygon, and we look forward to demystifying DeFi and making it accessible for the next wave of users in collaboration with Umbria,” said Arjun Kalsy, VP Growth – Polygon (previously Matic Network).
See the latest data on UMBR on CoinMarketCap and CoinGecko:
https://coinmarketcap.com/currencies/umbria-network/news/
https://www.coingecko.com/en/coins/umbria-network
Head over to the Umbria Discord channel, Telegram, Instagram, Twitter, Facebook or LinkedIn to find out more about the project. Become part of the journey.
About Umbria
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 protocol.