Online Blockchain Plc USDC Is Latest Asset To Be Added To Umbria Cross-Chain Narni Bridge

$1 million Total Value Locked in Narni pool and increasing rapidly

Umbria Network’s Narni Bridge can now send $USDC between the Ethereum and Polygon networks groundbreakingly quickly and cheaply.

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The popular stablecoin can be migrated cross-chain in under four minutes and typically for less than $10 in gas fees – bridge.umbria.network. $USDC holders can also lend their tokens (provide liquidity) to the bridge in the protocol’s Pool and Earn staking feature to earn APY (https://bridge.umbria.network/pool/). These liquidity providers receive fees when other participants bridge USDC between networks.

The recent addition of ETH to the bridge has made waves in the DeFI community. The gas fees for transfer of the asset from Ethereum to Polygon network are exceptionally low and can even be sub $2. Current ETH liquidity providers have been earning up to 99.99% APY by lending the asset to the bridge. ETH currently accounts for over two-thirds of the total value locked.

“Stablecoins are a particularly exciting proposition on the Narni Bridge as these assets traditionally attract nominal APY. However, as USDC and USDT are frequently bridged, we expect that they will soon be accruing higher fee generation and rewarding liquidity providers far more than we are used to seeing,” said Oscar Chambers, Co-lead developer of Umbria.

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