Add GHST stake to the Umbria Narni Bridge: A proposal to benefit the Aavegotchi community
The Umbria Narni Bridge implemented the Aavegotchi GHST token back in early October (find out more here), and facilitates cheap migration of $GHST between the Ethereum and Polygon networks. Anyone using Narni will know how much cheaper and faster it is compared with the official Polygon bridge.
Current functionality for $GHST holders
Presently, the Umbria Narni bridge protocol can bridge a maximum of 20% of its total GHST liquidity per bridging event. For example, with $100k of GHST tokens in one side of the pool, the bridge can migrate a maximum of $20k of GHST per single transaction.
Currently, there is approximately $14,000 of GHST tokens on each side of the bridge, which is mostly funded by the Umbria team. This enables Narni to be able to bridge a maximum of $2800 of GHST tokens per transaction. Whilst this will be plenty for many, there are some users who want to bridge much more in a single transaction.
The proposal and its benefits
Umbria proposes that the Aavegotchi DAO adds $100,000 of GHST to each bridge pool (that is the Polygon and the Ethereum side). There are a few advantages for doing so:
- The Aavegotchi DAO will earn a 0.2% bridging fee whenever anyone uses the bridge to migrate GHST tokens between Ethereum and Polygon. So across time, the Aavegotchi DAO will make money. If the Narni bridge ever becomes an unnecessary solution, the Aavegotchi DAO can easily remove its liquidity and enjoy the profit.
- Transactions up to approximately $21,000 of GHST will be possible.
- The Aavegotchi community will learn about the other uses of the Narni bridge — ie it enables migration of numerous digital assets for a fraction of the gas price of other solutions.
- ETH average cost $4 — time 4 minutes compared to > 1 hour
- USDT average cost $9 — time 4 minutes compared to > 1 hour
- USDC average cost $9 — time 4 minutes compared to > 1 hour
- MATIC average cost $9 — time 4 minutes compared to > 7 days
4. Unlike other bridges, Umbria Narni bridge has a dedicated discord support team who have an excellent reputation for speedily resolving any issues, and guarantee transaction resolution in the event of an unforeseen error.
We’re nearly at a quorum and would love you to to approve this DAO proposal and push it over the finish line so that the Umbria platform can improve the user experience for the Aavegotchi community.
👉 Vote HERE
The Umbria project including the Narni bridge is administered, coordinated and advised by UK publicly-listed company Online Blockchain PLC.
Any questions? Please head to the official Umbria discord channel https://discord.gg/Epse2vauA8