Umbria Aurora — October Digest
Things have been hotting up in the space. Reddit introduced millions to Web3 via its Collectible Avatars without ever explicitly mentioning NFTs or crypto, Fidelity Investment’s crypto platform Fidelity Digital Assets now offers institutional clients Ethereum trading, ETH has had a mini rally in the last couple of weeks and Umbria’s been continuing its crusade to save everyone time and money.
Here’s what’s been happening…
Bridge $USDT between Ethereum and BNB
With Binance ending support for trading USDC on its platform, we added USDT as an asset for our Binance bridge.
🌐 https://bridge.umbria.network/bridge/ethereum-bsc/usdt
You can now bridge $USDT between Ethereum and Binance Smart Chain exceptionally cheaply and quickly with Umbria’s Narni Bridge. You can also stake it in the Ethereum/BNB Chain liquidity pool.
Check out all the staking pools 👉 https://bridge.umbria.network/staking-pool/
Umbria x Optimism Demo Day
Dev Barnyard shared the stage with Open X Swap, ShineDAO and DefiEdge for a very well attended and engaged Demo Day on Optimism’s Discord.
He did a great job showcasing Umbria’s key features with a brilliant demo of transferring ETH from the Ethereum Network to Optimism.
📣 It took just over one minute and cost only 49c!!
Dev Barnyard then gave a quick rundown of the Narni Bridge’s Pool & Earn feature.
The liquidity required to facilitate the movement of assets across our bridge is community driven; any community member can stake supported assets in the staking section of the Narni bridge and earn fees with no impairment loss. He explained that if you stake Ethereum, you’ll receive Ethereum back, if you stake USDC, you’ll receive USDC back as a reward etc. He saved the best for last and highlighted the huge benefits of staking our $UMBR governance token:
If you stake Umbria though you’ll receive your share of 0.3% fees of ALL assets that go through the bridge. So as an Umbria staker, you receive ETH every time someone bridges ETH, you receive USTC every time someone bridges USTC and you receive Wrapped Bitcoin anytime someone bridges that.
That’s a lot of fees!
Watch the full video below 👇🏻
Umbria Highlights Security Credentials
In the wake of further high profile blockchain attacks, we published an explainer about the Narni Bridge’s security features.
The bridge oracle inherits the cryptographic security of the underlying blockchain network and listens exclusively to network activity, honouring the underlying network’s consensus mechanisms — it CANNOT be triggered externally and has no direct interface with users.
Security features:
- No front-facing websites that connect to our oracle service
- Oracle only performs events based on confirmed blockchain transactions
- We are audited by Certik
Find out more here.
Dev Corner
Work is afoot on our Oracle V2, this is an ‘any to any’ bridge, which means we’ll be able to facilitate asset transfers between any of the networks we support. For example Polygon to Binance Smart Chain or Fantom to Avalanche.
Keep checking in on our Discord for the very latest progress updates. This will be BIG. 🚀
The Word is Getting Out…
We’re really getting embedded into a number of different ecosystems, a fact that is increasingly being recognised across the space. Our Arbitrum, Fantom and Optimism bridges have been heralded across social media this last month.
Polygon Re-cap on Our AMA
Every month, Polygon hosts AMAs to highlight and showcase exciting projects within the Polygon ecosystem. Last month was our turn, and Polygon gave a handy recap ICYMI.
You can read more and view all the videos of the featured projects below.
Reddit Boost
Reddit did a fantastic job in introducing millions to Web3.
Dev Barnyard talked to The Block about how the company has successfully leveraged its existing community, removed the crypto jargon (eg ‘digital collectibles’ v NFTs) and made some shrewd decisions about deployment.
Reddit’s Collectible Avatars have proved to be an easy-to-understand and fun introduction to NFTs and cryptocurrency for their users.
The team behind the collection took a risk when they decided to launch on Polygon, but their initial success suggests that they made the right decision when choosing, which blockchain to deploy their collection on. Polygon’s low cost to transact and high throughput availability has no doubt made it easier for the Reddit community to interact with Reddit’s NFT offering.
Read the full piece below.
Thanks also to our community who introduced lots of Redditors to the Narni bridge for the fastest, cheapest Ethreum to Polygon bridging.
Community content
Thanks to nakamu ⌐◨-◨ for this great explainer on bridging between Polygon and Ethereum using Umbria’s Narni bridge.
For you non-Japanese speakers, Google translate does a fine job :-)
Check out more from his site here: https://nakamu-challenge.com/
Fantom Foundation — Michael Kong, CEO interview
Umbria consultant and Financial Fox host Stefania Barbaglio talks to Michael Kong, CEO of Fantom Foundation (one of our partners). After explaining more about Umbria’s Fantom bridge, the pair discuss what differentiates Fantom from other blockchains and some of its novel use cases from insurance to smart cities and supply chain.
Watch the full interview here: https://youtu.be/d1UuuwYkomw
Dates for your diary
We have a Twitter Spaces AMA with Fantom CEO, Michael Kong on November, 11th at 1pm ET. Keep an eye on our socials for the link.
🎙Our AMA with Arbitrum is now on December, 1st at 11am ET. Stay tuned for further details.
Until next time…
The Umbria Team 🚀
