Umbria Network partners with Polygon (MATIC) to leverage DeFi protocol
Umbria.Network announced today that it will be deploying its suite of applications on Polygon (previously Matic Network). The partnership will enhance the development of Umbria’s layer-3 decentralised finance protocol.
Polygon is one of the most active layer-2 Ethereum scaling solutions in existence today.
Polygon’s Developer Support Program is designed to help developers overcome any difficulties they may face while developing Blockchain-based applications. Polygon provides support via grants, technical guidance, security audit support, marketing and promotional support, and helping with
WHY WE CHOSE POLYGON…
Right from their inception, blockchains were designed to provide transparent, affordable and accessible financial systems; DeFi builds on this concept, aiming to create financial systems that are universal and fully decentralised. However, there are several technical challenges, such as high transaction fees, that must be addressed so that the DeFi revolution can come into full fruition. Another core challenge for the adoption of decentralised finance is its steep learning curve, which creates a high barrier of entry. We focus on lowering this barrier as much as possible.
Our aim is to create accessible DeFi applications for the mainstream. But it is not all about technology, we also understand the needs of the user community and user experience. This is why we chose to partner with Polygon as a base protocol to create scalable, cheaper-to-use dApps while ensuring a superior user experience in a secure and decentralised manner. Polygon has designed an improvement to the Ethereum protocol to avoid fragmentation and enable interoperability among different networks. The partnership with Polygon enables Umbria to create the best technology to build the next generation of financial infrastructure.
WHAT HAPPENS NOW?
The Umbria Governance Token (UMBR) launched on Uniswap on January 25th. Umbria is a community and open source project, coordinated by UK publicly listed company Online Blockchain plc(LON:OBC), which acts as coordinator, administrator and advisor. This means that Umbria is positioned to be a successful project in the still volatile DeFi space, as the project couples the innovative spirit of the DeFi universe with the expertise and credibility of a well-established experienced tech company.
Online Blockchain has been an innovator and incubator in finance and technology for over 20 years, giving a level of transparency to the Umbria project that is rare in Crypto and DeFi. It is also the sister company of ADVFN PLC, the global crypto and financial data website operator, which boasts 3.1 million unique monthly users. Despite the infant nature of DeFi projects, many are anticipating technical constraints and development problems ahead, thus they are now engaging in implementing
solutions right from the start. This is the case for Umbria. Even though Umbria has just launched its governance token on Uniswap, the team is already seeking partnerships and collaborations to make sure its platform can support an increase in adoption and user demand.
As a decentralised protocol, Umbria is focused on creating accessible applications so that anyone can participate in DeFi confidently. Umbria aims to simplify this process and promises to gain traction amongst anyone looking for a user-friendly way to get into DeFi. More information can be found on Umbria litepaper. The Umbria roadmap outlines a release of its DeFi platform with Polygon side-chain integration on the Mainnet by Q3 of 2021. The DeFi platform recently released its governance token on Uniswap, which will be used to vote on future changes to the protocol. In the near future, you will be able to earn interest as well as Umbria as an added incentive for providing liquidity of ERC20 tokens in Umbria token swap pools.