Umbria Network: Simple, fast, low-cost DeFi — The DEX and Farming Edit
The Umbria team is developing a suite of popular DeFi features at fractional on-chain cost of many current DeFi platforms with greater transaction speed all whilst maintaining the cryptographic security provided by Ethereum.
Umbria’s mission — Breaking down the entry barriers to DeFi
Back in 2020, Umbria saw how the accessibility of existing DeFi platforms was limited to the very technically savvy and crypto geeks; those without cutting edge technical expertise where left by the wayside.
The project’s overriding objective is to simplify Decentralised Finance and get people accessing new financial products and services and earning income on their crypto. Umbria aims to provide a friendly entry-point and a seamless and uncomplicated user experience so that anyone can participate in DeFi confidently.
Reducing fees and increasing transaction speed is key — Thanks to Polygon’s Layer 2, Umbria’s users benefit from fast, fractional cost transactions when using its applications. The transaction fees for swapping ERC20 tokens are approximately $0.001, and users can also enjoy trading with no time lag.
- Lack of accessibility for beginners entering the space — Umbria is creating a user-friendly experience so that decentralised finance is open to anyone
- Forking the best features of current DeFi projects — Umbria is a fork of SushiSwap, which has proven to be a popular, beginner entry point into DeFi. Umbria is incorporating the best technologies and features in the space onto a single platform with the aim of unlocking the mass adoption of Decentralised Finance
- Layer 2: removing the cost barriers to entry— Using Polygon’s Layer 2 scalability solution for ultra-low transaction fees and fast transaction speed
- DeFi project trust issues — Umbria has AIM-listed Online Blockchain plc as its co-ordinator, administrator and advisor. This brings a high level of trust, credibility and transparency to the project; something quite rare in the DeFi space. There’s an experienced and very visible team behind the project (see here).
- UMBR-MATIC Farm — Current APY is over 300%
- Maximum token supply of 10 million
Umbria launched its DEX (and MATIC-UMBR Farm) on Polygon Chain on Friday, May 21st, 2021. It facilitates fast, low-cost swaps and liquidity providing.
UMBR-MATIC is one of the unique liquidity pairs available with many more coming imminently.
DEX users can deposit Umbria tokens (UMBR) alongside MATIC in the liquidity pool on the Umbria DEX. In return for providing liquidity, they receive LP tokens and earn additional $UMBR and $MATIC. Because it’s on Polygon chain, swaps and liquidity providing are super-fast and the fees ultra, ultra-low.
Other liquidity pairs
As with other DEXs like Uniswap and SushiSwap, anyone can create trading pairs for swapping and liquidity providing in the pools. If an asset isn’t shown on the Umbria DEX, you can list any ERC20 token that’s on Ethereum and the Polygon mapper, and any ERC20 contract deployed on the Polygon chain simply by providing liquidity. This will enable instant asset swaps.
Umbria DEX aims to be the destination for crypto traders looking for a better, faster, efficient trading experience.
You can add your UMBR-MATIC LP tokens to the farm here to earn more UMBR. This is a portion of the one token minted per minute, according to how much you have staked. Current APY is over 300%, and the team is hopeful that this will stay one of the highest APY farms on Polygon.
The latest farm will work in a similar way to Umbria’s existing UMBR-ETH farm. However, the fees to enter and exit will be next to nothing. Farming will soon be extended to other unique and interesting liquidity pairs not featured on other DEXs.
Go to this page to configure your MetaMask wallet and connect to the MATIC Mainnet and access the Umbria Layer 2 Farm and Exchange in one click.
“This has been a concentrated development period and we’re delighted to be rolling out the initial features of our Layer 2 DEX and our first Farm on Polygon ahead of schedule,” said Barney Chambers, Co-Lead Developer at Umbria. “The feedback from our community has been amazing and we’d like to thank them and Online Blockchain plc in its advisory capacity for their continued support and input for the Umbria project.”
Umbria governance will transition to its Governance Token, known as UMBR, once core features of the Umbria protocol are completed and launched, along with supporting documentation and community adoption. This will delegate voting power across the community and facilitate a completely decentralised governance model, all on-chain. The UMBR token has been distributed from day one, but will adopt the on-chain governance functionality at a later date. Governance will initially be organised using the Aragon protocol, which has quickly become the de facto standard for DAOs (Decentralised Autonomous Organisations).
New features are added regularly and development is pretty much non-stop so keep your eyes peeled. Head over to the Umbria Discord channel, Telegram, Instagram, Twitter, Facebook or LinkedIn to stay up-to-date.
Become part of the journey!
See the latest data on UMBR on CoinMarketCap and CoinGecko: