Wrapped Bitcoin Now Available for Cross-chain Bridging on Narni Bridge
Umbria’s Narni liquidity bridge now facilitates ultra-fast and ultra-cheap bridging of $wBTC between the Ethereum and Polygon networks. The asset has been added alongside $UMBR, $MATIC, $ETH $USDT and $USDC, which can also all be bridged very cheaply and quickly using Narni — https://bridge.umbria.network/
What is Wrapped Bitcoin (wBTC)?
wBTC) is an ERC-20 token - that is an Ethereum-based token — that represents Bitcoin (BTC) on the Ethereum blockchain. It can therefore be used for DeFi applications within the Ethereum ecosystem. wBTC currently has a market cap of $8,934,854,390 making it the 20th highest cap token in the market:
Bridging wBTC with Narni
Using Narni, wBTC can frequently be bridged for $9 or less with the transaction taking approximately 30 seconds. At time of writing (September 30th 2021) the same transaction costs $70 using the Polygon Bridge V2.
Providing liquidity to the bridge
Another considerable advantage of the Narni Bridge is the APY it pays liquidity providers. Its ‘Pool and Earn’ function (https://bridge.umbria.network/pool/) enables users to lend their wBTC to the bridge and earn APY when other participants bridge wBTC between networks.
ETH, which was launched a couple of weeks ago on Narni, has been paying current liquidity providers up to 99.9% APY on their asset. We’ll be updating you on wBTC’s APY soon.
We’ll be adding more chains shortly and are looking forward to introducing the Binance, Solana, Avalance and Kucoin communities to the Umbria Network eco-system.