DeFi Protocol, Umbria Network, has completed the first phase of its DEX development. The protocol's trading platform has enabled functions like asset swaps and liquidity provisions after being tested successfully.
The transaction fees for swapping ERC20 tokens were less than $0.001 while testing, benefitting users with fast and low-cost transactions. The Layer 2 DEX is a modified version of SushiSwap with extra governance features.
What's New At Umbria?
Umbria has listed the tokens which users can trade and provide liquidity for on Umbria DEX. The list of assets includes ERC20, Matic, Aave, Uniswap, Tether USD, among others. The user interface with the asset swap feature on the Umbria DEX is currently in progress.
The official liquidity pool is scheduled for Q3 of 2021, in line with Umbria's roadmap. It will provide bonus UMBR for liquidity providers. The next farm on the Umbria platform will be on the Polygon chain for the UMBR-MATIC liquidity pair.
Lower Fees For Farming
The farm will work similarly to Umbria's existing Ethereum farm. But the fees for entering and exiting the farm will be much lower. The team will continue creating farms with the most favorable APY possible.
Oscar Chambers, the co-lead developer of Umbria, noted,
"We're very pleased with the liquidity we're seeing for UMBR-ETH and we will enable people to easily migrate this liquidity directly from Uniswap onto the Umbria DEX. There are many developments and features in the pipeline, which will get our community excited. Fast, low-cost transactions and attractive APY are key for the project."
New Features Enables The Best Offers For Users
Umbria enables DeFi applications on the Ethereum blockchain. By demystifying and simplifying DeFi, it aims to allow people to gain an income on their crypto. The protocol uses Layer 2 technology developed by Polygon to develop popular DeFi features.
These features are available at a fractional on-chain cost and provide greater transaction speed while maintaining cryptographic security provided by Ethereum. Umbria is also available on Uniswap, where users can add liquidity to earn fees.
Users of Umbria will be able to swap tokens and earn interest with the network's new features. It will utilize the Umbria protocol and its governance token and reward the community through developer and community initiatives.
The initial features of Umbria allow users to deposit or stake crypto tokens as liquidity in automated market making (AMM) pools. Thus, users will earn fees from token swapping and earn additional Umbria as an incentive.
The governance token will allow users of the network to become active community members and control decision-making. It will also enable voting power for the development and governance of Umbria protocol.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.