Ethereum

Umbria launches AVAX Cross-Chain Bridge Solutions, Claims Tech Is 90% More Affordable Than the Alternative

Umbria Launches AVAX Cross-Chain Bridge Solution, Claims Tech Is 90% Cheaper Than Alternative

On Tuesday, Umbria announced the launch the Narni cross-chain Avalanche Bridge. Umbria says the bridge is 90% cheaper than the official Avalanche bridging solution allowing users to move ether between the Ethereum blockchain and the Avalanche network.

Narni Cross-Chain Bridge Adds Avalanche Solution

During the last two weeks the price of avalanche (AVAX) has increased 33.4% and this week, AVAX made its way into the top ten crypto positions in terms of market capitalization. As far as the total value locked (TVL) in decentralized finance (defi) is concerned, the Avalanche network has 169 defi protocols with $10. 97 billion in value. In addition to the increase in AVAX value, this week Umbria network revealed the new Narni cross-chain Avalanche bridge.

Umbria Launches AVAX Cross-Chain Bridge Solution, Claims Tech Is 90% Cheaper Than Alternative — The Avalanche defi ecosystem has the fourth-largest TVL with $10. 97 billion locked on February 17, 2022.

Cross-chain transfers between Ethereum and Binance Smart Chain or Polygon were already possible with the Narni bridge. Narni’s bridge to Avalanche, which is also cheaper than the AVAX bridge, is also available. Umbria states that the cost of transferring leverage Narni is $2. 43 while the official AVAX bridge is $27. 62 per transfer. The estimated rate provided by Umbria is 91. 20% cheaper and instead of ten minutes using the official AVAX bridge, a Narni transaction is less than three minutes.

“It can be challenging to get new crypto users on Avalanche because of the technical difficulties and lack of knowledge, long transaction times and prohibitive fees. “Our bridging protocol eliminates these barriers, which ultimately increase access to Avalanche project from Ethereum,” Barney Chambers (co-lead developer, founder of Umbria Network), explained during the announcement.

During the last 12 months, cross-chain bridge technology has grown a great deal. Statistics show that the aggregate total value locked in cross-chain bridges with Ethereum is $25. 45 billion and the TVL has increased 14.7% in the last 30 days. Avalanche bridge metrics show $6.1 billion TVL, according to data stemming from Dune Analytics. The Umbria network, which is built on Polygon, offers a staking pool as well as a decentralized exchange platform (dex), in addition to Narni’s cross-chain bridge.

This story contains tags

Avalanche, AVAX, AVAX Bridge, cross-chain bridge, Dune Analytics, Ethereum, Narni, Narni Bridge, Narni cross-chain bridge, Polygon, Umbria, Umbria network

What do you think about the Narni bridge adding Avalanche support for cross-chain transfers? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Ethereum

Ethereum Layer 2 Arbitrum One Surpasses 1 Billion Transactions

Arbitrum One, the Ethereum Layer 2 optimistic rollup, has surpassed 1 billion transactions this week. This feat was accomplished by Arbitrum One within three years of its mainnet launch in August 2021.

As of October 1st, Arbiscan recorded a total of 1.003 billion transactions.

In comparison, Coinbase’s Layer 2 network, Base, has logged 755 million transactions so far, while OP Mainnet trails with 347 million.

Notably, Arbitrum One also leads in total value locked (TVL) among Layer 2 solutions, currently sitting at $14.3 billion, with Base at $7.32 billion and OP Mainnet at $6.57 billion, according to the data compiled by L2Beat.

Earlier last month, stablecoin issuer Paxos announced its plans to launch its products on Arbitrum One. The main objective behind the partnership is to further institutional integration onto the Arbitrum network and bring real-world assets on-chain.

Via Arbitrum, the company intends will tap into Ethereum’s deep liquidity at higher speeds and low cost and engage Arbitrum’s active DeFi ecosystem.

While weighing on choosing Arbitrum One as the first Layer 2 chain to integrate with Paxos, Walter Hessert, the company’s Head of Strategy, commented,

“We are excited to partner with Arbitrum to bring more real-world assets on-chain. Arbitrum is known for its speed, security and scalability, which is critical to driving long-term adoption of digital assets across industries. In the next three years, the adoption of stablecoins by both retail and institutional users will explode and Paxos will drive that paradigm shift.”

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Ethereum

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Ethereum

Coinbase Sees Strong Q4 for Bitcoin, Fueled by US Rate Cuts, China Stimulus

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