Umbria Network launches DEX and farming on Polygon Chain
Umbria’s Layer 2 DEX is going live on Friday, 21 of May and will enable fast, low-cost swaps and liquidity providing.
Users of the DeFi protocol will be able to deposit Umbria’s token UMBR alongside MATIC in liquidity pools on the Umbria DEX. In return for providing liquidity, they’ll receive LP tokens and earn additional UMBR and MATIC. Participants will benefit from the fast, inexpensive transactions provided by the Polygon Layer 2 (formerly Matic)
UMBR-MATIC will be one of the initial liquidity pairs on the DEX with others quickly following. Anyone will be able to create trading pairs for swapping and liquidity providing in the pools. If an asset isn’t shown on the Umbria DEX, users can list any ERC20 token that's on Ethereum and the Polygon mapper, and any ERC20 contract deployed on the Polygon chain by providing liquidity. This will enable instant asset swaps.
Holders of UMBR-MATIC LP tokens can add these to the new Farm, which is also on Polygon chain and going live on 21 May, to earn more $UMBR. This is a portion of the one token minted per minute, according to the amount staked. The team is hopeful that this will be one of the highest APY farms on Polygon.
The latest farm will work in a similar way to Umbria’s existing UMBR-ETH
farm – which is still available and launched with an APY in excess of 1000 per cent - but fees to enter and exit will be much lower. Farming will soon be extended to other unique and interesting liquidity pairs not featured on other DEXs.
From 21 May, anyone can easily configure their MetaMask wallet and connect to the MATIC Mainnet.
“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,” says 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.”
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