Umbria protocol, a decentralised protocol that builds Defi apps on the Ethereum network, has announced that it has completed the development of its first phase of the DEX platform.
Asset swaps and liquidity provision have been fully tested and it can be accessed at their website. It should be noted that Umbria had planned the building of its apps and platform on the Ethereum network but it has recently mapped on the Polygon network. Though this network also depends a lot on the ETH blockchain, Polygon helps to reduce the transaction fees.
Transaction fees, or gas fees as it is known in the blockchain circles, has shot up on the ETH network over the last few months as more and more Defi apps and protocols get built on ETH. The increase in the transaction fees has made it difficult for newcomers to start building on the ETH blockchain and it is seen that they are being driven away.
BSC and other such similar protocols have also sprung up as competitors to the ETH blockchain and they boast of much lower fees. An interesting alternative to all this is the Polygon (formerly Matic) network that sits on the ETH network but still manages to process transactions at a cost that is a fraction of what is there on ETH.
This has led to many of the Defi apps like Aave to shift to Matic in recent months and Umbria has followed suit as well. The Umbria UI for asset swapping and official liquidity pools are expected to be released in Q3 of 2021.
They have also announced that their next farm would be on the Polygon chain and would work in a very similar way as to their current Ethereum farm but with much lower entry and exit fees as it is being developed on the Polygon chain.
“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,” said Oscar Chambers, Co-lead developer of Umbria. “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.”
Umbria is currently available on Uniswap and they are now pushing ahead to have a place of their own in the Defi world. The Defi farms are the rage right now and it is only natural that many of the platforms that were piggy backing on others would want a place of their own.