The Future of Cross-Chain Bridge
What is a Cross-chain bridge?
Why cross-chain bridging is essential in the crypto world?
As many numbers of cryptocurrencies are getting introduced worldwide, the biggest problem of the blockchain was the inability to work together. By default, independent blockchains are unable to communicate with each other. Each network uses different algorithms, address formats, and architecture.
for example-If, you have ETH but you want to interact with a dApp built on Solana, you’ll have to convert ETH to SOL on a centralized exchange like Coinbase or Binance and send the resulting tokens to your Solana wallet address.
What is a Cross-chain bridge?
This is a system that allows users to transfer by enabling token transfers, smart contracts, and data exchange in different blockchains without compromising on security.
Polkadot was designed as an underlying infrastructure to realize the kind of scalability, interoperability, and security needed to enable the multichain future, allowing diverse layer-1 parachains to interact and communicate with each other within the ecosystem. But Polkadot also allows parachains and external networks like Bitcoin or Ethereum to interoperate via bridges. Several bridges have already been developed or are currently being developed to connect Polkadot with such external networks. Because Polkadot was designed to minimize mediation in digital systems, trustless bridges are generally preferred within the ecosystem.
Umbria Narni bridge
The Umbria Narni bridge is a cross-chain asset bridge, enabling the migration of assets between cryptocurrency networks. Users can seamlessly move their assets across chains using the Narni bridge’s liquidity bridging model. Bridging is incredibly quick and incurs extremely low fees in comparison to validator-driven bridges.
The Umbria ecosystem, built on Polygon, has three major protocols:
- A Cross-chain Asset Bridge: enables the fast and cheap transfer of assets between otherwise incompatible blockchains and cryptocurrency networks.
- A Staking Pool: users can earn interest on their crypto assets by providing liquidity to the Narni bridge
- A Decentralised Exchange (DEX): an automated liquidity protocol powered by a constant product formula, deployed using smart contracts, and governed entirely on-chain. Provides fast and cheap token swapping
The Narni bridge supports a distinct set of assets on a distinct set of networks
Why Umbria narni bridge is Cheapest and Fastest Cross-chain Bridge?
Umbria Network’s Narni bridge is a capital-efficient, multi-chain asset bridge, which enables the quick, cheap, and easy migration of crypto assets between different blockchains. It currently facilitates the fastest and cheapest bidirectional bridging between the Ethereum Mainnet and Binance Smart Chain, Polygon, Avalanche (AVAX), and Fantom (FTM); Arbitrum, Solana, and Cardano are coming online soon with more Layer 2 networks and Ethereum scaling solutions in the pipeline.
- Liquidity lending protocol helps to decrease the cost of transferring funds between chains in comparison to traditional validator-driven mint/burn, lock/unlock bridges.
- Once per hour the fee rewards are automatically added to the liquidity providers’ staking balances. This causes staking balances to auto-compound and accrues a greater proportion of the total pool fee rewards over time.
cross-chains are growing rapidly as they help to resolve scalability issues between different blockchains communication.
Also, a project like Umbria continues to enhance its presence in the field with further collaborations. Its latest partners (detailed below) endorse the Narni Bridge and promote it to their communities for bridging crypto.
- Umbria network whitepaper
- case study;- bridge ETH from Ethereum to Polygon