Umbrella Network Announces ETH/BSC Token Bridge
Umbrella Network’s Token Bridge will support the bidirectional movement of $UMB tokens across Ethereum and Binance Smart Chain.
Umbrella Network is pleased to announce the launch of our in-house developed ETH-BSC Token Bridge. This shall enable seamless transfers of $UMB tokens across the Ethereum and Binance Smart Chain Blockchains.
Check it out live — bridge.umb.network
As Umbrella Network continues to expand support across additional Blockchains, such as 0xPolygon, Solana, and others (see roadmap here), the functionality of the Token Bridge shall be enhanced to include seamless transfers of $UMB tokens with those chains as well.
Why Did Umbrella Network Build its own Token Bridge?
Umbrella Network, as a decentralized layer-2 blockchain-agnostic oracle, will have $UMB token holders across multiple Blockchains such as Ethereum, BSC, Solana, Polkadot, AVAX, Cardano, and 0xPolygon, to name just a few, as it continues its march to become multi-chain interoperable.
Decentralization and robust community validation, irrespective of the Blockchain where $UMB are held, requires the implementation of asset bridging to enable $UMB holders to be able to move their tokens across blockchains — seamlessly.
What’s new in Umbrella Network’s Token Bridge?
Many of the existing token bridges existing today implement centralized vaults that could and did serve as targets for hackers looking to exploit system weakness.
Umbrella Network’s Token Bridge implements new architecture that introduces new concepts such as ‘home chain’ and ‘foreign chain’. The only way to communicate with the bridge is via smart contracts which will help bolster the security of the token bridge.
Can 3rd-party tokens use Umbrella Network’s Token Bridge for transferring their own tokens?
Currently, the initial version of our Toke Bridge will only support the $UMB token, but there may be plans in the future for the potential addition of other tokens.
What are the benefits to the community from Umbrella Network’s Token Bridge?
First and foremost — security. The immediate reason that necessitated the development of our token bridge was to bring the development and control of capability in-house, where Umbrella can audit and maintain the security of the bridging solution without having to rely on third parties, and the potential security risks that come with it.
Secondly, yields, transaction times, and staking rewards across various Blockchains are different. Thus, if you want to switch a part (or all) of your holdings across different chains, you should be able to do that — without having to route your funds via centralized exchanges.
Finally, running a validator node on one Blockchain would have a completely different set and amount of costs when compared to other Blockchains. Additionally, the programming language prowess required to run a node on one Blockchain would be different than the other. Thus, seamless transfer across Blockchains gives $UMB token holders equal opportunity to become a community validator, irrespective of the Blockchain of their choice.
On the bylines of the bridge launch, Sam Kim, Senior Advisor at Umbrella Network said,
“As a layer 2 solution Umbrella Network strives to be Blockchain-agnostic and our token bridge is a testament of our commitment to be multi-chain interoperable. Users can now switch their $UMB across chains, in a patently decentralized manner.”
Umbrella Network’s President, John Chen said,
“Our token bridge is not just a major engineering achievement, but was also designed and built in record-time to enable our $UMB token holders on both ETH and BSC to have the freedom and flexibility to move their tokens. This is just the first step, with more enhancements and development planned in the future. Our engineering team has done an amazing job getting an efficiently designed, secure and audited token bridge out to market for the community.”
Roadmap of Future Updates for Umbrella Network’s Token Bridge
Umbrella Network’s initial Token Bridge will support the bidirectional movement of ERC20 $UMB tokens and BEP20 $UMB tokens.
Future versions of the bridge may add functional support for additional tokens, blockchains as well as different token types, so stay tuned!
About Umbrella Network
Umbrella Network is a scalable, cost-efficient, and community-owned oracle for the DeFi and blockchain community. Its Layer 2 technology uses the latest advances in Merkle tree technology to write multiple data points on a single on-chain transaction, allowing for the batching of data to smart contracts accurately, securely, and inexpensively.
Umbrella believes a community-owned oracle is not only possible but essential to creating a truly decentralized financial system.
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