Online Blockchain plc: Cheap, Fast and Easy Bridging of Aavegotchi's GHST Token on Umbria Network

Umbria Network's Narni Bridge now supports the cross-chain migration of Aavegotchi's GHST token between the Ethereum and Polygon networks.

Online Blockchain plc: Cheap, Fast and Easy Bridging of Aavegotchi's GHST Token on Umbria Network

GHST tokens are used to buy DeFi-powered 'Gotchi' avatars – playable NFTs – and other goods in the popular Aavegotchi game, which is integrated into the AAVE DeFi platform. With the Narni Bridge, GHST can be transferred for less than half the price and 10 times faster than is possible with the current bridging solution used for Aavegotchi.

Another key benefit for GHST holders is they can earn APY by lending their asset to the Narni Bridge in a system called pooling - https://bridge.umbria.network/pool . In return for 'staking' in the pool, liquidity providers earn a 0.2% fee whenever other users bridge the GHST token between networks. The pool pays the GHST token to liquidity providers (with no impermanent loss) in a scenario similar to a traditional farm. Their rewards are auto-harvested every five minutes and there is no lock-up period meaning tokens can be un-staked at any time. The APY for current GHST liquidity providers has been up to 255%.

Find out more here: Umbria Narni Bridge x Aavegotchi: First Look

There are extra earnings on offer for those who have staked UMBR ( Umbria's native governance token) in the bridge. These liquidity providers receive their share of 0.3% of all fees generated across all assets on the bridge – including GHST - for the network to which they provided the UMBR liquidity. This affords the opportunity to generate passive income on all tokens available on Narni. These rewards are added to the staking balance of each token on the respective network.

"The intersection of DeFi, gaming and NFTs is an exciting and growing area. It creates yet more demand and opportunity for the Narni Bridge and the ultra-fast and cheap bridging it provides," said Oscar Chambers , co-lead developer at Umbria Network. "We've already seen major adoption from NFT communities such as Zed Run and we're now delighted to be working with Aavegotchi to deliver a superior user experience to their community."

"The timing of this couldn't be better. Umbria's solution represents a huge improvement for bridging GHST at a time when we are focusing a lot of energy on also making our Aavegotchi NFTs multichain," says Aavegotchi summoner Jesse Johnson .

About Umbria

https://umbria.network/

Umbria is a Decentralised Finance protocol, which is demystifying and simplifying DeFi and getting more people earning greater income on their crypto.

The Umbria ecosystem has two major components:

A Decentralised Exchange (DEX ) - an automated liquidity protocol powered by a constant product formula, deployed using smart contracts and governed entirely on-chain.

The DEX facilitates token swaps and powers an UMBR farm, which pays liquidity providers to the DEX in UMBR ( Umbria's native governance token).

A Cross-chain Asset Bridge – Umbria's Narni bridge enables the seamless transfer of assets between otherwise incompatible blockchains and cryptocurrency networks. Bridging is incredibly quick and incurs extremely low fees in comparison to validator-driven bridges.

UK-publicly listed Online Blockchain plc (LSE: OBC) acts as Umbria's coordinator, administrator and advisor. This provides a level of transparency rare in the DeFi space.

Photo - https://mma.prnewswire.com/media/1656476/Online_Blockchain_GHST.jpg

Media contact:
Francesca De Franco
+44(0) 794 125 3135
francescad@advfnplc.com

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/online-blockchain-plc-cheap-fast-and-easy-bridging-of-aavegotchis-ghst-token-on-umbria-network-301396611.html

SOURCE Online Blockchain plc

News Provided by Canada Newswire via QuoteMedia

The Conversation (0)
NorthStar Gaming Chairman and CEO Michael Moskowitz.

NorthStar Gaming Leverages Content to Create Engaged, Active Players, CEO Says

NorthStar Gaming (TSXV:BET,OTCQB:NSBBF) is leveraging its rich, compelling content to better engage its customers, which ultimately leads to higher revenue, said NorthStar Chairman and CEO Michael Moskowitz, following an earlier announcement that the company is rolling out enhancements to the Sports Insights content on its platform.

“From the time that we founded NorthStar Gaming, we took the view that providing compelling content would lead to higher engagement with our customers,” he said. "And we're finding just that. We're planning to launch Sports Insights 2.0 in the first half of 2024 with redesigned sports and homepages, live scoreboards and tickers, live odds, trending topics and a greater tie-in in terms of the player journey and promotional offers that we provide to them."

Moskowitz noted that leveraging content helps attract new customers, with several media organizations using the company’s content on their own sites. “Ultimately, these articles and this content will help to create awareness around the NorthStar Bets brand and platform, and ultimately drive traffic to our site, which will convert into revenue.”

Keep reading...Show less
hand touching phone

Game-changing Prospects for the iGaming Market

iGaming has grown considerably in recent years. Driven by innovations in web technology and a changing regulatory landscape, online casinos and sportsbooks are more popular than ever.

To understand how the landscape may change moving forward, investors should assess how the industry has evolved in recent years.

Keep reading...Show less
smartphone on podium

Top Trends Shaping the Canadian iGaming Market

From emerging technologies to evolving regulations, the trajectory of iGaming has changed substantially in recent years as the market has experienced significant growth.

In 2022, Ontario's provincial government introduced game-changing legislation that established a regulatory framework for iGaming. Due to this legislation, regulated iGaming successfully displaced the unregulated market, according to Attorney General Doug Downey, creating over 1.6 million active player accounts across more than 70 operator websites as of April 2023 — just over one year following the change.

Ontario's regulation has also laid the groundwork for widespread change in the iGaming space across Canada. As iGaming continues to evolve, it's important to have a deeper understanding of both new and existing trends that will shape the industry's future, as well as regulations.

Keep reading...Show less
NorthStar Gaming Holdings

NorthStar Gaming Holdings


Keep reading...Show less
NorthStar Gaming Announces New Partnership Agreement with BettorView

NorthStar Gaming Announces New Partnership Agreement with BettorView

Partnership strategically positions NorthStar to reach consumers in restaurants and bars across Ontario

NorthStar Gaming Inc. (TSXV: BET) is proud to announce it has entered a partnership agreement with BettorView that will enable NorthStar to engage with consumers in restaurants and bars across Ontario. The partnership provides NorthStar with the opportunity to further expand player acquisition across both sports wagering and online casino in a frictionless and convenient manner.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×