London, UK, based decentralized protocol , Umbria Network, is launching a Decentralized Exchange (DEX) platform on the Polygon (formerly Magic) blockchain on Friday, May 21st. The Layer 2 DEX platform will enable swap and liquidity providing services at lower fees than current platforms offer.
Announced today – Thursday, the 20th of May – and scheduled to go live on Friday 21st, Defi protocol Umbria‘s Polygon-based DEX will enable users to deposit both, the platform’s native token $UMBR, and host platform, Polyigon’s $Matic token. When the https://umbria.network/ becomes active tomorrow, deposits will be enabled, in order to provide liquidity for the platform.
Users who deposit funds – denominated in the above mentioned assets – will receive UMBR-MATIC LP tokens. Said $LP tokens can be added to the new farming platform, and earn holders a greater $UMBR yield.
The new DEX/Token Farm will be much like Umbria’s existing Defi platform, which saw users earning over 1,000% returns. The only difference is that it leverages the low cost, and speed of the Polygon-chain, while still relying on the Ethereum blockchain’s security. Umbria basically took advantage of blockchain interoperability, to deliver a user-friendly Defi platform.
“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,” said 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.”
It may be too soon to tell but the Umbria Asset’s price – on Uniswap – indicates a possible rally in future. $UMBR looks as though it is about to bust out of a descending triangle pattern. Time will tell if the token sees more demand, as the token is down 17% at time of writing – valued at $1.24.
Polygon’s $Matic, on the other hand, is up 18% at time of writing, valued at $1.92. Currently above it’s $1.61 open, and well above its lowest price point reached during today’s session – thus far – $1.33.
