Decentralised protocol Umbria Network launches into the DeFi universe
Umbria Networks is a new community and open source project, which will enable DeFi (Decentralised Finance) applications on the Ethereum blockchain. A user of Umbria will in due course be able to swap tokens and earn interest on their cryptocurrency positions on the Umbria website.
Today (January 25th, 2021) is an important milestone for the project. Its Umbria utility governance token has officially launched on Uniswap. You can now buy UMBRIA with ETH (and vice versa) and provide liquidity to the ETH UMBRIA pool to earn interest.
As a decentralised protocol Umbria is focussed on creating accessible applications so that anyone can participate in DeFi confidently. DeFi is a very steep learning curve, but Umbria aims to simplify and demystify the currently over-complicated user-experience, which acts as a barrier to entry for many.
On the Umbria network, users will gain access to a developing suite of services created by smart contracts, which are a type of autonomous computer programme that work with Ethereum on the internet. One of the initial features of Umbria will be to allow users to deposit cryptocurrency as liquidity in AMM pools (automated market making) to earn fees from token swapping.
Soon Umbria users will be able to swap their tokens and earn interest (API) on their cryptocurrencies positions with other facilities coming online via developers and community initiatives that will utilise the Umbria protocol and its utility token.
In addition to these functions, the Umbria governance token will also allow users in the network to take control over decision-making and have voting power over the development of Umbria’s protocol.
The team at Umbria has been developing crypto projects since 2016 and understand not only the technology involved but also the needs of the user community.
London-listed Online Blockchain plc (LON: OBC) acts as coordinator, advisor and administrator to the project, bringing a high level of trust and credibility to Umbria. As a market listed company, OBC provides a level of transparency rare in the crypto and DeFi space; users will be able to see exactly who is coordinating and advising.
“Having a publicly-listed company as an advisor sets us apart from many other DeFi projects. Online Blockchain has been an innovator and incubator in finance and technology for over 20 years and this wealth of experience is invaluable to Umbria,” said Umbria founder and developer Oscar Chambers.
“There is a lot of innovation happening in this space, but it is very difficult for the layman to get into DeFi because there is so much to understand. Umbria wants to make this simple and easy to use. DeFi is a huge leap into the future of finance,” says co-founder and developer Barney Chambers.
The opportunity in DeFi
Decentralised finance (DeFi) is about empowering users, promoting self-sovereignty and opening up financial institutions for individuals through technology. Users will also enjoy full custody of their assets without the involvement of a central party or intermediary in the transactions.
The DeFi universe is composed of products and services which resemble the conventional market and financial system — people can borrow and lend cryptocurrencies, earn interest, participate in betting platforms and invest in funds — all via blockchain-built smart contracts and with no need to go through a bank or asset manager.
More than $25 billion worth of crypto assets have been locked into DeFi applications built on Ethereum blockchain during the last year. According to Coin Market Cap, as of January 24, the DeFi crypto market cap is $34.99B.
Clem Chambers, CEO of global stocks, shares and cryptocurrency website ADVFN, and Online Blockchain commented on one of his recent articles on Forbes Crypto: “Covid has changed the world and in the coming years the pace of change will be accelerated because of the dramatic aftermath brought about by the global shutdowns. The world will have to go “risk on” to recover and the winner of those races will grab onto the fastest and most dramatic technologies to try to drag themselves from the quicksand of economic depression. DeFi and crypto will undoubtedly be part of that and in the world that now talks in trillions of dollars, these developments will be hugely valuable.”
Where can you get Umbria? Currently Umbria is traded on the Uniswap exchange. You can swap Umbria Utility governance token for Ethereum on Uniswap. There is a maximum supply of 10,000,000 Umbria with initial liquidity through Uniswap. In the near future, you will be able to earn Umbria as an incentive for providing liquidity of ERC20 tokens in Umbria token swap pools.
Check out our latest interview with Umbria developers Oscar and Barney Chambers
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