Umbria Network has released a new cross-chain bridge for Avalanche (AVAX). A Layer-1 proof-of-stake (PoS) blockchain network, to assist traders in transferring liquidity between Ethereum mainnet and the Avalanche blockchain.
Multiple virtual machines, such as WebAssembly (WASM) and Ethereum Virtual Machine (EVM), supported by the Avalanche blockchain. Allowing distinct sub-chains to implement their own methods of operation.
Besides, the ability to connect to Avalanche via many virtual machines makes it simple. In 2021, the network unveiled its official Ethereum bridge. Which allows ERC-20 and ERC-721 tokens to be sent back and forth between the two blockchains. However, due to the network’s growth and the fact that its native token, AVAX, has seen significant gains in recent months, third-party cross-chain bridges created.
Narni, a new cross-chain bridge
In comparison to the official AVAX bridge, Narni, a new cross-chain bridge from the Umbria Network, claims a 90% lower transaction price. The platform stated that its own solution, which employs single asset liquidity pools and a custom oracle protocol, decreases the computational complexity of bridging and hence lowers costs by up to 90%.
Barney Chambers, Co-founder and co-lead developer of Umbria, discussed the role of AVAX and cross-chain bridges. Saying that the Avalanche blockchain enables decentralised applications that are not economically viable on Ethereum. He continued by saying:
“Umbria acts as a glue between all L1 and L2 blockchains, allowing users to shift their assets cheaply and quickly. At Umbria, we foresee a future where consumers don’t even need to know what blockchain they’re using.”
Significantly, cross-chain bridges have become a lifeline for the decentralised finance ecosystem. Especially while the gas fee issue on Ethereum persists and appears to persist until ETH 2.0 implemented. Avalanche, BNB Chain, Solana, and Tezos are some of the most prominent blockchains that offer cross-chain bridges.