THE UMBRIA TEAM HAVE OFFICIALLY PARTNERED WITH MATIC IN THEIR DEVELOPER PROGRAM
Umbria Network join Matic Developer Program to solve DeFi’s record high transaction costs
Umbria Network, a decentralized finance platform on the Ethereum blockchain, has partnered up with Matic Network to solve one of DeFi’s biggest challenges, reducing the cost of transaction fees. The Umbria developers will use the popular layer 2 protocol to reduce the cost of transacting on the ethereum blockchain by up to 99%.
Matic accepted Umbria Network into their developer program on the 5th February 2021. The Umbria team have received a development grant from the Matic Build-and-Earn program. The Matic Build-n-Earn Program gives Umbria the opportunity to receive a monthly funding allocation, determined via a community-led voting process.
Matic Network solves low throughput and high transaction fees associated with the Ethereum blockchain, by building a decentralized platform using an adapted version of Plasma framework. The Plasma framework provides a solution for faster and extremely low-cost transactions with finality on the main chain. The Matic sidechain can support up to 2^16 transactions per block, and can scale up to millions of transactions per second when multiple chains are released in the future.
The Umbria roadmap outlines a release of their DeFi platform with Matic side-chain integration on the Mainnet, by Q3 of 2021. The DeFi platform has recently released their governance token on Uniswap, which will be used to vote on future changes to the protocol.
Barney Chambers, developer of the Umbria Protocol, expressed his excitement for the new partnership. “The Matic sidechain will allow Umbria users to swap cryptocurrency and provide liquidity for cents on the dollar, compared to traditional DeFi protocols such as Uniswap. We are incredibly excited about our new partnership with Matic.”
“The main challenge facing DeFi at the moment are the ludicrously high transaction fees. Once this issue has been resolved, the barrier to entry for using decentralized finance will be largely removed. This will be a huge leap in the direction of mainstream adoption for decentralized finance.”
In recent weeks, the price of Ethereum has skyrocketed to over $1700 per coin. This has resulted in record high Gas fees for transacting on the Ethereum blockchain, with users reporting fees of over $150 to swap on traditional DeFi platforms such as Uniswap and Sushiswap. With the newly increased interest and adoption of Ethereum, it is now more important than ever to implement solutions for the scaling issues faced by Ethereum and decentralized finance.