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Shares of Online Blockchain PLC (LON: OBC) are up 51% since announcing that it was in the final stages of testing Umbria Networks’ cross-chain Narni bridge.
The transformational bridge solution will allow users to move ERC-20 tokens securely from one blockchain network to another at a fraction of the costs charged by the currently available bridge solutions.
Initial test results indicate that it would cost $2.80 to move USDT from the Ethereum network to the Polygon network, with the entire transaction being completed in 47 seconds. Moving the same amount of USDT from the polygon network to the Ethereum network cost $5.62 and took two minutes 12 seconds.
Similar transactions over the Polygon web wallet bridge would take several hours to complete and cost over $200. Nevertheless, investors cheered the transformational nature of the Narni bridge, which is reflected in OBC’s share price.
Umbria identified a market gap in the crypto industry. There is no single solution that helps crypto users move massive amounts of crypto assets from one blockchain to another cost-effectively.
Therefore, the Narni Bridge was developed to fill the market gap by removing one of the last significant growth barriers within the crypto space. The bridge also makes the entire crypto ecosystem more efficient and could contribute significantly to its growth.
Narni bridge users will also earn farming rewards in a unique manner different from other yield farming programmes. Umbria will reward them for adding liquidity to the network with those staking single assets earning APY instead of staking pairs.
Online Blockchain is set to benefit from Umbria Network’s achievement given that the AIM-listed company acts as the network’s administrator, coordinator and advisor.
From a technical perspective, OBC shares just broke above resistance, now turned support and are headed towards the 50p level.
*This is not investment advice.
OBC share price.
OBC shares have rallied 51% from their Wednesday opening price of 29p to their current price of 43.9p.
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