Umbria Network Launches DEX on Polygon Chain
- Users will be able to deposit UMBR and MATIC tokens to the DEX to provide liquidity and earn rewards.
- Umbria will enable users to add any token pair to the DEX.
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According to a press release published on 20 May, Umbria’s Layer 2 decentralized exchange (DEX) is set to launch on Friday, 21 May. By launching on Polygon, formerly known as the Matic Network, the protocol will enable fast, low-cost swaps and liquidity providing.
Upon launch, users will be able to deposit the UMBR token alongside Polygon’s native MATIC token in the liquidity pools available on the Umbria DEX. By providing liquidity, users will receive rewards LP tokens and earn additional UMBR and MATIC. The UMBR-MATIC LP tokens can be added to the new liquidity farm that will go live on 21 May.
Umbria explained that the farm will work similarly to its existing UMBR-ETH farm on Ethereum, which is still available and provides an APY of over 1,000%. However, the fees to enter and exit the UMBR-MATIC Farm will be much lower and farming will soon be extended to other unique liquidity pairs.
And while UMBR-MATIC will be the first liquidity pair to launch on the DEX, other pairs will follow. Umbria enables users to create trading pairs of any two ERC-20 tokens that are found both on Ethereum’s and Polygon’s mappers.
Barney Chambers, the co-lead developer at Umbria, said that both the Layer 2 DEX and the Farm will be rolling out ahead of schedule, thanks to the concentrated effort of its development team.
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