Umbria partners with Polygon to support development of DeFi protocol

Fin Strathern reports on blockchain and cryptocurrencies for TechForge Media. You can connect with him at https://www.linkedin.com/in/finstrathern/.

Umbria Network, a decentralised finance (DeFi) platform on the Ethereum blockchain, has announced it will be building its applications on the Polygon network.

Polygon, formerly known as Matic, provides scalable, secure, and instant Ethereum transactions using plasma side chains and a proof-of-stake (PoS) network. It is one of the most active layer-two Ethereum scaling solutions in existence today.

Its developer support program is designed to help developers overcome difficulties they may face while developing blockchain-based applications. Polygon will support Umbria’s development through:

  • early support grants
  • technical guidance from its team and network
  • security audit support
  • marketing and promotional support
  • help with investor connections

The Umbria team has decided to build its applications on the Polygon network due to its Ethereum Virtual Machine (EVM) compatibility, high speed, low cost transactions and the overall composability of the network.

The company’s roadmap outlines a release of its DeFi platform with Polygon side-chain integration on the mainnet by Q3 of 2021. The DeFi platform recently released its governance token on UniSwap, which will be used to vote on future changes to the protocol.

“We are incredibly excited about our new partnership with Polygon and look forward to collaborating with the team to achieve our common aim of bringing DeFi to the masses by removing barriers to entry,” said Barney Chambers, co-lead developer at Umbria.

“The technical and marketing support provided by Polygon will be invaluable in driving Umbria forward with the Polygon blockchain scalability platform making it the perfect solution for us,” he added.

“We are happy to help the Umbria team build their suite of DeFi applications and are excited to partner with them on their journey to mass adoption,” said Arjun Kalsy, vice president for growth at Polygon.

Interested in hearing more in person? Find out more at the Blockchain Expo World Series, Global, Europe and North America.   

View Comments
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *