Add GHST Stake to the Umbria Narni Bridge

Proposals by Gotchi Gov'nuhs
1

The Umbria Narni Bridge has implemented the GHST token, and is facilitating cheaper migration of GHST between the Ethereum <–> Polygon networks, compared to the official Polygon bridge. The Umbria Narni bridging cost is about 1/2 of the official polygon bridge cost and is also much faster (4 minutes, as opposed to > 1 hour).

The Umbria Narni bridge protocol can bridge a maximum of 20% of its total GHST liquidity, per bridging event. For example, with $100k of GHST tokens in one side of the pool, the bridge can migrate a maximum of $20k of GHST per single transaction.

Currently there is approximately $14,000 of GHST tokens on each side of the bridge. This is mostly funded by the Umbria team. This enables the bridge to be able to bridge a maximum of $700 of GHST tokens per transaction - which is pretty good, but we are aware that some users want to bridge much more in a single transaction.

We propose the Aavegotchi DAO add $100,000 of GHST to each bridge pool (1. Polygon and 2. Ethereum). There are a few advantages for doing so:

  1. The Aavegotchi DAO will earn a 0.2% bridging fee whenever anyone uses the bridge to migrate GHST tokens between Ethereum <–> Polygon. So across time, the Aavegotchi DAO will make money. If the Narni bridge ever becomes an unnecessary solution, the Aavegotchi DAO can easily remove their liquidity and enjoy their profit.
  2. Transactions up to approximately $21,000 of GHST will now be possible.
  3. Aavegotchi community will learn about our bridge which enables migration of assets for WAY cheaper than the official polygon bridge. A great quality of life improvement if they are participating in other projects too.
  • ETH average cost $4 - time 4 minutes, compared to > 1 hour
  • USDT average cost $9 - time 4 minutes, compared to > 1 hour
  • USDC average cost $9 - time 4 minutes, compared to > 1 hour
  • MATIC average cost $9 - time 4 minutes, compared to > 7 days
  1. Unlike the official Polygon bridge who offer absolutely no technical support, even in the event of a bridge error (You literally just lose your funds), the Umbria Narni bridge has a dedicated discord support team who have an excellent reputation for speedily resolving any issues and guarantee transaction resolution in the event of an unforeseen error.

If this proposal passes, we (The Umbria team) would also be happy to implement our custom bridging widget into Aavegotchi’s UX, which is a fully brandable, customizable widget. So the Aavegotchi users will not even need to know they are using Umbria. See an example here (https://widget.umbria.network). This is totally optional - but we would be happy to help with this.

The Umbria Narni bridge is administered and coordinated by a publicly listed company Online Blockchain PLC from the UK, who are bound by the rules and regulations of the UK financial conduct authority. It has also been audited by ADVFN, and is in the process of several other audits.

The Umbria project is officially partnered with polygon, as well as a number of popular NFT projects including Zedrun, Aavegotchi, The Red Village and many others.

If you have any questions or concerns, I (Dev Oskii - @OskiiDev on twitter and “! Dev Oskii | Umbria Network” on Discord) would be more than happy to answer them in the official Umbria discord channel DeFi Umbria

I hope you approve this DAO proposal so our platform can improve the user experience for Aavegotchi.

Thanks for reading :slight_smile:

proposal hash is 0xe011f10e23135bf2cfe25f67ab143d2cdad03c0ffae9f9c520d75442b2622644

6 Likes
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See the snapshot proposal here

https://snapshot.org/#/aavegotchi.eth/proposal/0xe011f10e23135bf2cfe25f67ab143d2cdad03c0ffae9f9c520d75442b2622644

2 Likes
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Better than staking on Quickswap and Dinoswap at least.

1 Like
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It has also been audited by ADVFN, and is in the process of several other audits.

Is the ADVFN a smart contract security audit? If so, can you please share a link?

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Is there demand for another bridge? How many people in the community bridge frequently enough to entertain protocol risk at the expense of a few hours?

6

Heya all,
Also, we need to check. What’s going on with this 200k?

7

Best bridge around. I wholeheartedly support this.

Also, Thrivecoin test here. I’m watching you now.

1 Like
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Umbria bridge dev here. This proposal passed quorum some time ago - the liquidity could be put to good use. Many gotchis still use our bridge frequently.

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Thrivecoin is over lol you are watching…no one? :joy:

10

How much $ghst volume has Umbria done in the last year?

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However much is here, multiplied by 2.

That is the Ethereum —> Polygon bridge address on the Ethereum side.

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the avg tx size for ghst bridges on umbria in the last year in ~500 ghst in the last year. one address that accounted for 20% of that. There hasn’t been a single bridge in 2months and only 3 txs in the last 6months. Theres only been 101 txs total and over 10% of them were from the same user in that time frame. 60% of txs came during a 2.5month period surrounding the curve closure which is not going to happen again. I’m not seeing the value add for us.

2 Likes
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Yep, good research.
I don’t see any value for Aavegotchi either.