NFT

Celer’s cBridge Solution Processed $1 Billion in Four Months



article image

Vladislav Sopov

cBridge, a protocol that allows users to transfer value to Ethereum (ETH) from other blockchains, shares the details of its first mainnet phase

Contents

Celer Network, an ecosystem of protocols for Ethereum (ETH) scalability and interoperability, accomplishes a crucial milestone on its way to building a resource-efficient and fast cross-network bridge.

$1 billion processed by cBridge in four months

According to the official statistical announcement shared by Celer Network, its interoperability protocol, cBridge, processed $1,000,000,000 since its mainnet launch in July 2021.

On Nov. 17, 2021, cBridge witnessed a peak in its activity: its users transferred $25 million in 24 hours. The release of rollups-based solutions Optimism and Arbitrum in Q3, 2021, catalyzed the formidable growth of cBridge.

cBridge fills the gap in interoperability between Layer 1 and Layer 2 solutions. Leveraging its instruments, Ethereum users can save time and transaction fees without sacrificing security and decentralization.

Celer’s cBridge is powered by Celer Network’s patented state channel technology, which is one of the most recognized blockchain scaling techniques.

cBridge 2.0 is now live in beta version

Recently, Celer Network released the second iteration of its bridge, cBridge 2.0. It is going to expand on blockchain networks outside Ethereum, starting from Solana (SOL) and Cardano (ADA).

Also, other L2 scalability solutions will be integrated by Celer. Liquidity farming modules and single-chain liquidity withdrawal instruments will be added to cBridge 2.0.

Dr. Mo Dong, Celer’s co-founder, is fascinated by the progress achieved by Celer so far:

Reaching $1 Billion in transactions is an amazing testament to the effort our team put into designing what we believe is the best cross-chain bridge. cBridge 2.0 is built to provide a much simpler user experience with a highly scalable and deep multi-chain liquidity management system to support billion-dollar daily cross-chain transfer volume for the entire ecosystem.

Besides modern liquidity initiatives, Celer Network will boast NFT-centric functions and DEX tools.



Source link