November 19, 2021 – Singapore, Singapore
Celer’s cBridge, the multi-chain network that enables instant and low-cost value transfers into Ethereum and its layer 2s, has surpassed $1 billion in total cross-chain transaction volume and assets bridged.
Celer’s cBridge has shown steady and rapid progress since launching in July 2021, reaching a daily peak of $25 million in assets bridged on November 17, 2021. The introduction of layer 2 rollups such as Arbitrum and Optimism in September was the main driver behind cBridge’s growing popularity.
Celer’s cBridge fills the gap in interoperability brought by next-generation layer 2 solutions. Despite offering excellent benefits to scalability for generalized smart contracts, solutions like optimistic rollups are poor in terms of their composability with Ethereum layer 1 and each other.
Due to the one-week delay window, users are essentially locked into their preferred rollup. However, by using cBridge, they can withdraw their assets instantly to layer 1 or another layer 2.
Thanks to cBridge’s technology, powered by Celer’s proprietary ‘state channel’ technology, bridging operations are much cheaper in terms of gas fees than manual transfers.
Building on the success of version 1.0, Celer has recently launched cBridge version 2.0 beta to accelerate blockchain adoption by expanding its bridging initiatives, which is going to connect Ethereum with other layer 1 chains including Solana and Cardano as well as more layer 2 platforms. A couple of the more exciting features of version 2.0 include the following.
- Integrated liquidity farming experience cBridge 2.0 provides a seamless liquidity farming experience by allowing any liquidity provider that provides liquidity to any incentivized liquidity pool to automatically start the liquidity farming without any additional steps of staking LP tokens.
- Single-chain liquidity withdrawal is now possible where liquidity providers are now able to combine their available liquidity that is across multiple chains into a single chain and then withdraw that liquidity, significantly reducing operational overheads.
With developers in mind, Celer will also release in phases for cBridge 2.0, a white-label front end SDK that allows multi-chain DApps to have a built-in cross-chain experience and a cross-chain messaging for NFT and more that enables developers to build applications beyond simple cross-chain asset transfersincluding cross-chain DEX and NFT cross-chain minting creating a universal asset bridge that might become a model for CBDC systems of the future.
Dr. Mo Dong, co-founder of Celer, said,
“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.”
Celer Network is a layer 2 scaling platform that brings fast, secure and low-cost blockchain applications on Ethereum and other blockchains to mass adoption. Celer launched the world’s first generalized state channel network and continues to push the frontier of layer 2 scaling with advanced rollup technology.
Core applications and middlewares like cBridge, layer2.finance and more ecosystem applications built on Celer have attracted more large audiences in DeFi, blockchain interoperability and the gaming space.
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