Celer’s cBridge passes $1B in transaction volume

2021-11-21 17:00

Celer’s cBridge, the multi-chain network allowing affordable, instant value transfers into Ethereum (ETH/USD) and its Layer2s, passed $1 billion in assets and total cross-chain transaction volume, Invezz learned from a press release.

Daily peak of $25M in assets bridged

Since its launch this year, Celer’s cBridge has shown steady and quick progress. Its assets bridged peaked at $25 million on November 17. The introduction of Optimism and Arbitrum, two layer two rollups, made the biggest contribution to cBridge’s popularity.

cBridge fills the interoperability gap

Celer’s cBridge fills the interoperability gap next generation L2 solutions bring. Solutions like optimistic rollups are not optimal in terms of composability with Ethereum L1 although they offer excellent benefits to generalized smart contract scalability. With cBridge, users can withdraw their assets to L1 or another L2 immediately.

Celer launched cBridge v2.0 beta

Building on the success of v1.0, Celer launched cBridge v2.0 beta to expand bridging and accelerate blockchain adoption. Beta will connect Ethereum with other L1 chains and L2 platforms. V2.0 will include an integrated liquidity farming experience and single-chain liquidity withdrawal among other features.

Automatic launch of liquidity farming

cBridge 2.0 will let liquidity providers start farming automatically without taking steps to stake LP tokens. What’s more, liquidity providers can now combine the liquidity available across multiple chains into a single chain and then withdraw it, reducing operational costs a great deal.

Dr. Mo Dong, Celer’s Co-founder, commented:

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.

Developers can create apps beyond simple asset transfer

Celer will make developers’ work easier by releasing for cBridge 2.0 in phases. This will include a cross-chain messaging for NFT, a white-label frontend SDK, and other features allowing them to build applications beyond simple asset transfers cross-chain. The initiative will create a universal asset bridge that could become a model for future CBDC systems.

The post Celer’s cBridge passes $1B in transaction volume appeared first on Invezz.

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