Wednesday, May 25, 2022
Home Crypto News Market Celer’s cBridge Surpasses $1 Billion in Transaction Volume in Four Months

Celer’s cBridge Surpasses $1 Billion in Transaction Volume in Four Months

- Advertisement -

Singapore, Singapore, 19th November, 2021,

Celer’s cBridge, the multi-chain network that enables instant and low-cost value transfers into Ethereum and its Layer2s, 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. The introduction of layer two 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 L2 solutions. Despite offering excellent benefits to scalability for generalized smart contracts, solutions like optimistic rollups are poor in terms of their composability with Ethereum L1 and each other. Due to the 1 week delay window, users are essentially locked into their preferred rollup. However, by using cBridge, they can withdraw their assets instantly to L1 or another L2.

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 v1.0, Celer has recently launched cBridge v2.0 beta to accelerate blockchain adoption by expanding its bridging initiatives, which is going to connect Ethereum with other L1 chains, including Solana and Cardano, as well as more L2 platforms. A couple of the more exciting features of v2.0 include:

  • 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 frontend SDK that allows multi-chain dApp to have a built-in cross-chain experience, and a cross-chain messaging for NFT and more that enable developers to build applications beyond simple cross-chain asset transfers, including cross-chain DEX and NFT cross-chain minting, creating a universal asset bridge that might become a model for CBDC systems of the future.

“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,” says Dr. Mo Dong, Celer’s Co-founder. “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.”

About Celer 

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 layer2 scaling with advanced Rollup technology. Core applications and middlewares like cBridge, and more ecosystem applications built on Celer have attracted more large audiences in DeFi, blockchain interoperability and gaming space.


- Advertisement -


The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.


Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Dogecoin Creator Says Terra 2.0 Launch Will Show the Dumbness of Cryptocurrency Gamblers

The Dogecoin creator still thinks the upcoming Terra 2.0 will encounter major issues along the way.   window.coinzilla_display...

Binance, Huobi, and Other Top Exchanges To Support Terra 2.0

Terra 2.0 Has Passed Voting Stage, And Top Exchanges are Already Getting Onboard. window.coinzilla_display = window.coinzilla_display ||...

Women in Finance: How Could Cryptocurrency Help Breach the Gender Gap?

The Financial Conduct Authority (FCA) has insisted that leadership boards of listed companies should be comprised of at least 40% women. Additionally, at least...

Can Quitriam Finance (QTM), Cardano (ADA), And Hedera (HBAR) Become Market-Leading Coins?

The number of cryptocurrencies on the market is soaring every day, making investing in them increasingly difficult due to the amount of opportunities. Here...

Lido Finance Will Not Launch on Terra 2.0 as Community Votes Against the Move

The Lido Finance community does not want the project to relaunch on Terra 2.0. As Terra edges closer to its much-anticipated fork that will give...

Terra’s Do Kwon Refuses Claims That He Lobbied Korean Exchanges To Accept Terra 2.0

Terra’s Do Kwon Refutes Claims That He Lobbied For Terra 2.0 To Be Accepted By Korean Exchanges. Reports are circulating in the crypto space that...

You Can Now Pay For Hotels, Airlines, Rental Services Worldwide With Shiba Inu as XcelTrip Adds Support for Shib

  Shiba Inu holders can now book 2.30 million hotels and over 450 airlines using their SHIB holdings. ...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.