Place/Date: Singapore – July 22nd, 2021 at 12:10 pm UTC · 4 min read
Contact: Celer Media Relations,
Source: Celer Network
Celer Network, the leader in Layer-2 scaling solutions, has announced that its multi-chain network, cBridge v1.0, is now live on the mainnet. This milestone enables users to utilize cBridge to instantly transfer tokens across Ethereum, Arbitrum, Polygon (previously Matic), and Binance Smart Chain at a low cost and latency.
At its core, cBridge expands on Celer’s existing State Channel technology and tackles a few of the major challenges preventing us from reaching a sustainable multi-chain and multi-layer-2 future, namely the overly complex user experience and the significant time and money investment required to move assets between multiple chains and layers. Especially for the much anticipated Ethereum layer2 rollup chains like Arbitrum and Optimism, Celer cBridge allows users to deposit into and withdraw out of those rollup chains at a fraction of the cost, within minutes instead of having to wait for several days.
Additionally, cBridge allows direct interoperability and value transfer between different layer-2 rollups and sidechains on Ethereum as well as any EVM supported chains. This enables a much more connected Ethereum layer-1 and layer-2 future that would otherwise be siloed and segregated from each other.
With many more side chain and layer-2 chain integrations coming in the near future, this interoperability solution bridges the integration gap that has long existed within the pioneer blockchains and fulfills this dire need for the nascent layer-2 chain ecosystem.
The mainnet launch of cBridge v1.0 comes with both the user facing interface and the node software.
From the user’s perspective, cBridge can be used to instantly transfer tokens cross-chain and cross-layer between any two of these networks: Ethereum, Arbitrum, Polygon or Binance Smart Chain. In so doing, cBridge keeps the liquidity flow between these loosely coupled networks without long delays or a trust-based custodian.
”As an open-source platform with the mission to bring blockchain adoption to mainstream, our goal with cBridge is to deliver a high-performance and cost-efficient interoperable value transfer network with no compromise on the security or trust-free guarantee.” says Dr. Mo Dong, Co-founder of Celer Network. He added, “We will continue to support and facilitate projects that build on top of our solutions.
Anyone will be able to run the cBridge node software to join its network and provide cross-chain, cross-layer liquidity while generating yields through transaction fees.
Some immediate use cases of Celer’s cBridge are:
- Instant, low-cost multi-hop value transfer between multiple different layer-2 networks on Ethereum, including Optimistic Rollups, and PoS Sidechains. Without going through the underlying layer-1 blockchain.
- Instantly entering or exiting layer2 through Ethereum layer-1 without the current waiting period of several days.
- A two-way bridge between layer-2 on one blockchain and an entirely different layer-1 network without going through any corresponding root layer-1.
Celer cBridge offers the same cost profile as Celer’s State Channels so that it reduces hopping costs between multiple blockchain environments. Instead of charging fees on a per transaction basis, DeFi users can leverage this bridge to keep the costs associated with the transfer value and liquidity used across the network when moving their tokens.
While designed to speed up transaction speeds across various blockchains by close to 1000x, cBridge also reduces the cost for smaller-sized liquidity movements significantly.
For more info, please go here.
About Celer Network
Celer Network is a layer-2 scaling platform that brings fast, secure and low-cost blockchain applications on Ethereum, Polkadot 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.
Unlike most cross chain protocols that focus on specific assets and chains, Celer cBridge enables its users to transfer any value across multiple separate layer-1 chains and layer2 chains within the Ethereum ecosystem with low latency and cost.
