Celer Network is preparing to launch cBridge 2.0, a vastly improved cross-chain bridge that builds on the success of its predecessor. According to Celer, cBridge 2.0 users will enjoy the benefits of deeper liquidity, a more intuitive interface, and a wider choice of chains and tokens.
Since the launch of cBridge 1.0 in July the protocol has witnessed meteoric growth, with volume doubling week on week. cBridge measured $10 million of total volume in its first month, growing to $170 million in its second month, and now records over $10 million volume on a daily basis.
Despite the rapid success of cBridge, development of cBridge 2.0 is already underway.
‘cBridge 2.0 introduces the best-in-class cross-chain token bridging experience with deep liquidity for users, highly efficient and easy-to-use liquidity management for both cBridge node operators and Liquidity Providers who do not want to operate cBridge nodes, and new exciting developer-oriented features such as general message bridging for cases like cross-chain DEX and NFTs,’ said Celer Network in a blog post on September 22nd.
The improvements to cBridge are possible thanks to the Celer State Guardian Network (SGN), a specialized Proof of Stake (PoS) blockchain which serves to monitor layer 1 and layer 2 transactions and faithfully communicate between the two.
🚀Super excited to introduce cBridge 2.0:
😍Even better user experience with lower costs
🍰Simple and efficient LP experience with option to not run a node
🛠️Generalized SDK for cross-chain NFT and more
😇All powered by Celer State Guardian Network https://t.co/ksrd8vkJWX
— CelerNetwork (@CelerNetwork) September 22, 2021
Something for Everyone
Celer Network insists that it’s not just users who will notice the difference between versions 1.0 and 2.0. Liquidity providers, node operators, stakers, validators and developers should all notice plenty of improvements.
One of the big ticket changes on cBridge 2.0 is that it will be considerably easier to supply liquidity to the platform, dispensing with the requirement to run a node before becoming a liquidity provider.
LPs can instead opt to simply delegate their liquidity to the State Guardian Network.
Stakers and validators will be able to capture value through the network and play a part in its governance, too. Developers, meanwhile, will gain access to the white-label frontend SDK and a range of tools enabling them to write cross-chain dApps.
This functionality could be applied to a cross-chain DEX or NFT cross-chain minting.
Steady Does It
While Celer Network is keen to launch cBridge 2.0 as swiftly as possible, the company has opted to roll out the new protocol in phases as a precautionary measure.
The phased rollout will help Celer to test and audit each component of the bridge thoroughly. The first stage to launch will be the phase one testnet in October of 2021.
The phased launch will also be a major factor in securing Celer Network’s ongoing security. To that end, the company will launch a major $1 million bug bounty program to encourage whitehat hackers to help make cBridge 2.0 even more robust.
Source: Read Full Article