Celer cBridge goes live on mainnet

Celer, the speedy, affordable value transfer network and undisputed leader in Layer-2 scaling solutions announced that cBridge, its multi-chain network, has gone live on the mainnet. This development makes it possible to transfer tokens across Binance Smart Chain (BNB/USD), Ethereum (ETH/USD), Polygon (MATIC/USD), and Arbitrum at low latency and cost using cBridge, Invezz learned from a press release of the company.

Simplifying user experience and reducing investment cost

cBridge builds on current State Channel technology to provide a solution to some major challenges, such as hefty investment required to transfer assets between layers and chains and a complicated user experience. With cBridge, it’s become possible to deposit into and withdraw from rollup chains at a very low price. What’s more, waiting times are now reduced from days to mere minutes. What’s more, cBridge allows direct value transfer and interoperability between different ETH sidechains and layer-2 rollups and on EVM supported chains. This helps bridge the gap between Ethereum layer-1 and layer-2.

Dr. Mo Dong, Co-founder of Celer Network, praised the development:

“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. We will continue to support and facilitate projects that build on top of our solutions.”

Doing away with delays

cBridge v1.0 is being launched on the mainnet with both node software and user facing interface. It can be used to transfer tokens across layers and chains between the Ethereum, Arbitrum, Polygon, and Binance Smart Chain networks. This way, cBridge maintains inter-network liquidity flow without the need of a trust-based custodian and without delay.  

Celer cBridge use cases

With cBridge, you can now enter and exit layer2 through ETH layer-1 instantly. Users can transfer value between various layer-2 networks without having to pass through the underlying layer-1 blockchain. cBridge minimizes the cost of liquidity movement while accelerating transaction speeds across different blockchains up to 1000 times. It’s a bidirectional bridge between layer-1 networks and layer-2 on another blockchain. DeFi clients can use it to sustain low value transfer costs when moving tokens as opposed to paying fees for each transaction.

The post Celer cBridge goes live on mainnet appeared first on Invezz.

Publication date: 
07/22/2021 - 11:09

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.