Celer Network
Celer network provides layer 2 solutions. The applications work with underlying blockchains to provide service on defi, gaming and programing to mass customers and developers. I wrote a post about one of the applications - celer bridge- built on Celer network on Leofinance. The work they are doing is not new, in a relative sense. There are many other second layer solutions that scale and make layer one blockchains efficient - polygon, LRC
Celer works with Polkadot, Ethereum, Arbitrum, Avalanche, Fantom and Binance Smart Chain at the moment. Celer bridge has grown in popularity since the day they launched. The bridge has seen in growth in total transaction. I have used the service many times to bridge stablecoins across BSC , Polygon and Ethereum networks. The project is featured on Arbiturm website as it supports the network.
What did I say before?
In the post I made about celer bridge, I highlighted how efficient and reliable the bridge was. The application was pretty successful as it crossed $1Billion in total cross-chain transaction volume. I was impressed by the stability and low fees.
New Updates
To celebrate the success of Cbridge version 1, the team announced the launch of Cbridge version 2 with updated user interface. I can already say that the interface is much sophisticated than the previous version. The new version is powered by the upgraded State Guardian Network (SGN). $CELR token stakers and validators can receive transaction fees the SGN.
The team mentions that the users will be able to make large cross-chain interactions on USDT, USDC and ETH across six chains.
With the new update, the liquidity providers will be able to add liquidity to smart contract pools managed by the SGN. I still need to research more on all the technical details around LPs and SGN staking.
The network is also making it easy for developers to develop dApps with native chain experience. Hope, developers will use this platform to make DEXs, games, marketplaces and aggregators.
There are many other updates coming in the network. All these updates are to make the cross-chain transfer of assets easier and stable. The one thing that I am really excited about is the support the team to develop plugins to non-EVM based chains like Solana, Terra and Polkadot. That would be amazing as cross chain and multichain is the future. Users would definitely love a product that allows them to transfer assets (tokens and NFTs) across chains.
Price action
The token price has not yet reacted to this new bullish news. May be the overall market situation impacted the price action. The token reached the all time high a month or two earlier when the team announced the launch of version 2. There is still a room to grow. Not sure how high the token price will go but it definitely is a genuine project.
Links:
Have you tried cBridge yet? @rmsadkri/have-you-tried-cbridge-yet
Celer blog https://blog.celer.network/2021/11/17/cbridge-2-0-mainnet-launch-the-next-step-to-a-seamless-interoperable-future/
Celer Network https://www.celer.network/
cBbridge App https://cbridge.celer.network/#/transfer