- Celer cBridge exceeds $1 billion transaction volume.
- Celer recently launched cBridge v2.0.
- Celer co-founder Dr. Mo Dong expressed his thoughts on the new achievement.
Celer’s cBridge, a multi-chain network that allows low-cost and instant transfers into Ethereum and its Layer2s, has exceeded $1 billion in the total cross-chain transaction volume and assets bridged.
Since its launch in July 2021, Celer’s cBridge has displayed quick and stable progress. On November 17, it reached a daily peak of $25 million in assets bridged. Meanwhile, the primary driving force behind cBridge’s growing traction is the introduction of layer two rollups like Arbitrum and Optimism.
Celer’s cBridge closes the gap in interoperability caused by next-generation L2 solutions. Even with exceptional advantages, solutions such as optimistic rollups are not efficient with regards to their composability with Ethereum L1 and each other. Because of the 1-week delay window, traders are trapped into their chosen rollup. Conversely, with cBridge, users can withdraw their digital assets instantly to L1 or another L2.
In addition, thanks to Celer’s proprietary State Channel technology, bridging operations are less expensive when it comes to gas fees, as compared to manual transfers.
Following the success of its earlier version, Celer has recently launched cBridge v2.0 beta. It aims to accelerate blockchain adoption by widening its bridging initiatives, connecting Ethereum with other L1 chains, including Solana and Cardano, together with more L2 platforms.
Dr. Mo Dong, Celer’s co-founder, expressed his thoughts on this new milestone:
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. 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.