Layer 2 scaling solution, Celer Network, has recorded an impressive milestone, as trading volume on its recently-launched cBridge has surpassed the $200 million mark, a week after reaching $100 million.
According to data on the Celer’s analytics webpage, the cBridge currently has a total trade volume of more than $217 million and a transaction count of 33,143. Over the last 24 hours, nearly 2,000 transactions were made on the bridge worth $8.2 million.
The project announced the feat on Twitter over the weekend, informing that the Celer community can expect more, considering the multi-chain bridge was released just two months ago.
As CryptoPotato reported, Celer rolled out the first version of its cross-chain network dubbed cBridge v1.0 on the mainnet in July. The bridge allows users to transfer assets between several blockchains including Ethereum, Binance Smart Chain, Polygon, and Arbitrum at “a fraction of the cost, within minutes instead of having to wait for several days.”
At launch, the project noted that aside from enjoying low cost and timely transactions, users will be able to utilize the cBridge as a two-way bridge between layer 2 on one blockchain and a different layer 1 network without going through any corresponding root layer.
Meanwhile, two months after launching the first version of the multi-chain token bridge, Celer released cBridge 2.0 as an “innovation-packed major upgrade” to introduce deep liquidity for users.
Announcing the latest version on September 22, the blockchain project noted that the cBridge 2.0 features other improvements for all participants, including users, stakers and validators, LPs, and developers.
Users will enjoy more simplicity, native gas token unwrapping, access to more tokens and chains, and an Insured bridge node Service Level. At the same time, Liquidity Providers are no longer required to run a cBridge node and will enjoy simpler experiences, high liquidity efficiency, incentivized liquidity rebalance, and high quality-of-service node scheduling.
Stakers and validators, on the other hand, will directly capture the value of the cBridge through rewards and will also be able to participate in governance while developers will access white-label frontend SDK, cross-chain messaging for NFT, and more.