Celer Network, the layer 2 scaling platform, has announced that its multi-chain network is live on the mainnet. Dubbed cBridge v1.0, it will enable users to transfer assets across several blockchain networks, including Ethereum, Binance Smart Chain, Polygon, and Arbitrum.
cBridge v1.0 Goes Live on Mainnet
The blockchain-based project announced its latest milestone in a press release shared with CryptoPotato. The statement informed that cBridge v1.0 aims to “tackle a few of the major challenges” in the DLT space that prevent protocols from “reaching a sustainable multi-chain and multi-layer-2- future.”
Namely, these are the “overly complex user experience” and the time and money investment required to transfer tokens between various chains and layers. With cBridge v1.0, though, which is already live on the Celer mainnet, users will be able to move such assets between several of the most utilized networks lately – Ethereum, BSC, Polygon, and Arbitrum.
The project will enable customers to deposit into and withdraw out of Ethereum layer 2 rollup chains like Optimism as well. Moreover, Celer promised that it will be at “a fraction of the cost, within minutes instead of having to wait for several days.”
Separately, cBridge will allow direct interoperability and value transfer between these layer 2 rollups and sidechains on Ethereum and any EVN-supported protocols.
“As an open-source platform with the mission to bring blockchain adoption to the 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.” – commented the co-founder of Celer Network, Dr. Mo Dong.
Instant Benefits of cBridge
The announcement also outlined other use cases of cBridge users will be able to employ. Apart from the “low-cost multi-hop value transfer between layer 2 networks,” those include a two-way bridge between layer 2 on one blockchain and a different layer 1 network without going through any corresponding root layer 1.
In terms of fees, Celer’s bridge aims to reduce the spendings with this transfer value and liquidity instead of paying high costs per single transaction.
Lastly, cBridge should decrease the fees for smaller-sized liquidity movements as it’s “designed to speed up transaction speeds across various blockchain by close to 1,000x.”