The latest addition in our collection of Layer 2 bridges uses a State Guarding Network to guarantee safe bridging. Here is how it works!
Today we are happy to introduce a special cross-chain bridge added to imToken: cBridge. Built on top of the Celer Inter-chain Messaging Framework, the bridge offers fast, low-cost and secure transfers between various EVM and non-EVM chains and layer 2s; so far more than 30 chains are supported including Ethereum, BNB Chain, Arbitrum, Optimism, Boba, Polygon, and Flow.
Now let’s dig into it!
About Celer Network
Founded in 2018, Celer Network launched the world’s first Generalized State Channel Network on mainnet in 2019. Later, Celer transformed its State Guardian Network (used in the Generalized State Channel Network) into a generalized inter-blockchain and cross-layer communication platform, creating the Celer Inter-chain Messaging Framework (Celer IM), cBridge, and layer2.finance.
Why cBridge? And how does it work?
One reason we like Celer is because we are amazed by its speed of growth. They are at $8.2 bn total cross-chain transaction volume and close to $500 million TVL as of the time of writing. Check out their analytics here.
The growth of cBridge is built on top of its flexible bridging models that meet user needs in different cross-chain scenarios. Two major cBridge models are a liquidity-pool-based cross-chain bridge, and a lock-and-mint canonical bridge.
With a tremendously growing TVL, the liquidity-pool based bridge will enjoy better liquidity depth, leading to lower slippage in cross-chain transfer. While on the other hand, the lock-and-mint bridge can reach 100% liquidity utilization without preminted liquidity, and is widely adopted by projects going on new chains.
While from the users’ perspective it’s all one-click cross-chain experience, the flexibility in the underlying bridging designs means support can be easily added for different tokens, and we are now seeing over 120 tokens listed on cBridge.
Our opinion: cBridge is a smart way to bridge tokens. The messaging protocol means that you need to only click one button, no second claim process as with some other bridges. Also wETH and other wrapped tokens are unwrapped in one go.
But moreso, the underlying Celer Network offers a very general approach to bridging arbitrary messages. There are several DeFi and NFT protocols built on top of the Celer Inter-chain Messaging Framework including ChainHop, Rubic, Swing, SynFutures, Ooki, etc. And we are curious to see more coming!
How to use cBridge on imToken
Enter your wallet, and switch to your favorite in the top menu: ‘Ethereum Mainnet’, ‘Arbitrum’, ‘Polygon’, ‘Avalanche’, ‘Gnosis Chain’ and many others.
Search for ‘cBridge’ in the ‘Browser’ and start bridging.Find a more detailed step-by-step tutorial on how to use cBridge here.
Stay tuned for more Layer 2 news from us!
Risk Warning: The content of this article does not constitute any form of investment advice or recommendation. imToken does not make any guarantees and promises for the third-party services and products mentioned in this article, nor assume any responsibility. Digital asset investment has risks. You should carefully evaluate these investment risks and consult with relevant professionals to make your own decisions.