Celer Network’s Layer 2 scaling solution, Celer Network has reached an important milestone. The trading volume on the recently launched cBridge, which was $100 million in revenue, has now surpassed $200 million.
Celer’s cBridge Volume Hits 217M
Data from Celer’s analytics website shows that the cBridge has a current trade volume of over $217 million and a transaction count 33,143. The bridge has seen nearly 2,000 transactions in the last 24 hours.
The feat was announced by the project on Twitter this weekend. It informed the Celer community that more can be expected, as the multi-chain bridge was only released two months ago.
According to CryptoPotato, Celer released the first version of its crosschain network, cBridge v1.0, on the mainnet in July. This bridge lets users transfer assets between multiple blockchains, including Ethereum, Binance Smart Chain and Polygon. It does this at a fraction of the price, instead of waiting for several days.
The project announced at launch that users would be able use the cBridge to bridge layer 2 on a blockchain with layer 1 networks without having to go through the root layer.
Celer Rolls Out cBridge 2.0
Celer launched cBridge 2.0 two months ago, two months after launching its first multi-chain token bridge. This “innovation-packed major upgrade”, which introduces deep liquidity to users.
The blockchain project announced the new version on September 22. It noted that cBridge 2.0 includes other improvements for all users, validators, stakers, and validators.
The users will have more convenience, native gas token unwrapping, more tokens, and a higher Insured Bridge node Service Level. Liquidity Providers will no longer be required to manage a cBridge Node. They will have simpler experiences, higher liquidity efficiency, incentivized liquid rebalancing, and better scheduling.
Validators and stakers will, however, directly capture the value from the cBridge via rewards. They will also be able participate in governance. Developers will have access to white-label frontend SDK and cross-chain messaging for NFT.
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