Update on cBridge
cBridge continues to receive very strong and positive feedback from the community. We just broke $10M volume yesterday and we are now on track to $12M in less than 24 hours. This is strong evidence of how much users like to use cBridge.
Different from all the bridge solutions that have been hacked recently, cBridge leverages the technical core of Celer’s long-standing State Channel technology and fundamentally ensures that users’ funds are transferred cross-chain without any kind of custodial assumption. What we are seeing is that the user retention is extraordinarily high: a user who used cBridge once will have an 80% chance of using it again in the next 7 days.
This is really amazing feedback from the market and we are putting a lot of energy into cBridge upgrades in the future. In the future version of cBridge, liquidity providers will be able to easily provide liquidity via SGN (State Guardian Network) without running a dedicated node of their own and share the transaction fee with CELR stakers in SGN. We will also run a liquidity mining program to bootstrap the ecosystem liquidity. More details about this cBridge v2.0 upgrade will come soon and we expect the testnet to be live in early October.
Also for cBridge, we are not only restricting ourselves to assets bridges. Message bridges will also be enabled. So if there is a function call that happened on one chain, this information will then be able to be bridged to the other chain via SGN.
We are writing up a blog detailing the cBridge v2.0 upgrades which will be released soon.
Update on Layer2.Finance
As for layer2.finance, we have completed the testnet of the core architecture upgrade. But another focus we want to have for layer2.finance upgrade is to include as many connected DeFi protocols and strategies as possible.
In this current release, we have implemented 11 (yes ELEVEN) different DeFi mining strategies that our users can choose to use via layer2.finance at a fraction of cost.
This big set of strategies are being audited by audit firms right now. The first audit will be completed the second week of September and the second audit will be completed by the end of October. After that, we will bring all these strategies and fair liquidity mining to the mainnet with the layer2.finance upgrade.
So to keep it completely transparent, two reasons for the current delay:
1. We did not expect to have cBridge launch before the upgrade, but we see the market opportunity is too good to miss. Therefore, we prioritized the release of cBridge before the layer2.finance upgrade. I think we can all agree that this is a worthwhile tradeoff as the level of traction shown on cBridge these days.
2. We added a lot more strategies on layer2.finance than we previously anticipated. This also caused delay along with the auditing firms schedule delay.
Q and A:
In the roadmap published on the website, there is a mention of cross-chain synthesis in Q4 for Layer2.Finance 2.0. Can you please explain what that means? And what are the use cases and benefits?
This means a synergy between cBridge and layer2.finance. Basically what it enables is that you can deposit liquidity to layer2.finance on one chain and use DeFi protocols on different chains to gain yield seamlessly.
Chainlink announced Cross-Chain Interoperability Protocol (CCIP), does this compete with cBridge, or can cBridge integrate with CCIP?
Cross-chain solutions are still in their early days. Just like DEX have different DEXes with a focus on different things and different properties, cross-chain bridges will also be a diverse space with different tradeoffs. Most notably, the tradeoff will be between how liquidity is managed and how the transaction fees are priced.
How will the token CELR be used in Cbridge or Layer2.finance?
This is a very important question that I would like to address. In the upgrade of cBridge, LP will be able to delegate liquidity to SGN (State Guardian Network) and SGN will act as a cBridge full node. When making cross-chain transfers, SGN stakers (people who stake their CELR tokens), will have a cut in the transaction fee, just like how SUSHI staking works for the transaction fee.
For layer2.finance, all yields gained through the protocol will also have a split to SGN which acts as a block producer for the protocol.
So both layer2.finance and cBridge increase the utility of CELR. And in addition, CELR will be used as a governance token to govern what tokens to support, what chains to add for cBridge, the level of fees, etc. For layer2.finance, what kind of DeFi protocols to add and all other aspects of the protocol will also be governed via CELR voting.
With Polkadot’s para chain sales coming up, how will this play in the advancement of your partnership with the Polkadot system on the cBridge?
The great thing here is that we have a Polkadot module that can support substrate-based chains to cross liquidity from EVM-based chains to Polkadot and also for chains like Moonbeam, we can easily connect them into cBridge as well.
You guys have something special with cBridge with a chance to make a Uniswap on steroids and own the swap ecosystem.
We firmly believe the cross-chain bridging solution is still a wide-open space for innovation. Whoever gets some of the critical designs right, will be the Uniswap of bridging solutions. We hope that is us.
Does Celer intend to create a stable coin in the future for their Defi ecosystem with layer2.finance?
Creating an algorithmic stable token is not in our scope.
Curious what the approach will be for marketing moving forward. What is Celer doing to capture the market angle for the various technologies we are seeing be implemented?
This is an area we continue to improve upon and we would like to engage the community more for sure. We do notice that the engagement level of our social media is on the increase. but we will continue to make efforts towards that goal!
In fact, we are hiring in the marketing department, so if you know anyone who might be interested, please refer them our way at firstname.lastname@example.org!
Will cBridge support assets other than stable coins? At least support moving CELR between ETH and BSC
You are absolutely right, we will be adding CELR support.
Do you see cBridge usage outside of its current form, i.e., is there a plan for cBridge to be adopted by DEX, and CEX, or even traditional payment systems/companies?
cBridge itself is not only a consumer-facing product but also a composable component that can be integrated into anything that requires cross-chain bridging functionality including all multi-chain DeFi apps and more.
Will cBridge support sending assets to and from different wallets within and across different networks?
It does not support that right now but will do so in the future.
With ZK rollup support slated for 1.1 release in Q3, can you explain what new opportunities it will provide for Layer2.Finance and/or cBridge as a platform?
This is more for layer2.finance, and due to the added cBridge launch, there will be some delays on that front. What it enables is to enable faster finality for high-frequency use cases.
Does cBridge intend to have Cardano on there as well once Goguen is live with their Defi ecosystem?
Not quite familiar with the Cardano ecosystem to be honest.
Will you guys have youtube videos explaining everything you can do with cBridge?
Good thought here, we will see what we can add there.
Are there any plans to automatically re-stake CELR rewards to take advantage of compounding interest?
In this version of SGN no, but this is a strong feedback we get from our users so we will consider adding it in the future.
Can you share if Celer can provide value in this space from a product offering perspective (NFT)? And if there is any active development on this front?
NFT is an area that we are actively looking at and with our gaming experience, we can contribute. But right now, our main focus will still be on cBridge and layer2.finance.
What happened to CelerX gaming?
It’s going well! Right now users are onboarded with no knowledge that they are using underlying blockchain technology. To expose them to other Celer products, we will need to start to gradually break that in for these users.
What is the biggest challenge Celer currently faces?
We are actively hiring more people. The talent market in the blockchain space continues to be in shortage, so if you know anyone good at marketing and engineering, please don’t hesitate to DM me!
Is there any plan for Layer2.Finance and cBridge to support other wallets besides Metamask?
Coinbase Wallet, Math Wallet, IMtoken, and some other wallets are supported currently.
In your view what do you think you do that makes you a strong competitor to Matic Polygon?
We don’t really see ourselves as competitors, in fact, the technology is very much in synergy.
Can you name a few DeFi protocols among the 11 that will be released?
We’ll keep a bit of suspense here, but there will be familiar and major names in the space!
It is inevitable that there will be greater and tighter blockchain & cryptocurrency laws and regulations being developed in many countries. How do you see this impact Celer?
We adapt and abide by the law with everyone else in the market.
What is Celer’s biggest accomplishment thus far in your view?
We have been leading and pushing in the direction of layer2 scaling with state channel, rollups and now cross-chain solutions! We are very proud that we can push this industry forward.
When should we expect the next version of SGN (State Guardian Network)?
The biggest change is that SGN will be a part of cBridge and layer2.finance, therefore, CELR stakers start to earn fees from the protocol.
Tokens that already have Ethereum and BSC contracts can easily be added to cBridge, what prevents this from happening quickly?
This is an omission from our product team, will add very soon!
Being a scaling solution at its core to bring blockchain to the masses, Celer is building out Layer2.Finance, cBridge – can you share your view on how these products or building blocks fit in Celer’s vision? Fast forward 1-2 years from now, where do you see Celer play in the blockchain world?
Our vision is simple: bring mass adoption to Blockchain. If you look at all that we are doing is to make normal users use blockchain easier and smoother. This is the vision and this is the goal.
Will cBridge be built into a downloadable app format for Android and iOS or be online similar to Uniswap?
This will definitely be considered, but right now it is a web-based application.