We are excited to announce that MCDEX has partnered with Celer and integrated cBridge to enable users to bridge assets from other layer-1 chains and Ethereum layer-2s in MCDEX’s Arbitrum r3ollup deployment with much lower cost and latency. Celer cBridge also allows users to skip the 7-day wait period for MCDEX users to withdraw from Arbitrum to improve the liquidity efficiency of DeFi traders to further drive adoption for MCDEX. Users can access cBridge via an integrated link on MCDEX application UI today and cBridge will also support cross-chain fast withdrawal for MCDEX’s governance token MCB from Arbitrum to Ethereum.
As a layer-2-first decentralized perpetual contract solution, one of MCDEX’s key goals is to lower the entry barrier for its users. While the protocol’s usage cost is drastically reduced, being on a layer-2 rollup chain does bring much higher cost and delay when users are trying to onboard MCDEX from other chains or withdraw liquidity out. Indeed, with Arbitrum’s native bridging solution, it takes more than 7 days to withdraw to Ethereum and then to other chains. This delay may discourage DeFi traders to use rollup-based applications due to the long liquidity lockup. In addition, to get into the layer-2 rollup from another non-Ethereum chain, it takes at least two hops: from some other chain to Ethereum and then from Ethereum to MCDEX’s rollup deployment. The fact that Ethereum is always involved in the native bridging process means that users have to pay hundreds of dollars in Ethereum gas fees just to move assets from one low-cost chain to another. This cost will stop many non-whale users from using MCDEX’s layer-2 advanced rollup version.
How can the users benefit from it?
Celer cBridge solves exactly the above issues and provides a smooth user experience for on-and-off ramp MCDEX. cBridge utilizes Celer’s state channel technology core and acts as a non-custodial and trust-free bridging solution. When bridging from other chains, users do not need that additional hop via Ethereum and the cost is often 100X lower with virtually no delay. When withdrawing assets from rollup to other chains, not only that additional hop via Ethereum can be skipped, but more importantly, the withdrawal delay is drastically reduced from at least 7 days to merely minutes.
With a strong synergy to improve the on-off ramp user experience for MCDEX, MCDEX, and Celer partner together to integrate Celer cBridge solution as a bridging option on MCDEX’s application UI. In addition, to facilitate a multi-chain governance ecosystem for MCDEX, Celer cBridge will add support to MCDEX’s native governance token MCB and allows users to withdraw MCB from Arbitrum to Ethereum within minutes instead of 7 days. Besides technology integration, MCDEX and Celer will also collaborate on marketing and community building. Both teams look forward to a fruitful long-term strategic partnership.
MCDEX is the first fully permissionless DEX based on BlockChain technology for trading perpetual contracts that are capital-efficient with top market liquidity and up to 25x leverage. It is a fully decentralized trading platform powered by AMM, allows anyone to create a contract, which dramatically increases market diversification. Perpetual contracts are one of the most popular derivatives, as they have no expiration date, support margin trading, and the prices are soft-pegged to index prices. Now, with MCDEX, anyone can create and trade perpetual contracts in a fully permissionless fashion.
About Celer Network
Celer Network is a layer-2 scaling platform that brings fast, secure and low-cost blockchain applications on Ethereum, Polkadot and other blockchains to mass adoption. Celer launched the world’s first Generalized State Channel Network and continues to push the frontier of layer2 scaling with advanced Rollup technology. Applications and middlewares like CelerX, cBridge, layer2.finance and more built on Celer have attracted more than one million users in the gaming, DeFi and blockchain interoperability space.