After releasing our plan to build cBridge 2.0 less than one month ago, we are super stoked to announce that cBridge 2.0 Testnet is launched today! cBridge 2.0 is built to provide a much simpler user experience with a highly scalable and deep multi-chain liquidity management system to support billion-dollar daily cross-chain transfer volume to mass users.
Users and liquidity providers can access the testnet app at test-cbridge-v2.celer.network and get familiar with the simpler cross-chain transfer, brand-new liquidity management, and liquidity farming functionalities. Along with the testnet , we launched a $4,000 reward program to gather valuable feedbacks from our users and developer community before the upcoming mainnet launch.
What is included in the testnet?
Simpler User Experience: In the first phase of cBridge 2.0, users are able to use the pooled-liquidity model (check out the architecture blog or our ELI-5 threads for more details). This means that users can experience a simple one-click cross-chain transfer flow.
New Liquidity Management Experience: In the first phase of cBridge 2.0, Liquidity Providers (LPs) no longer need to run a cBridge node. LPs can easily delegate their liquidity through the shared pool and allow Celer State Guardian Network to use
Integrated Liqudity Farming Experience: cBridge 2.0 provides the simplest liquidity farming experience: for any LP that provides liquidity to any incentivized liquidity pool, she will automatically start the liquidity farming without any additional steps of staking LP tokens.
$4,000 Feedback and Bug Reporting Reward
cBridge 1.0 could not get pass $500M total cross-chain volume without the valuable feedback from our users and developer community. For cBridge 2.0, with the goal to perfect user experience as we dry run the entire system, we prepared a simple feedback form to collect any feedback you might have during the testing process. This would include UI/UX feedback as well as bug reporting.
To show our continued appreciation, we launch a $4,000 campaign and will select the best 20 feedbacks every week for the next two weeks and will reward each selected feedback provider with $100 reward. Winning feedback and winners will be announced in a weekly summary blog and shared how we intend to improve based on the feedback!
You can find the feedback form here.
Path to Mainnet
With the testnet launch, mainnet will follow. There are a couple of things we want to complete before we roll into a full launch.
Security is paramount
In the past year, we have witnessed so many security incidents for various bridging systems, with some of them ranking among the largest hacking events ($600M) known in Internet history. We think it is important to first talk about some of the unique challenges in cross-chain bridge systems and then describe our efforts to increase the level of confidence for cBridge 2.0 security mainnet launch.
A higher than normal hacking rate for multi-chain systems is not a coincidence: bridging systems generally consist of on-chain smart contract components as well as off-chain node/server software that interacts with these smart contracts, on multiple chains, with different token systems, in a decentralized manner. As a result, aside from the common security exposure of the smart contracts, bridge systems are also exposed to a complicated array of potential issues in off-chain-to-on-chain interaction. Unfortunately, history showed us that this often is where the issues are.
So, what are being done to address these challenges?
Three independent smart contract security auditing. Although smart contracts are not the only mission-critical component in multi-chain systems, it does not mean it is not important. To that point, we have partnered with three top auditing firms to run independent auditing for the smart contract components of cBridge 2.0. These auditings are in progress with two completing in a week and the last one completing early November. We will release auditing reports as they become available to us.
Rigorous cross-team review of. For all off-chain components, we will conduct rigorous cross-team security reviews to maximize the confidence level across the stack.
A multi-million dollar bug bounty program at mainnet launch. We hope a well-funded bug bounty program will show our good faith to whitehat security researchers to help us identify issues if any, before any damaging exploit happens.
There are several features that are in the pipeline and will be rolled out during the testnet process and this will not block the mainnet timeline.
The biggest feature is the upgraded SGN web app. Using this brand-new web app, SGN stakers and validators will be able to easily manage their stake to ensure a smooth operation of cBridge 2.0 and understand the system value capture easily. A few other user experience iterations and system optimizations are planned as well.
So when mainnet?
All in all, the item that will likely determine the mainnet launch timeline is the third security audit. From where we stand now, mid-November is the estimated timeline and we will always keep our community posted on the progress.