AMA Summary held on Oct 23, 2021

7 min read

Our Update

Less than 30 days ago, we announced the plan to build cBridge v2.0, and this week, we released it on testnet. We hope to keep this pace of execution for sure.

How far away are we from the mainnet?

That all depends on the confidence level of security for the upcoming release and we are doing all we can to strengthen that:

1. Three independent audits

2. Internal review

3. Multi-million dollar bug bounty

We hope to have a smooth launch after we are sufficiently comfortable about the testnet status.

Likely the first week or the second week of November, we will also run a testnet campaign for the community to stress test the system a bit more. Then we will move to the mainnet launch in November timeframe. That is just what is latest for cBridge 2.0 and most of this info can be found in our blog posts.

cBridge

Do you plan to bridge to/from Cardano? They have a large marketing platform so having them in the landscape can be tremendously beneficial to celer?

cBridge will connect to wherever the demand is. So, if there is a high demand to connect to Cardano, then for sure, we will put that on the roadmap.

You mentioned Solana will be integrated within cBridge so I was wondering if you have any timeline on getting this done?

We do not have specific timelines on this, but this work will commence after the initial v2 launch and after the work starts, we will have a much better timeline to estimate.

What about other sidechains such as Cosmos, Terra, Harmony, Celo, Moonriver, etc.?

Harmony, Celo, and Moonriver are all relatively easy due to EVM compatibility and will be connected quite shortly after the v2.0 launch. Cosmos is also possible because our Celer SGN (State Guardian Network) is based on tendermint. Terra will take the same level of effort as Solana, but we know there are a lot of demands, so we will also juggle accordingly. Based on our community feedback, it is likely we will connect Solana as the first non-EVM chain.

Do you plan to provide more professional support (a proper help desk), now that it is becoming a big thing?

This is a great suggestion. In fact, we have a customer support team now and will be integrating with some support solutions to the website to make it work well.

Did you learn whether there is less griefing in cBridge 2.0 after the testnet results?

For this 2.0 testnet, we first lived the pooled liquidity model, so griefing is not applicable here. As long as there is liquidity, transactions will go through.

When cBridge 2.0 is in production and out of the testnet, what is the next goal for cBridge specifically?

We will go beyond just simple asset bridging but expand to general logic bridging to support use cases like NFT bridging and cross-chain smart contract calls. That is going to open up a lot more exciting use cases in the future.

Last month Visa proposed creating a network that connects liquidity between blockchains using hashed timelock contracts (sounds like cBridge!). Visa’s design would include facilitating transactions for CBDCs. Would Celer ever be open to supporting transactions for CBDCs?

Heh, this is super interesting. Let me show you guys something. This is Visa’s whitepaper: https://arxiv.org/pdf/2109.12194.pdf

This is a figure in the whitepaper:

While this is from our technical doc:

In fact, if you compare our state channel technology with the universal payment channel visa talked about, you would start to realize, it is very much similar. So the core of Celer’s generalized state channel technology is very much capable of supporting what visa is also trying to do for CBDC if not better.

Is it possible to connect cBridge to specialized ZKrollups such as DYDX and Loopring? And what about general-purpose ZKrollups like Starknet and ZKsync, once those are live?

Possibly, we talked to the StarkWare team already and are waiting for some of their releases to start the work. ZKSync is even simpler and we will be connecting to them because they are EVM compatible. We look forward to working with the zkSync team very much.

Liquidity gets displaced across chains in the new cBridge 2.0 design. Is this something liquidity providers will just have to live with? What are ways we could reduce this inconvenience for LPs?

On the testnet, and also very soon on the mainnet, we will add functionality to allow liquidity providers (LPs) to remove liquidity all on a single chain.

I should mention: this liquidity displacement design actually benefits LPs. Because it does not force LPs to exchange synthetic tokens back to the underlying token at a loss in the original chain.

All existing solutions track “the distribution of LPs liquidity” implicitly by the balance between underlying token vs synthetic token in the AMM pair. We do not do that: we give LPs a free choice here. You can exit tokens explicitly from chains where your tokens are moved too and generally get better pricing and more gains if you are a big LP to cover the cost of moving liquidity around yourselves. But if you are a small LP, there is also an option to “aggregate and remove” liquidity all together in a single chain.

Example:

For cBridge 2.0, could you let liquidity providers customize which chains they do not want exposure to? For example, I don’t want my liquidity to accept bridging requests from Ethereum, because I will end up with funds on the Eth mainnet that may need high gas fees to withdraw. Is it possible to add this customization?

Right now there is no such customization, but rest assured, as I mentioned, you can withdraw liquidity all in a single chain and we are just adding the functionality as we speak. If you are aggregating liquidity together, there is no high fee to be paid on Ethereum to withdraw liquidity.

What plans are there to have cBridge become middleware for other crypto products and services?

We will be releasing an SDK in the next couple of weeks so that all dApps can natively connect to cBridges. Including web app and mobile apps!

As the cross-chain platform is getting built up now will there be multiple coins that can be moved between non EVM supporting chains in the near future?

Yes, we will essentially support any token that is present in the connected chains as long as there are liquidity providers for these.

I saw in cBridge 2.0, in liquidity, CELR was used as a token. Does this mean the CELR token has direct use, and not only as a governance token?

Yes, you can use CELR like any other token in cBridge as LP to provide liquidity and allow users to bridge across multiple chains.

DeFi season is in full force. New DeFi stablecoins have emerged with increasing volume and liquidity, including TerraUSD, TrueUSD, and MIM. Can we expect these to be added to cBridge?

Yes, that is part of the plan.

It is mentioned cBridge 2.0 will support cross-chain messaging for NFTs. How might this realistically unfold? Will we be approaching potential partners about this feature?

We will definitely work with a partner to do this and as I mentioned, NFT bridging is part of the use case of generalized message bridging.

What limits the scalability of cBridge?

The underlying blockchain scalability is what is the fundamental limit: we can not send faster than what users can send us.

Would you add a “Destination address” feature so that users can choose a custom recipient address when bridging? This would be unavoidable later for non-EVM chains though, right?

Not at this moment, this may trigger some unwanted regulatory issues for cBridge node operators actually. The underlying common ownership exists even for different account systems, through the same mnemonic phrases.

Do you think you can Bridge Bitcoin itself and move it between chains, without having to use REN to wrap it?

Well, that is a bit hard, cBridge can work with bridging BTC, but is still going to use the wrapping mechanism.

Will I see my rewards increase after 2.0?

CELR stakers will receive transaction fee rewards after cBridge v2 mainnet launch in addition to the current staking rewards.

Will the “gas on arrival” feature be included in 2.0? 

That is part of the iteration plan.

Can we know the distribution of the fund in a later feature? Also, does it cost more to withdraw the liquidity fund in a single chain than multiple destinations?

1. You will still see the breakdown like in today

2. Yes, additional fees apply when “transferring” your liquidity from other chains to this chain. However, it comes down to whether you want to withdraw from other chains yourselves and transfer or just avoid the gas fee on certain chains.

The use case for big and small LPs for the “aggregate and remove” will be different

General

Will there be a new roadmap for next year, and can we expect new products on this or will you mainly focus on improving the current products?

We will update the roadmap iteratively as we perfect the product. There are a lot of exciting things we are thinking about, but we definitely see great traction for cBridge and layer2.finance.

But more in general, there are a lot of opportunities for the multichain world to make users’ life easier. We believe there is an abstraction that should sit between users and all the different chains. Users should not need to worry about which chains they are using. This is a path towards mass adoption.

I just ran into an article about: “An arbitrage bot managed to turn 14 ETH to 218.5 ETH simply by spamming the Polygon network for 120 days.”. Is Celer Network different enough to prevent that kind of spambots? Polygon fixed a part of the spam by increasing the cost for transaction fees.

Arbitrages are going to happen and that is part of the efficiency market assumption. Polygon had the issue because they are essentially subsidizing the transaction. But we do not do that: it will be charged fairly.

What is the difference between layer-0 and layer-2 Protocols? Would layer-2 protocols/bridges become irrelevant if layer-0 protocols are implemented on layer-1?

Not really, layer-0 really just increases the block propagation speed of layer-1 and layer-2 fundamentally changes the scalability assumptions here.

Are there plans to create foolproof manuals on how to use the celer products including staking on SGN?

Yes absolutely, there will be tutorials out.

How do you ensure your products are adopted and used by many? How can celer reassure this product is here to stay and will not disappear in the bear market. What are your plans for the next 3 or 4 years?

The best user experience and great marketing will drive initial growth and long user retention. That is exactly what we are trying to do here.

When will Trustwallet be supported on SGN?

So for cBridge for example, we aim to provide the highest level of capital efficiency and lowest fees with simple UI/UX for both users and LPs. We have wallet connect on the roadmap after the mainnet launch.

What has been your biggest challenge the past few years including this year?

Our biggest goal and challenge has always been using technology to push mass adoption to the blockchain.

When will you come to the Netherlands? You have many fans here!

After the whole covid situation probably, if there is a good opportunity!

What is your take on e-RMB and the ramifications it might have?

I think CBDC in general is going to happen, but how it will interact with the open-source ecosystem would be quite interesting to see.

With Ethereum taking a back seat and other Layer 1 starting to take the center stage and taking attention from Ethereum gradually, where do you see Ethereum in the next 3-5 years.

Ethereum is where the innovation core still is these days and we have been part of the community for a long time. But Ethereum itself will also change and evolve into a multi-chain-based chain with multiple layer-2s on top including optimistic rollup, zk rollup, and side chains.

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