TL;DR
We are rolling out an upgrade to cBridge 2.0 on 02:00 UTC 12/03/2021 in order to accommodate some key feature requests from our awesome user and developer communities. This is in order to better support generalized multi-chain dApps, native token bridging and a new functionality called “Bridging as a Service”.
While we are rolling out this upgrade, normal cBridge transfer services will be unavailable for approximately 3 hours. This will also require all LPs to migrate all of their provided liquidity as part of the upgrade. We will be providing all of the LPs who provided liquidity before the publication of this announcement enough gas tokens to cover the migration gas costs across all supported chains.
Amazing Growth and Valuable Community Feedback
Even though we are still in the early beta phases, cBridge 2.0 has had such an amazing launch week! Increasing the number of our daily transactions by 50%, growing our daily active user base by 45%, and having 30% more weekly volume when compared to v1.0. We are also thankful for the overwhelmingly positive feedback from the community about the seamless UX and the over 50% reduction on gas costs.
As a project that is driven by our amazing community, we have also been hearing your feedback about sending native tokens, the various experiences that liquidity providers have, and most important of all, direct feedback from our developer community on our generalized multi-chain dApp SDK.
In order to accommodate all of these feedback points, two paths are present: we can either extend the system with more modules, which will incur longer-term usage costs for our users, or we can upgrade the system to embed these features into the low-level contracts themselves. Considering cBridge 2.0 is still in its early stages and the benefits of long-term user experience, the easiest and most reliable path in terms of operation is to upgrade the bridging pool contracts themselves.
New Features and Upgrade Plan
Included Features
This upgrade contains the following three aspects:
- The ability to support native tokens on the source chain. This is an overwhelming request we have been hearing from our user community. The ability to be able to send non-wrapped ETH on Ethereum to other chains directly.
- The ability to support arbitrary message passing with low gas cost overhead. After discussions with our developer partner, we realized that the current message format limitation does not fulfill the logic passing functionality in the most cost-effective way. Inspired by the design of layer2.finance rollups, we’ve extended the message schemas to cater to arbitrary complex logic and large message passing cross-chain and to enable endless multi-chain dApp possibilities.
- The compatibility for “Bridge-as-a-Service” feature. Today, cBridge supports bridging of tokens where “canonical” versions of the token-in-interest already exist on multiple chains. In the future, cBridge can also serve as the direct bridge to create the canonical mapping of a token on different chains that the project wants to connect to. This upgrade will make some of the on-chain data structure compatible with this feature.
Timeline of upgrade
We will start upgrading the system at 00:00UTC 12/03/2021 and it should be completed in approximately 3 hours.
For users, the downtime is expected to be minimal. All your ongoing transfers will be processed normally. However, you can only see your pre-upgrade transaction history in the pre-upgrade application page.
For the LPs, a pre-upgrade liquidity pool page will be accessible so you can remove your liquidity in order to migrate to the new pools. You don’t have to remove your liquidity before the upgrade because the existing system will continue to operate in withdrawal-only mode.
For any LPs that have added liquidity before this announcement, we will provide sufficient gas tokens on all supported chains 24 hours before the upgrade to cover the cost of this migration. For any tokens still left in these legacy pools after 6 months , we plan to initiate a decentralized consensus vote to refund the remaining tokens back to the original LPs‘ addresses in all contracts.
What about liquidity mining?
It’s coming! Details about liquidity mining are planned to be released next week and will launch shortly after. Please stay tuned on all of our channels for further info and details.
