Celer Network is excited to announce Atlantis Loans has partnered with Celer’s cBridge in adopting the Open Canonical Token Standard for multi-chain bridging and combating vendor lock-in! For the first time ever, the $ATL token can now be bridged between the Binance Smart Chain and Polygon with low fees and fast transaction speeds, and to support Atlantis’ multi-chain strategy, more bridging integrations are scheduled for the near future.
Atlantis is a decentralized community driven, multi-chain money market that enables users to borrow and supply digital assets to the protocol within a non-custodial environment. Atlantis was first deployed within the Binance Smart Chain, but now thanks to cBridge, it has expanded to include Polygon. The protocol is autonomous and algorithmic with its parameters being controlled by governance proposals and yield curves. Improvement proposals are filed based on community discussion rounds. The main functionality of Atlantis is to enable users to supply collateral to either earn yields as a supplier or to use that collateral to borrow other digital assets from the protocol.
Atlantis decided to partner with Celer’s cBridge in an effort to support the adoption of the Open Canonical Token Standard. This opens up Atlantis to more options in the burgeoning blockchain ecosystem, while avoiding the risks associated with vendor lock-in. Coupled with Binance officially recommending its users to use Celer’s cBridge when transferring assets cross-chain, it has made it a very easy and natural decision for Atlantis to partner with Celer’s cBridge.
The Open Canonical Token Standard enables protocols to onboard multiple bridging solutions at the same time as well as manage cross-chain transfer quotas on the different solutions by assigning and adjusting transfer caps according to their preferences on fees, finality speed, and the stability of the bridges. Thus, systematically reducing the security risks of different ecosystems integrated with third-party bridges. Furthermore, this standard allows projects and ecosystems to adapt quickly to the flourishing blockchain interoperability space, while enabling new interoperability advancements. Celer holds a strong belief that this standard should become a community-driven effort in order to push it as the default deployment model when projects expand into more blockchains.
Supporting Atlantis in its multi-chain strategy by enabling the bridging of $ATL between BSC and Polygon is the first step in the aligned vision of Celer and Atlantis, where a more diversified multi-chain strategy will be the centre-piece of Atlantis’ expansion plan. With Celer’s generalized message passing SDK coming close to its release, the two teams will discuss more opportunities in offering Atlantis users access to a wide spectrum of DeFi scenarios on different chains with a unified user experience.