We are excited to announce that cBridge has added support for the $PEOPLE token across multiple chains! Following a landslide approval in a community proposal, PeopleDAO has decided to adopt the Open Canonical Token Standard for its multi-chain strategies. In support of the open standard, Celer has enabled bridging of the $PEOPLE token between Ethereum and all other chains supported on cBridge.
With a 0% transaction fee and extremely fast finality speeds, cBridge allows users to transfer their $PEOPLE tokens between Ethereum and other chains including Avalanche, BSC, Metis, Fantom, Moonriver, Celo, Harmony, OK Ecosystem Chain, Huobi Ecosystem Chain, and xDAI. Additional support will extend to Cronos, IoTex, KuCoin Chain, Fuse, TLOS, and Syscoin in the very near future, opening the door for the PeopleDAO project to expand into more blockchain ecosystems. $PEOPLE holders can find a quick and easy tutorial for how to use cBridge for cross-chain transfers here.
Originally ConstitutionDAO, a beautiful experiment that was created to win the bid for the copy of the U.S. constitution auctioned at Sotheby’s, PeopleDAO was established after the experiment concluded. Inspired by how impactful the experiment was, a portion of the $PEOPLE community who wished to lead more DAO initiatives in the era of Web 3.0 established the PeopleDAO. Looking back, the DAO as well as the $PEOPLE token itself were pioneering how future organizations and communities could be formed and operated.
With $PEOPLE holders sharing the same fundamental belief about decentralization, openness and transparency, it’s not surprising to see that PeopleDAO favors those same attributes while considering its multi-chain strategies. The Open Canonical Token Standard that was approved by the community enables protocols to onboard multiple bridging solutions at the same time, They will also be able to 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 various other factors considered when using bridges. This essentially means projects will not be bound to a single bridge leading to a vendor lock-in situation. Instead, they can adapt quickly to the flourishing blockchain interoperability space and make sure they always have the best bridging options and enhancements.
Celer’s cBridge will keep working with PeopleDAO and its community to promote the Open Canonical Token Standard. We believe that with more contributors joining the force, the standard and its implications will raise enough awareness and attract enough collective efforts to make interoperability easy to realize while secure to maintain.