It has been amazing to see how much support the community has had for the Open Canonical Token Standard movement. As supporters of this open standard, we are always looking for projects that embody the ideals of decentralization, openness and transparency. That is why we have been watching the OpenDAO community with great interest and want to help them maintain their ideals by helping them avoid the pitfalls of vendor lock-in by ensuring their $SOS token follows the Open Standard.
That is why we are excited to announce that cBridge will be supporting OpenDAO and their $SOS token! Now $SOS token holders will have access to cBridge’s extremely fast finality speeds and low costs when bridging between Ethereum, Avalanche, BSC, Metis, Fantom, Moonriver, Celo, OK Ecosystem Chain, Harmony, Huobi Ecosystem Chain, and xDAI. This is only the beginning, cBridge opens the door for OpenDAI to be able to expand into other supported chains and NFT platforms with their $SOS token as well. Current $SOS token holders can find a quick and easy tutorial for how to use cBridge for cross-chain transfers here.
In late 2021 a new NFT-focused DAO, called OpenDAO, emerged and began distributing free tokens ($SOS) to the users of OpenSea, an NFT marketplace. With their aim to help pay tribute, protect, and promote the NFT community in a decentralized, open, and transparent way—they have continued to grow day by day. OpenDAO has also set aside some $SOS for the DAO itself in order to help support upcoming artists, preserve art, help and support NFT community efforts, as well as provide developers who participate in the $SOS ecosystem the opportunity to get a grant.
With OpenDAO’s ideology of bettering and promoting the NFT community through a decentralized and transparent method, it made sense to reach out and talk with them about adopting the Open Canonical Token Standard that holds true to the ideals of the community. It 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 that they 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 OpenDAO and its community to promote the Open Canonical Token Standard. We believe that with more contributors joining the effort, the standard and its implications will raise enough awareness and attract enough attention to make interoperability easy to realize while secure to maintain.