Celer Community, a Layer 2 scaling solution, has reached a significant milestone with its newly released cBridge, as buying and selling volume has exceeded the $200 million mark. Only two months after launching their multi-chain bridge project, they declared their achievement on Twitter, telling their followers to anticipate more from them in the future.
To facilitate the movement of assets across blockchains and layer 2 networks like Ethereum, Binance Smart Chain (BSC), Avalanche, and Polygon, Celer Network launched the initial version of its non-custodial cross-chain cBridge in July at a fraction of the cost and without needing to commute via the respective root layers.
According to a recent blog post on the Celer Network, cBridge 1.0 has grown rapidly since its launch, with volume increasing week over week. At $10 million per month, in the beginning, transaction volumes on cBridge quickly grew to $170 million per month by the second month, and just surpassed $200 million for the first time. More than $10 million in transaction volume is now being added daily, and the annual percentage yield (APY) is currently over 45% simply on fees for the liquidity that is being supplied.
Celer announced cBridge 2.0 as an “innovation-packed primary upgrade” to provide deep liquidity for clients a few months after releasing the main model of the multi-chain token bridge. On September 22, the blockchain venture announced the release of cBridge 2.0, which includes extra features for consumers, stakers and validators, LPs, and builders alike.
For users, this means native gas token unwrapping, increased access to tokens and chains, and an Insured Service Level for bridge nodes. However, Liquidity Providers will no longer be needed to operate cBridge nodes and will take advantage of improved user experiences, increased liquidity efficiency, liquidity rebalancing, and better node scheduling quality.