Celer cBridge launches xAsset V2 for omnidirectional cross-chain transfers on bridged tokens

Celer, the blockchain interoperability protocol enabling a one-click user experience accessing tokens, DeFi, GameFi, NFTs, governance, and more across multiple chains, announced today that a new version (V2) of xAsset has been released on cBridge. Tokens bridged in V2 can be transferred not only between one source chain and one of the multiple supported destination…
Celer cBridge launches xAsset V2 for omnidirectional cross-chain transfers on bridged tokens

Celer, the blockchain interoperability protocol enabling a one-click user experience accessing tokens, DeFi, GameFi, NFTs, governance, and more across multiple chains, announced today that a new version (V2) of xAsset has been released on cBridge.

Tokens bridged in V2 can be transferred not only between one source chain and one of the multiple supported destination chains but can now move freely between any two supported chains without the prerequisite of pre-minted liquidity or any liquidity routing.

The cBridge xAsset model serves the purpose of bridging a token from its origin chain to a new chain where the token doesn’t yet exist. Different from xLiquidity – a cBridge liquidity-pool-based bridging model, xAsset locks a token on the origin chain and mints a replica of the token on the destination chain.

V1 vs. V2

  1. xAsset V1 allows tokens to be transferred between a source chain and one of the many supported destination chains in the lock-and-mint model. However, to enable bridging between the destination chains for the same asset, liquidity pools need to be created, which lead to counterparty risks for liquidity providers and lower liquidity utilization efficiency in cross-chain transfers.
  2. In new xAsset V2, Celer removed the necessity of liquidity provision. As long as the xAsset is created by cBridge, a burn-and-mint model will be employed between the destination chains to support omnidirectional bridging. This enables 100% liquidity utilization while providing a direct cross-chain UX.

“Celer cBridge has seen tremendous growth since launch, all of which is built on top of the continuous optimizations and innovations in our design. Our models have been upgraded and expanded in fast iterations from an HTLC node-run liquidity bridge, to incorporate a liquidity-pool-based design, the xAsset v1, and the most recent upgrade to xAsset v2. Users and token projects can elect to use any bridging method of their choice based on their design preferences and current deployment status.”


– The Celer Network Team

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
DeFi protocol TrueFi launches first non-stablecoin portfolio, with loans managed by WOO X
Read More

DeFi protocol TrueFi launches first non-stablecoin portfolio, with loans managed by WOO X

TrueFi to power WOO X's institutional services through decentralized loans to verified clients... Related News WOO Network, a cryptocurrency trading platform, today announced WOOFi, a new capital-efficient DEX powered by institutional hedging and market-making techniques. Since Spring of 2021, the WOOFi Swap proof of concept on BSC and Polygon... Read more TrustToken, the creators of…
Crypto staking platform MyCointainer raises $6M in seed round
Read More

Crypto staking platform MyCointainer raises $6M in seed round

MyCointainer currently has over 100 earning coins available in one simple to use wallet... Related News Spin, a multichain derivatives DEX founded in June 2021, announced today it has raised $3.75M  in a seed funding round led by Lemniscap with participation from GSR, Spartan Group, ZMT Capital, Longhash Ventures, and... Read more Japan-headquartered crypto exchange…
XRPL-built crypto platform GateHub adds ERC20 assets: USDC, USDT, WXRP, and GALA
Read More

XRPL-built crypto platform GateHub adds ERC20 assets: USDC, USDT, WXRP, and GALA

GateHub enables users to store assets in wallets, make payments, trade, and cash out to fiat on the decentralized XRP Ledger exchange... Related News GateHub, a platform for blockchain assets that operates on top of the distributed Ripple payment protocol, announced it has added support for Litecoin and will list LTC starting on June 2nd,…

Swarm Markets inks deal with Germany’s Volksbank to digitize bonds on Polygon

Swarm Markets, an open platform for the creation and management of blockchain assets, announced today it will be developing its first digital security in partnership with Volksbank Mittweida, a German-based bank. The first registered bond (Namensschuldverschreibung) will be issued in an aggregate of €1 million on the Polygon chain and sold by Volksbank directly to…