Celery cBridge launches xAsset V2 for omnidirectional cross-chain transfers on bridged tokens »CryptoNinjas

Celery cBridge launches xAsset V2 for omnidirectional cross-chain transfers on bridged tokens »CryptoNinjas

Celer, a blockchain interoperability protocol that provides user experience with one-click access to tokens, DeFi, GameFi, NFTs, management 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 several supported destination chains, but can now move freely between any two supported chains without preconditions for pre-forged liquidity or any liquidity routing.

The cBridge xAsset model is used to bridge a token from its source chain to a new chain in which the token does not yet exist. Unlike the xLiquidity-cBridge liquidity pool-based bridging model, xAsset locks the token in the source chain and replicates the token in the destination chain.

V1 vs. V2

  1. xAsset V1 allows token transfer between the source chain and one of the many supported destination chains in the lock-and-mint model. However, in order to allow bridging between destination chains for the same assets, liquidity pools need to be created, leading to counterparty risk for liquidity providers and lower liquidity efficiency in cross-transfers.
  2. In the new xAsset V2, Celer removed the need to provide liquidity. As long as xAsset creates cBridge, the burn-and-mint model will be used between destination chains to support omnidirectional bridging. This allows 100% liquidity utilization while providing a direct cross-user experience.

“Celery cBridge has experienced tremendous growth since its launch, and everything is built on top of continuous optimizations and innovations in our design. Our models have been upgraded and expanded in rapid iterations from the liquidity bridge running the HTLC node, to include a liquidity fund-based design, xAsset v1, and the latest upgrade to xAsset v2. Token users and projects can choose to use any bridging method of their choice based on their design preferences and current deployment status. ”
– Celery Network Team

Source link

Leave a Reply