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Celer Network is Adding Bridging Support for Japanese Yen-Pegged Stablecoin JPY Coin

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8 months ago

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Celer Network

Celer Network, the crypto project that is dedicated to building the best inter-blockchain and cross-layer communications platform, announced yesterday, October 12th, that it had expanded support for JPY Coin. Using the cBridge, the Japanese yen-pegged stablecoin can now be bridged to and from Ethereum.

The project noted that users can now seamlessly bridge JPYC between multiple networks, including Ethereum, Astar Network, Avalanche, and Polygon.

A big move for JPYC

JPYC project also referenced the move on their own Twitter, noting that Ethereum JPYC v2 is now newly bridgeable on cBridge, and that the new support is not coming alone — the project is also introducing new farming rewards that have just been set.

They went into greater detail about the cBridge support in a blog post, explaining that this is a great opportunity for JPYC, as cBridge currently supports over 35 different blockchains, and more than 130 different tokens. It is a fully decentralized and non-custodial asset bridge, and it will enable more than 160,000 users to spend over $10 billion in tokens.

The ability to transfer assets between blockchains seamlessly is of great importance and value to the crypto industry. Not only does it make it easy to transfer money between different ecosystems, but it also allows users to access different products, DeFi protocols, and alike, further expanding the possibilities. This interoperability is also the key to the future of Web3.

cBridge itself is growing rapidly, and it is always looking for ways to add support for new blockchains.

JPYC announcement also addressed the new liquidity provision and farming rewards, as mentioned. It explained that, now that cBridge started providing JPYC with liquidity, it will be possible to start earning liquidity provision fee known as the Liquidity Fee Earnings. This is explained in detail on Celer Network’s platform, and JPYC directed anyone interested to read the LP Guide on providing liquidity and earning transaction fee and farming rewards.

CELR price still at the bottom

Despite the announcement, Celer Network has seen a significant price drop that came as a consequence of the bear market. After balancing at around $0.015 for the better part of the last 7 days, the price was suddenly pushed down late on October 10th, when it dropped to $0.014. This is where it sat for three days, only to drop again to under $0.013 earlier today.

Still, Celer is still hitting the same bottom that has been holding its price from sinking further since mid-May of this year. Apart from a few attempts to grow — the biggest of which was in August, when its price reached $0.027  — CELR has been relatively stable for the last 5 months.

To learn more about Celer Network, visit our Investing in Celer Network guide.

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Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.