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Celer Network, a crypto project that aims to build the best inter-blockchain and cross-layer communication platform, just announced launching bridging support for USDT and USDC on Aurora. The project made an announcement via Twitter, stating that liquidity mining sessions for the two stablecoins are approved through protocol governance in order to help bootstrap liquidity.
🌟Announcing $USDC and $USDT bridging support on @auroraisnear!
⛏️💰In order to help bootstrap liquidity, liquidity mining sessions for $USDT and $USDC are approved through protocol governance!
⏰Liquidity mining starts Jan 19th (UTC). Don't miss out!https://t.co/v8XdY6XgGJ
— CelerNetwork (@CelerNetwork) January 19, 2022
The announcement also added that liquidity mining will start on January 19th. After the initial bootstrapping phase, and after enough liquidity is reached, Celer will enable USDT and USDC transfers between Aurora and all other chains supported by cBridge. At the time of writing, that includes the likes of Ethereum, Binance Smart Chain, Arbitrum, Avalanche, Optimism, and others.
cBridge arrives on Aurora
Celer has been working hard on expanding its cBridge support and including as many projects, tokens, and chains as possible. With its continued growth, the project is coming closer and closer to establishing a fast cross-chain network. However, interoperability is not the only goal — cBridge can also bring significantly lower transaction costs.
The bridge is already being used by a growing number of participants in the crypto industry, from many different chains. In fact, recently, it managed to achieve a $2.2 billion mark in total transaction volume. In addition, it also noted a major increase in TVL over the past week or so, going up by roughly 48% — from $128 million to over $190 million.
Support for Aurora was launched earlier this month, on January 5th. This is an EVM scaling network that runs on NEAR protocol, and as such, it gets to benefit from the NEAR network’s many unique features. Some of these include things like fast finality, sharding, and more. However, Celer and its cBridge wish to further increase their collaboration with Aurora, which is why they approved liquidity mining sessions on Aurora for two of the crypto industry’s biggest and most popular stablecoins — USDT and USDC.
The approval came through a governance process, and it will allow fast and cheap transfers of the stablecoins once enough liquidity has been accumulated, as mentioned earlier.
Aurora user experience will be smooth and familiar
As for Aurora, it can offer the Ethereum 1.0 development experience, accompanied by the speed and scalability commonly associated with layer 2. This is beneficial for developers familiar with Ethereum, as they will get to enjoy familiar tools, like Infura, Truffle, and even Etherscan, when working with their Aurora-based Solidity smart contracts.
On top of that, Aurora uses ETH as the base token, and users can easily access its network with wallets such as Imtoken and MetaMask, which are already highly popular among the Ethereum community. All in all, these benefits will mean a smooth onboarding experience for dApp users and developers alike, should they decide to give Aurora a chance.
Now, in order to bootstrap liquidity, cBridge will have liquidity mining sessions for both stablecoin pools. The sessions will start on January 19th, at 05:00 UTC. Total daily rewards for the pools are 29589.0411 CELR per pool. The first round of liquidity mining will last for 26 days, and during the initial phase of bootstrapping, cross-chain transfers will be disabled. Once again, they will only be possible once the project accumulates enough liquidity.
To learn more about this token visit our Investing in Celer Network guide.
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.