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Celer Network is one of the leading blockchain interoperability protocols, with the goal of making DeFi, GameFi, NFTs, governance, tokens, and more accessible with a click of a button. The project has had a very busy June this year, with a lot of development happening, which it shared in its monthly report.
Celer Network in June 2022: What’s new?
According to the project’s summary, it had several major breakthroughs this month. It started with the enhancement of its cBridge traffic monitoring and automatic emergency functions, Next, it developed the Celer Inter-chain Messaging, or Celer IM, as well as cBridge explorer, which will now allow anyone to easily navigate its blockchain.
Moving forward, it optimized the efficiency and stability of the validator nodes, introduced support for the SGN delegator in order to easily claim message fee rewards, and it released cBdidge SDK.
One of the project’s major moves is the launch of xAsset V2, which was released on Celer cBridge about a month ago, on June 3rd. The launch removed the necessity of liquidity provision, meaning that a burn-and-mint model will be used between the destination chains to support Omni-directional bridging for as long as the xAsset is created by the bridge.
As a result, 100% of liquidity utilization will remain enabled while providing a straightforward cross-chain UX. Furthermore, cBdidge also added support for two new chains — Kava Network and Meta Apes. On top of that, the bridge added support for more cross-chain tokens, including Meta Apes (PEEL, SHELL), Solace (SOLACE), LunaFi (LFI), Gnosis Chain (GNO), RLY Network Association (RLY), and Liquity (LUSD). cBridge integrated support for DipoleSwap and EvmoSwap as well, with the goal of reaching better blockchain interoperability.
Finally, it also worked with Gnosis Chain and Meta Apes to help facilitate the project’s multi-chain expansion through the use of the Open Canonical Token Standard. This was followed by another major milestone that the project hit near the end of the month, which was $9 billion in total transaction volume that went through cBridge.
Celer Network adoption is rising
The bridge is getting more and more adopted and is seeing greater support than ever. It currently supports 32 different chains, and more than 130 assets, plus a variety of additional integrations on top of that.
Furthermore, the project offered its community data update, noting that its Telegram (EN) followers count exceeded 24,300 individuals, while Telegram (CN) is only a few followers shy of 3,500. The project has also seen advancements on Twitter in this regard, with its Twitter (EN) now reaching the follower count of 125,800, and Twitter (CN) being at 6,650.
Finally, the project listed a number of marketing activities that it went through this month, including the Arbitrum Odyssey cBridge campaign, imToken’s Special Learn And Earn 2 Campaign, J Club Discord AMA, A&T Capital Twitter Space, and more.
To learn more 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.