Celer Network, the blockchain interoperability protocol that allows users to access tokens, DeFi, NFTs, GameFi, governance, and more, all with a single click, recently announced a new partnership. The project teamed up with Polkadot-based Polkabridge, welcoming it as the latest addition to the group of projects supported by its own bridging solution, cBridge.
🎉We are happy to welcome @realpolkabridge to the cBridge open canonical token standard family!
— CelerNetwork (@CelerNetwork) July 13, 2022
In fact, cBridge plays a major role in this partnership, as the entire idea behind the team-up is for PolkaBridge to use cBridge to bring its token, PBR, to Binance Smart Chain.
PolkaBridge integrates with BSC
Polkadot-based PolkaBridge describes itself as a decentralized all-in-one financial application platform that offers a variety of products, such as a Launchpad, AMM, INO, and more. It is all powered by the Polkadot network, and the project has been quite open about its plans to integrate with Binance Smart Chain.
These plans have been in the works for a while, and they were finally made into reality thanks to the partnership with Celer Network and access to its cBridge.
In an announcement published yesterday, July 13th, PolkaBridge noted that it had already migrated its token from Ethereum to BSC. The community will be the first to experience the benefits of this by enjoying significantly lower fees and much faster settlement times whenever they make a transaction.
Ethereum’s network is well-known for its technological limitations, which make the blockchain unscalable. Meanwhile, as a birthplace of smart contracts, DeFi, dApps, NFTs, and most other blockchain products, Ethereum’s network is also a very busy place. However, the project can only process 15 TPS, which means that most transactions will have to wait a long time to get processed.
In order to make their transactions more attractive to miners, users tend to offer higher fees to have their transactions processed sooner, which increased the average cost of Ethereum transactions to the point where the fees are often higher than the amount that is being sent. BSC, on the other hand, is Binance’s version of the Ethereum network — the world’s largest exchange’s second blockchain that was made specifically for dApps, DeFi, and alike.
As such, Binance created it to be a lot more scalable and cheaper to use than Ethereum, with faster settlement times. Generally, it simply offers a better experience, which is what PolkaBridge was after.
With the project’s token migrated, PolkaBridge next sought to add liquidity and educate its community on how they can bridge their tokens. With the liquidity added, users can trade and swap at the PolkaBridge Swap interface with ease and at great speeds. Furthermore, this is in line with the project’s goal to enhance liquidity across multiple chains, which will allow its community to hold the PBR token on virtually any blockchain that they are fans of.
This also represents another major step towards achieving general interoperability between blockchains, which is, in turn, bringing the crypto industry a step closer to creating a foundation for Web3 — the decentralized internet of the future.
To learn more visit our Investing in Celer Network guide.
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