Swing, the decentralized cross-chain crypto protocol announces the integration of Celer Network to its liquidity and bridge aggregator ecosystem. This is a strategic move as Swing wants to utilize Celer’s cBridge to expand its reach to Celer-compatible blockchains. This way Swing can provide the most efficient blockchain bridging with access to low-cost token transfers, deep liquidity.
What does Swing do?
Swing aggregates major liquidity sources and bridges to execute the best price and lowest slippage on trades and transfers. The project helps crypto traders and yield farmers move crypto capital easily across blockchains. This do that via a web application and an upcoming API product.
What does Celer Network do?
Celer Network is a layer-2 scaling platform that brings fast, secure, and low-cost blockchain applications on Ethereum, Polkadot, and other blockchains to mass adoption. Celer launched the world’s first Generalized State Channel Network. The Network uses Rollup technology as it continues to push the frontier of Layer-2 scaling.
Celer has attracted large audiences in the DeFi, blockchain interoperability, and gaming spaces with its core and middleware applications like cBridge, layer 2 finance, and other ecosystems.
Celer’S cBridge
Celer’s cBridge involves multiple blockchains to ensure fast and low-cost cross-chain transfers of tokens across EVM (Ethereum Virtual Machine) compatible networks, as well as their associated layer-2 platforms. Currently, Celer is compatible with chains like Ethereum, Polygon, BSC, Arbitrum, and Avalanche, and others. cBridge is also looking into further compatibility with popular non-EVM blockchains such as Solana in the coming few months.
Celer Network’s cBridge – yet another cross chain network added to Swing
Celer’s cBridge would be the third blockchain to be added to Swing’s protocol to join Connext and Hop. Over the years Swing has expanded its reach to enclose dozens of diverse blockchains. Accordingly, it strengthens its network of liquidity sources adding to its blockchain bridge ecosystem.
With the Celer Network, Swing can now facilitate the bridging of assets across a number of prominent blockchains, including Ethereum, Polygon, Binance Smart Chain, Avalanche, and more.
Swing and Celer Network utilize the same low-risk technical approach to blockchain bridging by foregoing vendor lock-ins in favor of an Open Canonical Token Bridge standard. Thus, token bridges on Swing can co-exist simultaneously across multiple blockchains without being tied to a single third-party network.
The Open Canonical Token standard evolves the bridging process by limiting the risk experienced by any single third-party bridge onboarded when users move assets across different blockchains. In the meantime it allows protocols to adapt quickly to the flourishing blockchain interoperability space. Thus it makes sure they always have the best bridging options and enhancements.
Celer cBridge’s is compatible with both layer-1 and layer-2 blockchains forming a sprawling network of interconnectivity. Thus it flattens an otherwise vertical and isolated DeFi landscape.
With all these positives of Celer, Swing stands poised to benefit from its growing network of compatible blockchains. So forth Swing can offer its users a more expansive technological arena in which to operate.
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