Celer Network Integrates Polygon zkEVM for Cross-Chain Asset Bridging

04/20/2023 01:08 • Crypto & Markets • 64 views

On April 20, it was reported that Celer Network, a cross chain interoperability protocol, announced that its cBridge for asset bridging has integrated Polygon zkEVM. It initially supported ETH cross chain bridging between Polygon zkEVM and Ethereum, Arbitrum, Optimism and BNBChain, Polygon, Avalanche and Fantom. At present, the size of the new ETH liquidity pool on cBridge is limited to 100 ETHs.

Cross chain interoperability protocol Celer has supported Polygon zkEVM

Celer Network, a cross-chain interoperability protocol, has announced the integration of Polygon zkEVM into its cBridge for asset bridging. This move is set to enhance cross-chain bridging activities between Polygon zkEVM and other blockchain networks such as Ethereum, Arbitrum, Optimism, and BNBChain, among others. The new ETH liquidity pool on cBridge is limited to 100 ETHs, but there are plans to expand this in the future.

What is Celer Network?

Celer Network is a blockchain platform that provides decentralized communication and off-chain computing services for blockchain applications. The platform aims to provide highly scalable, fast, and low-cost blockchain solutions by using unique sharding and routing mechanisms.
Celer Network is built on top of existing blockchain platforms such as Ethereum and supports smart contracts. It also provides its own token, CELR, which is used for transaction fees and network participation.

What is Polygon zkEVM?

Polygon zkEVM is a Layer 2 scaling solution for the Ethereum network. It uses zero-knowledge proofs to ensure data privacy and security while still maintaining Ethereum Virtual Machine (EVM) compatibility. This makes it possible to run Ethereum dApps on Polygon with faster transaction speeds and lower costs.
Polygon zkEVM also supports interoperability between various blockchain networks, making it possible to transfer assets between blockchain networks seamlessly.

Benefits of cBridge Integration with Polygon zkEVM

The integration of Polygon zkEVM into the cBridge platform provides several benefits, including:

Enhanced Cross-Chain Bridging

Celer Network aims to provide seamless cross-chain asset bridging activities, and the integration of Polygon zkEVM into its cBridge is a step in the right direction. With the enhanced interoperability between Ethereum, Arbitrum, Optimism, and BNBChain, it becomes easier to transfer tokens between these blockchain networks.

Faster Transaction Times

The use of Polygon zkEVM provides faster transaction times compared to the Ethereum network. This means that users can enjoy faster cross-chain asset bridging activities with lower fees.

Lower Transaction Fees

The transaction fees for using Polygon zkEVM are significantly lower compared to those of the Ethereum network. This makes it more affordable for users to transfer assets between blockchain networks.

Limitations of the cBridge-Polygon zkEVM Integration

Despite the numerous benefits of the cBridge-Polygon zkEVM integration, there are still some limitations to be considered. These include:

Limited Liquidity Pool

The size of the new ETH liquidity pool on cBridge is currently limited to 100 ETHs. This means that the amount of assets that can be transferred between Polygon zkEVM and other blockchain networks is limited.

Network Congestion

Like most blockchain networks, Polygon zkEVM is prone to network congestion during high traffic periods. This can result in slower transaction times and higher fees.

Security Risks

While the use of zero-knowledge proofs provides enhanced security and privacy, it is not foolproof. There is still a risk of security breaches and hacks, which can result in the loss of assets.

Conclusion

The integration of Polygon zkEVM into the cBridge platform is a significant milestone for Celer Network. It enhances the platform’s cross-chain bridging activities, providing faster transaction times and lower fees. While there are still limitations to be considered, the benefits of the cBridge-Polygon zkEVM integration far outweigh the risks.

FAQs

1. What is the cBridge platform?
– The cBridge platform is a cross-chain interoperability protocol that provides asset bridging services between blockchain networks.
2. What is Polygon zkEVM used for?
– Polygon zkEVM is a Layer 2 scaling solution for the Ethereum network that enables faster transaction speeds and lower fees.
3. Is it safe to use the cBridge-Polygon zkEVM integration?
– While the use of zero-knowledge proofs provides enhanced security and privacy, there is still a risk of security breaches and hacks. It is important to exercise caution when using the cBridge-Polygon zkEVM integration.

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