Off-chain layer-2 scaling solution, Celer Network has announced its successful bridging support for Aurora, an EVM scaling network that runs on NEAR Protocol to capitalize on its multi-chain bridges, such as sharding and fast finality. Through the partnership, the blog post claims would enable users to be able to bridge USDC, USDT, and WETH [Wrapped ETH] in a liquidity-pool-based model directly between Aurora and 11 other chains supported on Bridge.
As stated in the press release,
To bootstrap liquidity, Celer will launch liquidity mining programs for these pools when they launch. Going forward, Aurora will join Celer in promoting the Open Canonical Token Standard to its ecosystem. The standard enables protocols and chains to onboard multiple bridging solutions at the same time, as well as managing cross-chain transfer quotas on the different solutions by assigning and adjusting transfer caps according to their preferences on fees, finality speed, and the statuses of the bridges.
According to the launch post, Celer’s cross-chain support on Aurora will initially start with assets including BUSD, BNB, MATIC, AVAX, FTM, CELO, MOVR from their respective native chains, marking a more secure and flexible approach to facilitate interoperability between Aurora and the broader blockchain network.
Aurora is an Ethereum Virtual Machine [EVM] that runs on NEAR Protocol, providing a solution for developers to deploy their apps on an Ethereum-compatible, high-throughput, scalable and future-safe platform, along with low transaction costs for their users. The platform is financially backed by prominent venture capital firms such as Pantera Capital, Electric Capital, Dragonfly Capital, Three Arrows Capital, and Alameda Research.
Celer Network – a brief overview
Celer Network was founded in 2018 by a team of engineers that aims to offer users secure, fast, low cost, easy to use as well as day-to-day off-chain transactions for both smart contracts along with payments. The project is said to be a part of the Polkadot ecosystem and is reputed to be the first to be created with the help of the Substrate framework. In addition to that, the Celer Network is also known to support dApps as well as various cryptoeconomic models in order to incentivize the usage of the scalability solutions provided by the layer-2 infrastructure.