Celer cBridge launches xAsset V2 for omnidirectional cross-chain transfers on bridged tokens » CryptoNinjas

Celer, the blockchain interoperability protocol that enables a one-click user experience when accessing tokens, DeFi, GameFi, NFTs, governance and more across multiple chains, today announced that it has released a new version (V2) of xAsset on cBridge became.

Tokens that are bridged in V2 can not only be transferred between a source chain and one of the multiple supported target chains, but can now move freely between any two supported chains without the requirement of pre-formed liquidity or liquidity routing.

The cBridge xAsset model serves to bridge a token from its original chain to a new chain where the token does not yet exist. Unlike xLiquidity – a cBridge liquidity pool-based bridging model – xAsset locks a token on the source chain and mints a copy of the token on the target chain.

V1 against V2

1. xAsset V1 allows the transfer of tokens between a source chain and one of the many supported target chains in the Lock and Mint model. However, to enable bridging between destination chains for the same asset, liquidity pools need to be created, leading to counterparty risk for liquidity providers and lower liquidity use efficiency for cross-chain transfers.
2. In the new xAsset V2, Celer has eliminated the need to provide liquidity. As long as the xAsset is created by cBridge, a burn-and-mint model is used between the target chains to support omni-directional bridging. This enables 100% liquidity utilization while providing a direct cross-chain UX.

“Celer cBridge has experienced tremendous growth since launch, all built on the continuous optimization and innovation in our design. Our models have been updated and extended in rapid iterations from an HTLC node-led liquidity bridge to incorporate a liquidity pool based design, the xAsset v1 and the latest upgrade to xAsset v2. Users and token projects can use any bridging method of their choice based on their design preferences and current deployment status.”
– The Celer network team

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