BSC News

Celer Network’s IM Service Opens Up New Bridging Capabilities

Numerous protocols have utilized Celer IM to offer cross-chain capabilities across different ecosystems, including NFTs, GameFi, DEXes, and more.

Multi-blockchain dApp Functionality 

Celer Network commits to offering users blockchain interoperability. The industry-leading inter-blockchain and bridging platform boast numerous multi-blockchain products for developers, including the Celer Inter-chain Messaging (Celer IM) Framework, used to build inter-chain Decentralized Applications (dApps)

The protocol launched the product in April, adding to its unique cBridge, Layer2.Finance and State Guardian Network (SGN) offerings. BSC News reported the IM mainnet launch on April 27, as Celer collaborated with nine partners to formulate cross-chain across Decentralized Finance (DeFi), governance, GameFi, Non-Fungible Tokens (NFT), and more. 

One of the launch partners, ChainHop, utilized the Celer IM product to create a unique DEX that facilitates the conversion of a token on one chain to another token on a different chain, all within a single click and transaction. Through Celer IM, multi-blockchain dApps can be built and utilized by users with a straightforward and elegant user experience. In terms of the developer experience, IM-enabled inter-chain dApps can be built without needing to deploy isolated copies of smart contracts on different blockchains, allowing dApps to scale easily and maximize their audience reach in a shorter amount of time. 

Celer IM-enabled dApps allow users and developers that engage in activities across a multi-blockchain ecosystem to gain the benefits from them all in one place. In addition, the service provides simplicity via a single transaction without complicated manual interactions on numerous blockchains that are normally required for these transactions. Overall, Celer IM demonstrates new bridging capabilities on BNB Chain and beyond. 

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Open Canonical Token Standard 

Celer Network’s interoperable ecosystem is facilitated through the Open Canonical Token Standard. The Open Canonical Token Standard is a simple fix to the vendor lock-in bridges currently taking up the majority of the interoperability space, which are limiting for dApps that wish to advance or improve themselves with interoperability upgrades.

Most third-party bridges operate with innate vendor lock-in risks. This means a project or dApp is bound to that specific bridge due to a very high transition cost if it seeks to adapt a better bridging solution in the future. Celer Network's co-founder, Mo Dong, provided BSC News with his view on these risks and Celer’s proposed solution, introducing that the Open Canonical Token Standard can ensure the multi-bridge flexibility and compatibility needed for interoperability.

“We believe the multi-blockchain future we are heading towards should be as open and interoperable as possible to allow the free flow of users, assets, and messages. It should encourage different solutions to contribute to ecosystem advancements and the flexibility to adapt to these advancements. Based on this, we initiated the Open Canonical Token Standard, hoping to offer a better solution to tackle the long-term risks in users’ assets and data with vendor lock-in bridging solutions,” said Mo Dong.

The option allows multiple bridges to co-exist in a single framework, ensuring users and dApp developers are exposed to less risk. A bridge through the Vendor Lock-in standard is precarious. For instance, the dApp or project will be facing a huge security risk if the bridge goes down. On the other hand, with the Open Canonical bridge solution, users can utilize other bridges if one goes down. 

Read the Celer blog post for more information about the Open Canonical Token Standard. 

About Celer Network:

Celer is a blockchain interoperability protocol enabling a one-click user experience accessing tokens, DeFi, GameFi, NFTs, governance, privacy solutions, and more across multiple chains. Developers can build inter-chain-native dApps using the Celer Inter-chain Message SDK to gain access to efficient liquidity utilization, coherent application logic, and shared states. Users of Celer-enabled dApps will enjoy the benefits of a diverse multi-blockchain ecosystem with the simplicity of a single-transaction UX, all from a single chain.

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