Understanding Celer Network’s cBridge for Bridging MATTER Tokens Between Ethereum and BNB Chain

On April 20, it was reported that Celer Network, a cross chain interoperability protocol, announced that its cBridge supports bridging MATTER tokens between Ethereum and BNB Chain application side chain Antimater.

Celer cBridge supports bridging MATTER tokens between Ethereum and Antimater

In a recent report on April 20, Celer Network announced that its cross chain interoperability protocol, cBridge, now supports bridging MATTER tokens between Ethereum and BNB Chain application side chain, Antimatter. This announcement has been significant for the blockchain industry, as it has facilitated the seamless transfer of digital assets across different blockchain networks. Let’s dive deep into understanding Celer Network’s cBridge and how it has enabled bridging of MATTER tokens between Ethereum and BNB Chain.

What is cBridge?

cBridge is a cross chain interoperability protocol created by Celer Network, allowing for seamless transfer of digital assets between different blockchain networks. In simple terms, cBridge acts as a bridge between networks, enabling users to transfer their digital assets from one chain to another with ease.

MATTER token

MATTER token is the native token of BNB Chain’s side chain Antimatter. It is used for transaction fees, governance, and staking on the platform. With cBridge support for bridging MATTER tokens, users can now transfer their MATTER tokens between Ethereum and BNB Chain, increasing their utility and accessibility across different networks.

Bridging MATTER tokens between Ethereum and BNB Chain

Celer Network’s cBridge facilitates the bridging of MATTER tokens between Ethereum and BNB Chain, enabling transfers between these networks in a decentralized, secure, and transparent manner. The bridging process involves two steps: locking the MATTER tokens on the source chain and minting new tokens on the destination chain.

Locking MATTER tokens on Ethereum:

1. The user deposits MATTER tokens into a smart contract on Ethereum.
2. The smart contract locks those MATTER tokens and creates a new token on BNB Chain’s Antimatter side chain.

Minting new tokens on BNB Chain:

1. The corresponding amount of MATTER tokens gets burned on the Ethereum contract.
2. The locked MATTER tokens on the Ethereum chain get transferred to the smart contract on the Antimatter side chain.
3. A new amount of MATTER tokens equal to the amount locked on Ethereum gets minted on Antimatter side chain.
The process is reversible, allowing users to bridge MATTER tokens back to Ethereum from BNB Chain.

Advantages of using cBridge for bridging MATTER tokens

Decentralization:

Celer Network’s cBridge for bridging MATTER tokens is decentralized, meaning it is not controlled by one single entity. The bridging process is executed by smart contracts, without any central authority, making transactions more secure and transparent.

Accessibility:

With cBridge support for bridging MATTER tokens, users can transfer their tokens across different networks, increasing their utility and accessibility across different platforms.

Security:

Celer Network’s cBridge protocol ensures the security of users’ digital assets by executing transactions on a decentralized smart contract platform, eliminating the risk of fraudulent activities and 3rd party interference.

Conclusion

Celer Network’s cBridge protocol has enabled the seamless transfer of MATTER tokens between Ethereum and BNB Chain, increasing their accessibility and utility across different networks. The decentralization, accessibility, and security of cBridge protocol make it a reliable and efficient tool that has the potential to transform the blockchain industry in the long run.

FAQs

1. Can cBridge be used for bridging any type of token across different networks?
No, cBridge is currently supporting only a limited number of tokens.
2. How long does it take for a bridging transaction to be executed using cBridge?
The time taken for the transaction to be executed depends on the network congestion and gas prices.
3. What are the transaction fees for bridging MATTER tokens using cBridge?
Transaction fees for bridging MATTER tokens vary depending on the network and the amount being transferred.