The first anniversary of cBridge: what is the core competitiveness of the cross-chain bridge?

22-07-22 11:57
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As of July 22, 2022, the industry-leading cross-chain bridge application cBridge has been launched and has been running safely and stably for a whole year. During this year, both the encryption industry and the cross-chain bridge market have undoubtedly undergone drastic changes.


In the past year, the crypto market has fallen from the apex of a frenetic bull market to valley bottom. At the same time, the cross-chain bridge track has also risen from no one interested in it more than a year ago to a group of heroes. In the end, due to the continuous outbreak of security incidents, many former seed players became depressed after their assets were stolen. However, cBridge has successfully withstood the numerous tests of the encryption market and has been operating safely until now, becoming one of the few cross-chain bridges in the industry that has never had a security incident.


As a group of players who entered the cross-chain industry earlier, cBridge has been able to operate safely so far, and Continuous innovation in products and protocols is enough to prove its unique advantages. Therefore, at the time point of the first anniversary of cBridge, let us also review the development history of cBridge, summarize the real core competitiveness of the cross-chain track, and the possible development trend of the cross-chain field in the future.


cBridge latest cross-chain data


Although it has only been one year since cBridge was launched, so far cBridge has supported 34 public chains and 129 different cross-chain asset classes. It includes not only mainstream public chain platforms such as Ethereum, Avalanche, and Arbitrum, but also emerging public chain ecosystems such as PlatON and SX Network.


Here we only intercept a small part of it


In addition, During the year, cBridge completed a total of more than 800,000 cross-chain transactions, and safely and stably completed USD 9.7 billion asset cross-chain transactions. The TVL reached a maximum of USD 750 million and is currently maintained at a level close to USD 300 million.



It can be said that for users with cross-chain needs, cBridge can basically provide one-stop cross-chain services, which greatly reduces user operations. step.


Of course, in addition to cBridge in the current market, there are still gaps in asset cross-chain services There are few competitive products, and the services provided by different products are also highly homogeneous. So how did cBridge stand out from many competitors and achieve its current industry-leading position?


What is the core competitiveness of the cross-chain bridge?


If people were asked to answer this question a year ago when cBridge was founded, the answer would probably be : Evaluation criteria such as convenience, cheapness, and support for various types of assets. However, after the baptism and education of the market in the past year, we stand today to answer this question. I think the most important answer must be one word: Safe!


Security has become the most important core competitiveness of the cross-chain bridge, which is closely related to the basic structure adopted relevant. At present, the core business logic of mainstream cross-chain products is nothing more than two types, one is the locked casting model, and the other is the two-way capital pool model. But no matter which model is adopted, the cross-chain bridge must establish a fund pool to save a large amount of user assets.


But for hackers, the huge pool of funds has become their main target, and The more users use cross-chain bridge projects, the more assets their fund pools contain, so the potential gains from successful attacks are also greater, making these cross-chain bridges a high incidence of hacker attacks.


Because there are too many security incidents of cross-chain bridges, here we only list a few A project involving a large amount of money.


On August 10, 2021, Poly Network (O3 Swap) was hacked, about 6.1 million dollars in assets were transferred;

On March 29, 2022, Ronin issued a document stating that the verifier node was hacked and the loss was about 615 million dollars;


We can see from it that due to the use of capital pools, the risk level of cross-chain bridge projects is highly similar to that of DeFi projects that also combine a large number of capital pools. In addition, since the past safety record can prove and better strengthen users' confidence in the project, the more time-tested in the market, the more likely the cross-chain bridge project that has been repeatedly verified as safe and effective will obtain a higher brand premium.


This brand premium does not depend on whether the team has good marketing capabilities, but on depends on its ability to maintain a long-term safety record. However, it is not easy to obtain such a security record, and it is often only a moment to lose it. Therefore, the reputation of a cross-chain bridge project in terms of security is even more commendable.


Therefore, the competition between cross-chain bridges is not only superficial factors such as efficiency and cost, It is also a competition of good risk control ability and technical investment level. In the v2 version, cBridge directly improves the security level of the cross-chain bridge from the ordinary smart contract level to the PoS public chain level by directly combining the State Guardian Network (SGN). Continuously adopt various technical measures to further consolidate its already established security advantages.


It can be said that after a year of hard work, cBridge has already achieved asset cross-chain The market has achieved a clear leading position, especially with a brand premium backed by a good safety record.


However, the current asset cross-chain business that cBridge mainly operates has great impact on the development of the encryption industry It is still only a staged product, how to achieve further leaps on this basis is the key point that can determine the future development potential of cBridge. So, what preparations does cBridge make for future competition?


Celer IM: actively betting on the next trend of cross-chain technology


In fact, users who often use cross-chain products can realize that although the number of assets and public chains supported by cross-chain bridges has already There are more and more, but transferring assets between different public chains is still a relatively cumbersome thing. If we want the encryption industry to gain better popularity in the future, then cross-chain technology must be further improved.


Therefore, message cross-chain without simple asset cross-chain came into being.


Simply speaking, if the message cross-chain technology is further improved, then a combination of the underlying message cross-chain The decentralized application (DApp) of the chain mechanism will no longer require users to directly participate in the cross-chain operation of the underlying assets, but will allow users to directly interact with a DApp to mobilize assets on different chains. For example, users can pledge assets on one public chain, and then directly borrow on another public chain.


The functions that we used to be able to achieve only in one public chain can now be simply based on The Celer message cross-chain framework (Celer IM) realizes interoperability between multiple chains. This will provide great room for innovation in the design and development of future decentralized applications.


Celer IM has been officially launched in May this year, based on the new generation of cross-chain applications developed by it Also in active development. It is expected that in the next year, we will see a wider application of Celer's cross-chain technology.


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It can be seen that cBridge is in In just one year, with the accumulation of excellent technology and brand endorsed by good safety records, it has achieved the leading position in the industry in the extremely competitive track of asset cross-chain. We believe that in the next cycle, cBridge will also have a great opportunity to continuously consolidate its market advantages by relying on its special security mechanism and Celer IM message cross-chain technology.

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