The King of bridges, Celer Network, is now supporting the PlatON Network. This opens cross-chain transfers between Ethereum and PlatON. Transactions will be cheap, fast, and safe, and will involve seven tokens.
Also, Celer Network uses the Open Canonical Token Bridge Standard for this bridge. Therefore, PlatON is combining AI with blockchain technology. In addition, they use privacy-preserving computation technologies. This should lead to a democratized form of safe AI.
Transfer ERC-721 Tokens From Ethereum to PlatON Network
PlatON uses a variety of technologies to achieve this. However, computing interoperability is at the core of all this. Let’s take a look at what this means for both the PlatON and Celer network.
📣Super excited to announce that we have added support for @PlatON_Network!
💻➡️🌉You will soon be able to transfer $WETH, $WBTC, $USDC, $USDT, $DAI, $GRT, and $LINK cross-chain between @ethereum and @PlatON_Network quickly, securely, and with low-costs!https://t.co/IkySMOBX2m
— CelerNetwork (@CelerNetwork) April 12, 2022
Also, the open canonical token standard bridge is an answer to the third-party canonical token bridges. That doesn’t help, does it? So, Celer has a great blog post about the difference between the two.
In short, the bridge is now open to hacks. Once a bad actor finds a weak point, he can mint an endless number of tokens.
The cBridge that Celer Network uses for PlatON is an open canonical token standard bridge. As a result, you can bridge the following seven tokens soon: WETH, WBTC, USDC, USDT, DAI, GRT, and LINK.
What are Canonical Tokens on Celer Network?
Basically, third-party canonical token bridges have vendor lock-ins. This is when you can’t switch between products from competitors. What does this mean for Celer? If a project chooses a third-party canonical token bridge, they are stuck with that bridge. In other words, they can’t switch bridges anymore. This boils down to the fact that this bridge is the only one that can mint the correct tokens. The tokens for the destination chain.
Also, canonical tokens allow a protocol to use a variety of bridges. Most importantly, each bridge mints the same tokens. This also means that projects own the bridges. Furthermore, it also eliminates various risks or reduces them. For example, a hacker will now only get a few tokens. Those allocated to a specific bridge. Also, if a bridge fails, there are other bridges that can replace it.
🤩Celer Inter-chain Message is live on testnet!
🌉Cross-chain composability has arrived!
☎️Bridge assets + make x-chain smart contract calls at the same time
📩Pass arbitrary messages and execution instructions all with a single click
🤝Numerous use cases https://t.co/cxnuYhS5ye
— CelerNetwork (@CelerNetwork) January 13, 2022
CELR and LAT Price Outlook
The native token of the Celer Network, CELR, is currently trading at $0.0488. That is a 1.9% increase during the last 24 hours. However, during the last 7 days, it saw a 25.3% correction. On the other hand, over 30-days, the price increase is 42.7%. The marketcap is just under $275.5 million. This is with a max supply of 10 billion tokens. 5.64 billion tokens are already in circulation.
On the other hand, the native token of PlatON Network, LAT, saw a 7.6% increase during the last 24 hours and is currently trading at $0.0517. Over the last 30-days, it saw a 10.6% increase. The marketcap is $125.5 million. 10.25 billion tokens are the total supply and there are 2.4 billion tokens in circulation.
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