Celer IM radically alters the way multi-blockchain dApps are developed and used. Rather than deploying several isolated versions of smart contracts across different blockchains, developers can now create inter-chain-native dApps with efficient liquidity use, coherent application logic, and shared states. Users of Celer IM-enabled dApps will benefit from a diversified multi-blockchain environment while maintaining the ease of a single-transaction UX, avoiding tedious manual transactions across several blockchains.
The Celer IM platform is fairly simple to use and allows for “Plug’n’Play” upgrades that generally require no changes to previously deployed code. For example, Uniswap and Sushiswap can be converted into a cross-chain DEX with a simple plug-in. ChainHop and Rango Exchange are two examples of projects that have put this feature into production.
In the following cross-chain DEX example, a Sushiswap user can exchange ETH on Arbitrum for BNB on Binance Smart Chain (BSC) in a single, straightforward transaction. Behind what was going on, the following occurred:
ETH -> USDT on the arbitrage side via Sushiswap
The Celer IM framework includes cBridge, which connects USDT on Arbitrum to BSC.
Inter-chain Application Use Cases
The current popular method for creating a “multi-blockchain” dApp is to simply replicate the same code on many chains, with the liquidity, application logic, and states of the same dApp totally segregated from one another. In fact, other than the UI and the protocol’s token, these instances share nothing.
This technique frequently exhibits low liquidity efficiency, disjointed states, and a poor user experience. Celer IM enables dApps to realize every opportunity of the multi-blockchain world by providing a single-click user interface that benefits from much-increased liquidity efficiency and cohesive application logic.
Some high-level examples
DEXes that allow users to trade tokens across various chains using only one chain and a single transaction (e.g., ChainHop and Rango Exchange).
NFT Bridge which enables users to transmit their NFTs across many chains (for example, cBridge NFT).
Yield aggregators enable customers to manage multi-blockchain vaults using a single chain.
Lending procedures that allow collateral from one chain to be used to borrow assets from another.
DAO governance protocols enable for unified oversight processes with no the need to move governance tokens across different chains.
NFT marketplaces where a user from one network can place bids on a sale taking place on another chain.
New sorts of cross-chain transfer of assets bridges with various liquidity and validation mechanisms.
Let’s go over some examples in greater depth.
Decentralized exchanges CELER IM
Today, a multi-blockchain DEX must create liquidity pools for the exact same major asset pairs on each chain it is deployed on. As a consequence, a DEX must distribute the agricultural incentives throughout all of these various chains to achieve these pairs. Even while the total liquidity across all chains is very substantial, the liquidity depth of each pool on every single chain is somewhat narrow. Unfortunately, this reduces the whole trading experience by causing excessive slippage. Furthermore, users who want to conduct a trade for a token with deep liquidity on a separate chain must manually switch on the originating chain.
Lending Protocols ON CELER IM
Currently, if a user offers security in a lending protocol on one chain, they are able to borrow assets from that network. To borrow assets from a separate chain, they must first remove their liquidity, manually transfer it to another network, and then offer liquidity in the new chain’s collateral pool.
Celer IM offers a novel type of inter-chain lending in which a user may effortlessly transfer their collateral from one chain’s liquidity pool to another in one transaction. Then they can immediately borrow assets from the new network. With this functionality, customers will have a simple and clear UX that allows them to complete tasks without leaving the lending application!
NFT Marketplaces
Celer IM can broaden NFT marketplaces to reach a larger audience. An auction will be able to accept bids from chains other than the one where the NFT first became minted. Furthermore, no individual cross-chain transfer of funds are required until the bidding results are completed. This dramatically reduces the cost of joining an NFT auction, lowering entry barriers and expanding the trading pool for the entire marketplace.