Digital currency website CelsiusCow.com, in association with The Digerati Premium, released a new report to the Celsius Network’s cross-chain liquidity bridge
The latest launch from CelsiusCow.com offers readers an in-depth look at how the Celsius Network’s platform is providing users a way to use their crypto assets as collateral for funding. The report details how network members can earn a yield on their crypto assets and source lending services all within the same financial ecosystem.
The new report explores CelsiusX – the platform’s latest foray into bridging the gap between its centralized and decentralized financial services. The program seeks to widen the scope of opportunity for users through no-gas/no-fee services alongside complimentary wrapping and bridging features.
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According to the report, CelsiusX creates a new infrastructure by facilitating the wrapping and bridging of wrapped Cardano (ADA), wrapped Dogecoin (DOGE), and wrapped Ether (ETH) into an ERC-20 standard. This enables these assets to be used on EVM-compatible blockchains. Users are now able to bridge their assets for use on Polygon.
The report explains that all key actions such as minting are controlled by an oracle service. This sets CelsiusX apart from similar platforms that must rely on a trusted centralized third party. The platform favors on-chain transparency, minimizing trust assumptions through a verifiable process.
The CelsiusCow.com report goes on to explain the long-term goals of CelsiusX. With a system that locks assets in an externally-owned vault on Enzyme Finance, the platform cannot mint more coins than are available. After the launch of the CelsiusX bridge, the process of uniting the ecosystems of CeFi and DeFi will continue, moving towards true decentralization and self-sovereignty of user assets.
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In the future, CelsiusX is likely to enable the wrapping of other altcoins besides ADA, DOGE, and ETH. Contenders include MATIC, DOT, AVAX, and SOL. While the platform currently operates on the Polygon blockchain, CelsiusX users will eventually harness the interconnection opportunities across other chains such as Avalanche and Arbitrum.
A spokesperson for CelsiusX says, “CelsiusX will further the mission of Celsius to give financial freedom and the spectrum of opportunity – from centralized yield to easy accessibility to DeFi protocols – for its users.”
With its latest report on cross-chain liquidity, CelsiusCow.com continues to keep readers informed and make the complexities of the cryptocurrency sector more accessible to aspiring traders and miners everywhere.
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