MGH Partners with Celer Network to Bridge $MGH to the Binance Smart Chain
How do we bring the next billion people to crypto?
Everyone is talking about mass adoption — but decentralized blockchains can’t handle that.
They’re still too slow and don’t support enough transactions per second. In short, they don’t scale enough.
But Celer Network pushes the boundaries of current technology to change that.
That is why MetaGameHub DAO is proud and honored to work together with Celer Network and to use its state-of-the-art technology.
Learn in this article:
- How Celer Network is making blockchains ready for mass adoption.
- How MGH will leverage Celer’s unique technology.
About Celer: How to push crypto to mass adoption
What are you complaining about when you use Ethereum?
Probably that it’s expensive and slow.
But what if you had to pay virtually nothing for transactions, and they were confirmed almost instantly?
And what if you could quickly and safely transfer a token from one blockchain to another — as if with a snap of your fingers?
This is exactly what Celer Network is working on — and it’s achieving these goals via three innovative technologies:
- State Channels: These are channels connecting two or more people off-chain. Over such a channel, they send assets back and forth indefinitely until the result (Anna has received 0.5 ETH in total) is stored on-chain.
- Sidechains run their own validators and operators — they fund their own security. At the same time, they are closely intertwined with a mainchain like Ethereum, with which they can easily send assets back and forth via a bridge.
- Rollups: They bundle many transactions together and store them as one on the blockchain — so users have to pay enormously less.
But Celer doesn’t just want to make transactions fast and cheap — it wants to achieve that goal across many chains.
That’s because Celer is multi-chain. It’s not limited to the Ethereum ecosystem, but also spans chains such as the Binance Smart Chain and Avalanche.
So far, Celer has launched three products with its pioneering scaling solutions to make transactions fast, secure, and affordable:
- cBridge: It’s a multi-chain network that allows you to send your assets across different blockchains and layer 2 solutions. For example, you could send USDC from Avalanche to Optimism. The cBridge has seen amazing growth and has already processed over 6 billion USD in transaction volume.
- Layer2.finance: Through this platform, you can take advantage of the high-interest rates on Aave or Compound without having to pay the extreme fees on Ethereum. Layer2.finance is powered by optimistic rollups.
- State Guardian Network: This is a specialized proof-of-stake chain that — in short — secures Celer’s state channel and rollup technology. Here, users can stake their Celer tokens to earn staking rewards and transaction fees.
That was the rough outline of how Celer works.
And MGH will use exactly two of these revolutionary products to bridge our valuable $MGH token onto another chain:
How Celer will bridge the $MGH token to the Binance Smart Chain
Thanks to Celer, we will bridge our precious $MGH token from the Ethereum mainnet to the Binance Smart Chain (BSC).
To do this, we use Celer’s pioneering cBridge.
How exactly will this work?
If you want all the technical details, you can find an in-depth explanation of the cBridge here.
Otherwise, you’ll get the TLDR now:
- You want to transfer $MGH tokens from the Ethereum mainnet to the BSC. To do this, $MGH is locked on Ethereum in a Token Vault.
- At the same time, the “PeggedToken contract” mints $MGH tokens on the BSC that are pegged to your tokens on Ethereum.
- Now you can use $MGH on the BSC.
- To “free” your $MGH on Ethereum again, the PeggedToken contract burns your pegged token on the BSC.
- The Token Vault will then release your $MGH on Ethereum.
What does that mean in summary?
You lock your $MGH on Ethereum to receive a representation on BSC.
In doing so, the Celer’s State Guardian Network provides the security for minting and burning.
But what will we do on the BSC?
That’s still a closely guarded secret. We can only say that we will use it for gaming and other projects launching on BSC.
So follow us on social media and stay up-to-date:
How Can You Stay up to Date and Keep in Touch with MGH?
If you want more information about MGH, visit our Website
For a sharpshooter-like view of the whole project, read our Whitepaper.
Work together with us in a Working Group.
Follow us on Twitter.
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Check out MGH on LinkedIn.
Discuss, write, and celebrate with us on Telegram.
Talk, laugh, and enjoy the time on Discord.
Follow Celer Network
About MetaGameHub DAO
At MGH DAO, it is all about building bridges within the open metaverse and building a holistic, user-focused ecosystem to foster the most intuitive path for the users.
Apart from providing innovative infrastructure to support the financialization of the NFT world, MGH is structured as a DAO which allows it to be governed by the community, for the community.
MGH DAO will provide a sophisticated AI-based oracle that allows the analysis of the respective NFT’s fair value and seamless, transparent integration into the NFT Pool.
Community members can stake their NFTs and MGH Tokens to earn network rewards while participating in the governance of the ecosystem.