MGH Partners with Celer Network to Bridge $MGH to the Binance Smart Chain

  • 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

  1. 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.
  2. 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.
  3. Rollups: They bundle many transactions together and store them as one on the blockchain — so users have to pay enormously less.
  • 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.
Screenshot from the cBridge
  • 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.

How Celer will bridge the $MGH token to the Binance Smart Chain

  • 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.
Source: Celer
  • 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.
Source: Celer

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MetaGameHub DAO combines Utility, Governance & Data in one holistic Ecosystem to allow transparent NFT Valuation and Curation within the Metaverse

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