Celer’s inter-chain message service improves the efficiency of multi-chain dApps, and its adoption by protocols is on the rise.
Celer Seals Partnership with Solace
Celer Network has announced a new partnership with decentralized insurance protocol, Solace. Through the partnership, Solace will use Celer’s newly-launched Inter-Chain messaging flagship product to manage its multi-chain underwriting pools more efficiently.
Celer unveiled the collaboration between the two protocols on April 27 via Twitter. Celer’s ingenious Inter-Chain Message service streamlines the number of transactions decentralized applications (dApps) require to carry out their functions in a multi-chain environment. Solace will adapt the service to aggregate and know the state of its underwriting capacity across chains using a single-transaction call.
“We are very excited to announce that we will be partnering with @SolaceFi to help improve their underwriting pool management process across chains! This is made possible by using the innovative Celer Inter-chain Message Framework!” Celer tweeted.
Knowledge of the state of its underwriting pools helps Solace to know how much total liquidity is available for insurance coverage at any given time. On Solace protocol, the maxCover() function returns the total underwriting capacity. Before integrating Celer’s solution, the maxCover() function had to be queried multiple times to fetch the correct capacity of each chain’s underwriting pool. By streamlining the process using Celer’s inter-chain Messaging service, Solace can achieve the same result with better gas efficiency and improved network performance. See Celer’s blog post for a typical flowchart of how the Inter-Chain messaging feature plugs into Solace for improved underwriting capacity management.
A growing list of protocols finds Celer’s inter-chain Message Framework valuable for seamless multi-chain operation. ChainHop – a composable cross-chain liquidity protocol deployed the framework to enable users to convert token A on blockchain X to token B on blockchain Y in a single transaction. Similarly, Aperture Finance – a marketplace for decentralized finance (DeFi) strategies, leverages the Celer IM service to provide users with one-click access to supported strategies on any blockchain. Other protocols that have integrated Celer’s IM service into their functions include Rubic, Swing, and FutureSwap. You can watch this video to get an overview of Celer’s IM framework and its applications.
What is Celer Network:
Celer Network is a protocol that develops tools for blockchain interoperability and cross-layer communication. The protocol offers fast, secure, and cheap bridging between multiple chains. The Celer ecosystem comprises three unique products: Inter-Chain Message Framework, cBridge, and Layer2.Finance.
Where to find Celer:
What is Solace:
Solace is a multi-chain decentralized insurance protocol that provides personalized insurance coverage for DeFi protocols. As of writing, users can access insurance cover for their positions on over 180 DeFi protocols with a single policy.
Holders of the protocol’s $SOLACE token can stake it to earn commissions from policy sales.
Where to find Solace:
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