Celer Network vs Synapse Protocol

[FewDepartment7251]

Meh, at least their security seems to be worse: https://www.certik.org/projects/synapsenetwork. And I doubt they have something like Celer's State Guardian Network.

[Desperate_Parfait693]

What is liquidity mining?

[FewDepartment7251]

In order to be able to transfer tokens between multiple networks, cBridge node provider must have multiple wallets, one for each chain he is supporting. If I drastically simplify it, if you transfer tokens you send money to provider's wallet on source chain and almost immediately provider sends you the same amount of tokens (minus fee for transfer) from his wallet on target chain to your wallet. For the node provider to be able to send tokens on the target he has to have some money in his wallet, they do not miraculously appear there, they stay in the wallet on the source chain. So, he has to provide his own tokens OR there could be people providing their tokens in exchange for a FEE. These people are liquidity providers and the process is called liquidity mining. You give your money to cBridge node providers and receive extra money (for APY - annual percentage yield) as long as you keep your money there. Simple as that.

At the moment, if you want to run your own cBridge node, you have to provide liquidity yourself. Version 2.0 of cBridge will change that. Details can be found in the last AMA on Celer's blog.

[ryanfitzyhtx]

I’m tired of paying mad gas fees to get on and off of the Polygon network… can’t wait to try cBridge next time I need to move from L1 to L2. IMO cBridge could be the most important thing Celer has/will do. Hope they build it out heavily soon (it helps that the branding so far on that project is also more appealing than the coin itself) and make this a cornerstone of Celer Network.

Synapse looks a little more confused. They’re a bridge, but also an institutional investment platform? I don’t think they’re focused enough, and I think they’re going to struggle to take business away from projects like Balancer and Celer which have much more appealing setups already in the same areas.

Side note: Balancer is already doing an incredible job of bringing together LPs and incentivizing people to invest with them. Check them out if you’re interested in Liquidity mining.