Ooki integrates Celer for Cross Chain Fee Bridging

DAO -

Ooki has integrated with Celer’s interoperability protocol to enable Celer's CBridge for fee bridging between all Ooki’s different blockchain deployments and also utilization of Celer IM, Celer's interchain messaging framework.

What is Celer?

Celer is a blockchain interoperability protocol enabling a one-click user experience accessing tokens, DeFi, GameFi, NFTs, governance, and more across multiple chains. Celer uses smart contracts that are deployed on each chain paired with the State Guardian Network, a Tendermint-based blockchain, in order to enable seamless multi-blockchain interoperability.

🌉More exciting news from cBridge! @OokiTrade's $OOKI is now able to be bridged between @ethereum and @BNBCHAIN using https://t.co/35fICZsz3A!

🙌We continue to expand our support and increase the number of tokens using the Open Canonical Token Standard with cBridge! pic.twitter.com/cLKEQDW0Ad
— CelerNetwork (@CelerNetwork) May 10, 2022

What will Ooki be using Celer’s interoperability protocol to achieve?

The goal of integrating with Celer’s protocol is to enable fees generated on all non-Ethereum chains to flow into Polygon in the form of USDC. Following the integration of Celer into the Ooki protocol, all fees generated from margin trading, borrowing, and lending will be converted into USDC and sent to the fee controller on Polygon.

  • The receiver on Ethereum has a function to convert fees from USDC to 3pool and distribute the fees on staking.
  • All bridging is done through Celer.
  • Initially, bridging will be callable by guardian only to ensure there are no issues and then will be opened for permissionless calling
  • This model allows for scaling to new chains so long as Celer supports it.
  • Staking will only occur on Ethereum and stakers on Ethereum receive revenue from all chains
  • This first iteration excludes multi-chain governance, which is soon to follow.

OOKI Token Bridge

In addition to enabling cross chain fee bridging for platform fees generated on other blockchains, the Celer integration also enables OOKI token bridging.

Following a successful governance forum post discussion, $150k worth of OOKI has been allocated towards liquidity across three chains.