Celer Network

price
change

Discover Celer Network's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Celer Network?

Celer Network (CELR) is a layer-2 scaling platform that enables interoperability and fast off-chain transactions across various blockchains, including Ethereum and Polkadot. It provides a suite of products to support the development of decentralized applications (dApps) and offers a secure environment for their operation. The platform aims to bring blockchains to mass adoption by optimizing speed, performance, and interoperability.

How is Celer Network used?

Celer Network (CELR) is a layer-2 scaling platform that enables fast, secure, and low-cost transactions for decentralized applications (dApps) on various blockchains. It provides interoperability within the ecosystem and network incentives. Here are some key ways Celer Network is used:

  • Off-Chain Scaling: Celer Network allows for off-chain transactions, which are faster and more cost-effective than on-chain transactions. This makes it suitable for applications that require high-speed transactions, such as blockchain-based games and decentralized finance (DeFi) platforms.
  • State Guardian Network (SGN): CELR is used as a staking token in the SGN, which is a Proof-of-Stake (PoS) blockchain built on Tendermint. Validators stake CELR to participate in the network consensus and are rewarded with CELR. The SGN serves as a message router between different blockchains, offering L1-blockchain level security.
  • Celer cBridge: This is a decentralized and non-custodial asset bridge that supports token transfer across multiple blockchains and layer-2 rollups. It has processed significant cross-chain asset transfer volumes and is expanding to more blockchains and layer-2s.
  • Celer Inter-chain Messaging (IM) Framework: This framework supports generic message passing and cross-chain function calls. Developers can build inter-chain-native dApps using the Celer IM SDK to leverage efficient liquidity utilization, coherent application logic, and shared states.
  • Layer2.Finance: This is a solution that allows users to access all existing DeFi protocols at a fraction of the cost, acting like a "DeFi Router".
  • Staking and Rewards: Users can stake CELR to participate in the network consensus and earn rewards. Validators and delegators receive service fees for their services, and rewards are shared on a per-block basis.

Overall, Celer Network is designed to improve the scalability and interoperability of blockchain-based applications, making it easier for developers to build and users to access a diverse range of dApps across multiple chains.

How do I store Celer Network?

To store Celer Network (CELR) tokens, you can use various wallets that support CELR. Here are some options:

  1. Guarda Wallet: Guarda offers a multi-currency wallet that allows you to securely store and manage your CELR tokens. You can create an online wallet or download a mobile app for PC, Mac, iOS, or Android. Guarda is a non-custodial wallet, ensuring you have full control over your funds and personal information.

  2. Trust Wallet: You can add CELR to Trust Wallet by searching for "Celer Network" or "CELR" in the app. If the token is listed, you can easily enable it.

  3. MyEtherWallet (MEW): MEW offers a Celer wallet through Enkrypt, providing industry-leading security and effortless token management.

  1. Unagii: Unagii, a node on the State Guardian Network, allows staking for CELR. Keep in mind that there is a 7-day unbonding period when you unstake.

  2. Crypto.com: You can also stake CELR on Crypto.com, which offers a 2% APY.

  3. Binance: Binance offers a higher APY of 13% for staking CELR.

  1. Metamask: You can stake CELR on the State Guardian Network through Metamask, which is a decentralized staking option.

These wallets provide secure and user-friendly platforms for managing your CELR tokens.

How to buy Celer Network?

To buy Celer Network (CELR) tokens, you can follow these steps:

  1. Create an Account:

    • Sign up with a reputable cryptocurrency exchange like Kriptomat, Coinbase, or ChangeNOW.
    • Verify your email, phone number, and identity to unlock the full potential of the platform.
  2. Add Funds:

    • Deposit funds into your account using a bank account, credit card, or other approved payment methods.
  3. Select Celer Network:

  • On the exchange platform, navigate to the "Buy" or "Trade" section and search for Celer Network (CELR).
  • Select CELR from the list of available cryptocurrencies.
  1. Enter the Amount:

    • Enter the amount of CELR you want to purchase in your local currency.
    • The platform will automatically convert this amount to the equivalent CELR tokens.
  2. Preview and Confirm:

    • Review the transaction details to ensure everything is correct.
    • Confirm your purchase, and the CELR tokens will be added to your account.

These exchanges provide a secure and user-friendly environment to buy CELR tokens.

Discover
Celer Network
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

History of Celer Network

Celer Network (CELR) was founded in 2018 by Mo Dong, Junda Liu, Xiaozhou Li, and Qingkai Liang. The founders have PhDs from prestigious institutions such as Princeton, MIT, UC Berkeley, and UIUC, and they also have experience in developing corporate software like Google Fi, Veriflow, Intel DPDK, and B4.

In July 2019, Celer Network unveiled Cygnus, the world's first Generalized State Channel Network. The company raised $30 million in its initial coin offering (ICO) in March 2019 and launched its alpha testnet in May of the same year. The beta version of the Celer Network mainnet was launched in March 2020, and it has since been integrated with major blockchain platforms like Ethereum and Binance Smart Chain.

In July 2020, Celer Network introduced Layer-2.5, a technology that allows for the scaling of decentralized applications (dApps) on top of Layer-2 networks. This innovation enables developers to create more complex dApps while maintaining the speed, security, and cost benefits of the Layer-2 infrastructure.

Celer Network has also been recognized by industry experts for its contributions to the blockchain ecosystem. In September 2020, the company was named a finalist in the DeFi category of the TechCrunch Disrupt Startup Battlefield competition. Additionally, Celer Network was selected to participate in the prestigious Ethereum Foundation’s Grant Program in November 2020, further solidifying its reputation as a leader in the blockchain sphere.

Discover
Celer Network
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

How Celer Network works

Celer Network is a blockchain interoperability protocol designed to enable seamless interactions across multiple blockchains. It allows users to access various decentralized applications (dApps), tokens, DeFi, GameFi, NFTs, governance, and more with a single click, providing a unified user experience across different blockchain ecosystems.

Key Components
  1. Celer Inter-chain Messaging (IM) Framework:

    • This framework enables generic message passing and cross-chain function calls. Developers can build inter-chain-native dApps using the Celer IM SDK, which provides efficient liquidity utilization, coherent application logic, and shared states.
  2. Celer cBridge:

    • A decentralized and non-custodial asset bridge that supports token transfer across over 40 blockchains and layer-2 rollups. It has processed significant cross-chain asset transfer volumes and is expanding to more blockchains and layer-2s.
  3. State Guardian Network (SGN):

  • A Proof-of-Stake (PoS) blockchain built on Tendermint, which serves as the message router between different blockchains. It offers L1-blockchain level security and is used for staking CELR tokens to participate in the network consensus.
Functionality
  • Interoperability:

    • Celer Network allows users to access various blockchain ecosystems with a single click, providing a unified user experience. This is achieved through the Celer IM Framework and cBridge, which facilitate seamless interactions between different blockchains.
  • Staking and Rewards:

    • Users can stake CELR tokens to participate in the network consensus and earn rewards. Stakers receive service fees for their services, which are shared on a per-block basis.
  • Layer-2 Scaling:

  • Celer Network is built on top of other blockchain platforms to enable scaling and secure operations through off-chain transactions. This layer-2 architecture helps optimize the speed, performance, and interoperability of dApps, smart contracts, and off-chain operations.

  • Security:
    • The State Guardian Network provides L1-blockchain level security, ensuring the integrity of transactions and interactions across different blockchains.
Use Cases
  • Token Bridging:

    • Celer Network enables the transfer of tokens across multiple blockchains, facilitating the use of tokens across different ecosystems.
  • Cross-Chain Liquidity:

    • The platform provides efficient liquidity utilization, allowing for coherent application logic and shared states across different blockchains.
  • NFT Bridging:

  • Celer Network supports the transfer of NFTs across different blockchains, expanding the use cases for NFTs in various ecosystems.

  • Metaverse Games:
    • The platform enables the creation of metaverse games that use items from multiple chains, enhancing the gaming experience and interoperability.
CELR Token
  • Native Token:

    • CELR is the native token of Celer Network, used for staking, network fees, and other functions within the ecosystem.
  • Token Supply:

    • The total supply of CELR is 10 billion, with a circulating supply of around 7.09 billion as of August 2022.
  • Token Price:

  • The price of CELR is subject to market fluctuations and can be influenced by various factors such as project news, market sentiment, and the flow of cryptocurrency on exchanges.

Discover
Celer Network
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

Celer Network's strengths

Celer Network (CELR) has several strengths that make it a promising solution in the blockchain and cryptocurrency space:

  1. Scalability: Celer Network is designed to provide fast and cheap transactions, making it a scalable solution for blockchain technology. It uses state channel technology, which allows for the creation of private off-chain channels between two parties that can be used to conduct multiple transactions without having to broadcast them to the main blockchain, significantly reducing fees and increasing transaction speed.

  2. Layer-2 Scaling: Celer Network operates as a layer-2 scaling platform, which means that transactions are processed off-chain instead of being broadcasted and processed on the main blockchain. This approach significantly reduces fees and increases transaction speed, making it a powerful and flexible platform for building and running decentralized applications.

  3. Cross-Chain Interoperability: Celer Network supports cross-chain interoperability, allowing it to communicate and have transactions with other blockchain networks. This is achieved through the use of cross-chain bridges, which enable the transfer of assets and data between different blockchains.

  1. Security Measures: The network incorporates advanced security measures, including secure multi-party computation (MPC) and threshold signature technology, which provide cryptographic security to protect users’ assets and ensure the integrity of transactions.

  2. Blockchain Agnostic: Celer Network is blockchain agnostic, meaning it can work with any blockchain, reducing the risk of obsolescence and making it a versatile solution for developers and users alike.

  3. Developer-Friendly: Celer Network provides a variety of SDKs (software development kits) that make it easier for developers to build and deploy scalable decentralized applications (dApps) at lower costs. These SDKs are designed to handle storage, operation, tracking, and disputes of off-chain states, making the development process more efficient.

  1. Competitive Advantage: Celer Network has demonstrated speed and efficiency, performing 15 times faster than rivals, thanks to its generalized state channel and channel balancing solutions. This competitive advantage could help lift it to prominence in the industry.

  2. Strong Founding Team: The four founders of Celer Network have strong backgrounds in network infrastructures, distributed systems, and performance networking, which adds credibility to the project.

  3. Tokenomics: Celer Network has a limited total supply of 10 billion CELR tokens, which acts as an anti-inflation mechanism and potentially makes CELR a good store of value in the long term.

  1. Real-World Applications: Celer Network has already been integrated with major blockchain platforms, such as Ethereum and Binance Smart Chain, and has been recognized by industry experts for its contributions to the blockchain ecosystem.

Celer Network's risks

Celer Network (CELR) carries both systematic and unsystematic risks. Systematic risk is associated with overall cryptocurrency market movements and cannot be diversified away. Unsystematic risk, on the other hand, is specific to the Celer Network project and can be mitigated by diversifying investments across different digital assets with low correlation to each other.

Systematic Risk
  • Market Volatility: Celer Network's price is susceptible to fluctuations in the broader cryptocurrency market, which can impact its value.
  • Market Sensitivity: The token actively responds to market movements, making it sensitive to changes in the overall market environment.
Unsystematic Risk
  • Project-Specific Risks: Events specific to the Celer Network project can negatively affect the token's price. This includes factors such as the project's performance, adoption, and competition.
  • Risk of Devaluation: There is a risk that the token's value may decrease due to various project-specific factors.
  • Speculative Nature: Celer Network has characteristics of a speculative cryptocurrency, which can lead to high volatility and uncertainty.
Other Risks
  • Competition: Celer Network faces competition from other layer-2 scaling solutions and payment networks, which can impact its adoption and value.
  • Marketing and Social Presence: The project has historically lacked strong marketing and social presence, which can hinder its growth and visibility.
  • Risk Gauge Score: The risk gauge score for CELR indicates that it is currently a moderate risk investment, which may deter some investors.

Overall, investors should carefully consider these risks and their own risk tolerance before investing in Celer Network (CELR).

Discover
Celer Network
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

Did Celer Network raise funds?

Discover
Celer Network
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

Celer Network’s team

  • Mo Dong: Co-founder of Celer Network, with research and engineering experience in networking protocol design, distributed systems, formal verification, and game theory. His work has been published in top conferences and has been adopted by major internet content and service providers.
  • Qingkai Liang: Co-founder, author of over 15 top-tier papers and inventor of 5 provably-optimal adversarial resistant routing algorithms. He has received several awards, including the Best Paper Nominee at IEEE MASCOTS 2017 and the Best-in-Session Presentation Award at IEEE INFOCOM 2016 and 2018.
  • Dr. Christos Kozyrakis: Advisor, Professor of Electrical Engineering and Computer Science at Stanford University, a fellow of the ACM and the IEEE. He is broadly interested in secure and energy-efficient distributed systems.
  • Dr. Alan Mishchenko: Advisor, Research Scientist at UC Berkeley since 2002, specializing in building fast and scalable tools for design automation and developing computationally efficient methods for various applications.

Whalee AI

The fundamental analysis assistant for crypto value investors.

Celer Network NEWS REPORT

Latest news

Want an analysis of Celer Network? Tell us on discord.

Help us improve!
Tell us what you think of this page and which features you would like to see next.
OPEN FORM