What Is Celer Network (CELR)? All About CELR Token

What is Celer Network?

Celer Network is the most advanced layer-2 scaling platform to build fast, easy-to-use, low-cost, and secure blockchain applications at an internet-scale.

At its core, Celer is a layer-2 infrastructure on top of blockchains, the ecosystem also includes dApps and crypto-economic models to incentivize usage of our layer-2 scalability solution.

How does Celer Network work?

Layer-2 Solution

Celer Network aims to use Blockchain like Ethereum, Polkadot, etc as its Layer 1, it would be ideal if Celer could reuse all of the existing technology with minimal changes. Developer experience would increase because they wouldn't have to master a new technology stack.

Celer allows users to conduct transactions more quickly than Layer 1. It also includes smart contracts, which allow developers to manage and operate dApps with a high degree of scalability while also increasing network productivity.

Celer focuses on Generalized State Channel Network and Side-Chain technology.

The Celer Network's architecture is known as Cstack, and it is made up of three components: cOS, cRoute, and cChannel.

• cOS: State Channel-enabled application development framework and runtime. Provides common design principles and manages off-chain state operation, storage, tracking, and dispute.
• cRoute: Generalized conditional value routing across a network consists of multiple chains and layers. Fully decentralized with high failure resilience.
• cChannel: The bottom layer that interacts with different blockchains and provides the upper layer with a common abstraction of up-to-date states and bounded-time finality. It uses state channel and sidechain techniques which maximizes liquidity and supports rapid state transitions.

Celer cBridge

Celer has released cBridge v1 on the mainnet, allowing users to transfer tokens across Ethereum, Arbitrum, Polygon, and Binance Smart Chain blockchains.

Currently, bridge solutions frequently utilize Ethereum as the primary intermediary; for example, to move USDC from Polygon to Arbitrum, you must first switch from Polygon to Ethereum, then from Ethereum to Arbitrum.

When working on Multichain, cBridge enables smooth asset movement between chains, which improves the user experience and saves time.

A client on the Arbitrum rollup on top of Ethereum can transfer to a client on Polkadot via multiple cBridges that first relay liquidity from Arbitrum to the Optimism Rollup, then to layer-1 Ethereum, then several hops across the Celer State Channel Network on top of layer-1 Ethereum, and finally to Polkadot.

All of this can happen in the milliseconds it takes for a message to travel at the speed of light and at a low cost.

Besides, there are some other highlights from Celer Network.

• Off-chain transaction fees are zero.
• The transaction speed is 100,000 times per payment.
• Reduce micro-payment transaction fees hundreds of times compared to Ethereum's blockchain network.
• Horizontal scalability as more nodes join.
• Optimized for off-chain payment algorithms.

What is the CELR token?

CELR token is the utility token that is required to participate in the State Guardian Network and provide various layer-2 services for Celer Network users.

Detailed information about CELR Token

CELR Key Metrics

• Token Name: Celer Network.
• Ticker: CELR.
• Blockchain: Ethereum.
• Token Standard: ERC20, BEP20, xDAI.
• Contract - ERC20: 0x4f9254c83eb525f9fcf346490bbb3ed28a81c667.
• Contract - BEP20: 0x1f9f6a696c6fd109cd3956f45dc709d2b3902163.
• Contract - xDAI: 0x248c54B3fc3bC8b20D0CDEE059E17C67e4a3299d.
• Token Type: Utility.
• Total Supply: 10,000,000,000 CELR.
• Circulating Supply: 6,131,211,958 CELR (61.3% of the total token supply).

CELR Token Allocation

• Seed Round: 11.50%.
• Private Round: 15.50%.
• Launchpad Sale: 6.00%.
• Team: 18.30%.
• Foundation: 17.00%.
• Marketing & Ecosystem: 5.00%.
• Advisor: 1.70%.
• Mining Reward: 25.00%.

CELR Token Release Schedule

CELR Token Sales

Seed sale (11.5% of the total supply):

• Price: $0.0065 per CELR token.
• Time: April 2018.
• Fundraised: $7,475,000.

Private sale (15.5% of the total supply):

• Price: $0.015 per CELR token.
• Time: August 2018.
• Fundraised: $23,250,000.

Launchpad sale (6.0% of the total supply):

• Price: $0.0067 per CELR token.
• Time: March 19th, 2019.
• Fundraised: $4,000,000.

CELR Token Use Cases

• Transaction fees: CELR tokens can be used to pay for transaction fees.
• Staking: CELR holders can become a State Guardian by staking CELR in the State Guardian Network. State Guardians are paid a service charge as well as side-chain block incentives during the service procedure.
• Rewards: In the Proof of Liquidity Commitment procedure, CELR also serves as an incentive for maintaining a stable and plentiful liquidity pool.

In addition, CELR can also be utilized in a Liquidity Backing Auction to raise the priority of liquidity backing bids and, as a result, improve the payout of liquidity interests statistically.

How to get CELR Token

You may contribute to Celer's ecosystem and get CELR Token as a reward, by becoming Proof of Liquidity Commitment (PoLC), Liquidity Backing Auction (LiBA), or State Guardian Network (SGN).

How to buy CELR Token

You can buy CELR on listed exchanges such as:

• DEX: PancakeSwap, Uniswap...
• CEX: Binance, OKEx, Gate.io...

How to store CELR Token

You can store CELR on Coin98 Wallet with these steps:

Step 1: Open Coin98 Wallet & click Search Icon on the home screen.

Step 2: Search CELR Token.

Step 3: Click on the correct result at Receive Tab, copy the wallet address and send CELR to this address.

CELR Roadmap

• Q1 2021: Layer2.finance v0.1 mainnet launch cBridge MVP (Minimum Viable Product) Release.
• Q2 2021: Layer2.finance v1.0 launch & cBridge v1.0 launch.
• Q3 2021: Layer2.finance v1.1 launch with ZK Rollup support & cBridge v1.1 launch.
• Q4 2021: Layer2.finance v20 with cross-chain synthesis.

Team, Investors and Partners

Team

Celer was founded by experienced entrepreneurs with PhD degrees from MIT, Princeton, UC Berkeley, and UIUC and has a fast-growing all-star team with years of engineering, product, user growth, and marketing experience from tech giants like Google, Amazon, Cisco, Oracle, HP, and more.

Investors

Celer Network raised a total of $6.1 million in funding over 5 rounds including prominent investment funds such as IOSG Ventures, Cognisa Capital, Papership Capital, Elysium Venture Capital, BlockVC, Consensus Lab, etc.

Partners

Is Celer Network (CELR) a good investment?

In the future, cBridge 2.0 will be able to transfer USDT, USDC, and ETH between Avalanche, Arbitrum, BSC, ETH, Fantom, and Polygon in minutes and at a significantly lower cost. Besides that, cBridge 2.0 will also support non-EVM platforms like Solana, Terra, and Polkadot.

There are many problems that exist at the moment of Layer 1 blockchain such as transaction speed and transaction fees, so the development of Layer 2 is very necessary in the future.

But generally, I recommend instead of “investing much in crypto”, invest your time in gaining knowledge in the domain to distinguish great tech from crap. This is the best investment, which I believe will make you rich and prosperous.

As with any investment, it is important to do your own research and only invest money you can afford to lose. Evaluate whether you think the price can continue to increase. Make sure you understand the projects you're considering investing your money in. Most importantly, don't buy CELR because you're scared of missing out, or because you hope it will produce more short-term gains.

Disclaimer: All the information in this article is only for information purposes and should NOT be considered investment advice. Investing in Crypto contains hugely high risks, and you should only invest the fund you are willing to lose.

Similar Projects?

Arbitrum: A layer 2 solution designed to improve the capabilities of Ethereum smart contracts boosting their speed and scalability while adding in additional privacy features to boot.

Optimism: A Layer 2 scaling solution for Ethereum that can support all of Ethereum's Dapps.

Boba Network (BOBA): A Layer 2 Ethereum scaling & augmenting solution built by the Enya team as core contributors to the OMG Foundation.