Celer Network (ERC-20) Price (CELR)

The Celer platform employs smart contracts deployed on chains, which work along with the SGN, a blockchain created on the basis of Tendermint. This type of architecture ensures frictionless multi-blockchain interoperability. At this, Celer users should send messages with the intention to invoke a cross-chain smart contract. In addition, they can get access to diverse assets including various tokens and NFTs across numerous blockchains. The project offers DeFi and GameFi products to diversify the proposal for investors and expand the opportunities for its users.

The members of the Celer community can enjoy the benefits of different blockchains within a single platform. The ease of using single-transaction UX is evident since there is no need to leave the system when tools and features of other blockchains are required. Thus, Celer represents a single portal providing access to numerous systems in one place.

Also, it’s worth adding that tech-savvy users can employ the platform’s infrastructure to develop their own cross-chain products. By employing Celer Inter-chain Message SDK, they can get access to such features as coherent application logic, shared states, and efficient liquidity utilization. Thus, they can access a huge system that enables easy operations across multiple blockchains hassle-free.

In June 2022, the platform launched the xAsset V2 model on cBridge which allowed users to move tokens freely across numerous supported chains. The model was designed to bridge tokens to new chains where they don’t exist yet. Thus, it transfers a selected token between a source chain and its destination chain without the necessity of liquidity provision and the lock-and-mint model that was required by the V1 model. Instead, the technology employs the burn and mint procedure for omni-directional transfers.

In March 2022, SGN V2 went live. The new version represented a Cosmos SDK created on the basis of the Proof-of-Stake consensus algorithm and using the same security mechanisms as L1 PoS blockchains. With its help, CELR works as a message router between the blockchains and thus alleviates cross-chain transactions at low cost, while maintaining a high level of security, and fast finality.

The Celer technologies

The Celer platform addresses two basic issues that are common in the DeFi industry. Since it’s impossible to reach mass adoption due to incredibly high fees, the platform employs Layer2.finance solution that enables access to the DeFi protocols at a fraction of cost. At this, the Celer Network has developed a horizontally scalable architecture enabling off-chain transactions. In this way, the platform introduces a layered architecture with innovative technical features.

The facility is operated by validator nodes that stake CELR tokens to support the system. The node operators play a significant role as they work together and contribute, in this way, to the correct execution and the consensus mechanism of SGN. Also, their work ensures the security of the Celer Inter-chain Message Framework.

The technologies employed for smooth work of the platform include the Celer Inter-chain Message Framework enabling the SGN’s message routing service. It requires SGN payments to use the service of multi-signature attestation. The fees received from users are distributed across the validators and CELR stakers. Validators contribute their efforts to enable smooth work of the system, while stakers support the system with their assets that secure the network. Also, they can make profits that they get due to the block rewards.

Celer not only provides security but also offers the choice of a security model. There are two different models that users can employ which include an optimistic-rollup inspired model and a L1-PoS-blockchain security model.

The CELR token

CELR is a utility token that was designed as a protocol asset to fuel the Celer Network. The token has several utilities. The most important one is the possibility of staking within the SGN network to ensure the security of the platform.

Users should pay a fee for using the platform’s message routing service and its storage of the multi-signature attestation. This fee resembles the payment obtained by the PoS blockchain’s validators and the associated stake delegators. The distribution of fees serves to reward CELR stakers and validators for the tasks they perform, which also contributes to the security of the network. Additionally, the SGN issues block rewards to validators producing blocks.

The Celer team

Celer Network was founded in 2018 by four Computer Science PhDs from MIT, Princeton, UC Berkeley, and UIUC. One of them is Mo Dong who previously worked as an engineer and product manager at Veriflow specializing in formal network verification. It is also worth mentioning Junda Liu who worked at Google in 2011, where he was responsible for data center-networking infrastructure. He also was the founding member of Project Fi mobile service and the Android Tech Lead for carrier services. Among co-founders, there is also Xiaozhou Li who has a number of published works in networking, distributed systems, data management, and storage. Another co-founder Qingkai Liang explored learning and control problems emerging from networked systems.