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About Celer Network (CELR)
Celer network is a cross-chain interoperability project that fosters the creation of powerful multi-chain applications, as well as communications and asset transfers, among independent blockchain ecosystems.
The protocol leverages a proprietary inter-chain messaging framework, Celer IM, to bolster its interoperability capabilities, creating projects such as multi-chain decentralized exchanges (DEXs), yield aggregators and NFT marketplaces underpinned with a straightforward, single-chain user experience.
CELR is Celer’s native digital asset. It’s a payment token that also helps secure the network by way of staking. Staking CELR entitles token holders to a cut of all fees generated by the network. Celer IM seeks to create a new paradigm for inter-chain applications. The current practice of creating multi-chain applications involves replicating the same code on multiple blockchains, creating an environment where liquidity, application logic and states of the same decentralized applications (dApps) are completely isolated from each other. Celer IM looks to combat this through its proprietary development toolkit, capable of building applications with more efficient liquidity utilization, coherent logic and shared states, network blog post explained. Cross-chain communication on Celer is secured via the network’s State Guardian Network, a PoS blockchain which serves as the protocol’s message router. Celer deploys smart contracts on individual blockchain networks and pairs them with the SGN, enabling seamless interoperability in the process, the protocol said. In a bid to bolster interoperability, Celer Network supports its own asset bridge, CelercBridge, a non-custodial service that supports the instant transfer of 110-plus tokens across more than 30 blockchain ecosystems. As of May 2022, cBridge had processed a combined token value north of $8 billion.
Likewise, Celer boasts its own DeFI project, Layer2.finance, described as a novel solution designed to lower the high transaction costs associated with the DeFi space.
The network is building off-chain solutions for "payment transactions and generalized smart contracts," Messari explained.
How is the price of CELR determined?
The price of Celer’s native token, CELR, is partially a function of its natural scarcity. According to CoinGecko, CELR has a maximum supply of 10 billion; only half is currently in circulation. Additional CELR will be released to holders in the form of validator staking rewards.
Why does CELR have value?
Celer’s value proposition rests on the premise there is demand for a simple, user-friendly cross-chain ecosystem. Likewise, Celer IM provides a robust development toolkit for application builders looking to create true multi-chain dApps. Given its role within the protocol, Celer’s native token could see demand grow alongside demand for the network’s cross-chain communication services.
What are the main benefits of Celer Network?
- Celer’s native framework, Celer IM, features a user-friendly development toolkit for building cross-chain applications that deliver a simplified user experience.
- Celer’s non-custodial asset bridge supports the instant transfer of more than 110 digital assets across more than 30 blockchains.
- Celer’s native DeFi project, Layer2.finance, acts as a “public transportation system” designed to substantially lower the high transaction costs currently associated with decentralized finance.
- As more nodes are added to the network, throughput could eventually linearly scale to upwards of billions of transactions per second, according to Messari.
How to buy Celer Network (CELR)
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