Token Description & Project Background

The Celer Network is a Layer-2 network that seeks to provide efficient and secure off-chain solutions for payment transactions and generalized smart contracts.

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 what is intended to be a straightforward, single-chain user experience.

The project’s mission is to spark ‘mass adoption for blockchain’ by providing a frictionless experience powered by L2 scalability technology. 

The network's native utility token, CELR, launched in 2018. 

The project was founded by Dr. Mo Dong, Dr. Junda Liu, Dr Xiaozhou Li, and Dr. Wingkai Liang. 

Risks of CELR

Like an investment in other crypto assets, there are some general risks to investing in CELR. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in CELR is subject to the following specific risks:

• Any potential success associated with the CELR token is reliant on the Celer Network’s adoption by developers, and growing demand for a user-friendly cross-chain ecosystem.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with CELR. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The CELR community and team are not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of CELR have no recourse to the CELR community, miners, Celer team, or Uphold if CELR declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing CELR on the Uphold Platform, Uphold performed due diligence on CELR and determined that CELR is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of CELR, including ensuring the source code being open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of CELR.
• Marketing materials put forward by the CELR social team including, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with CELR including any code defects, security breaches and other threats concerning CELR and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with CELR, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of CELR. 

General

Uphold has prepared this Crypto Asset Statement based on publicly available information. Although Uphold has taken steps to obtain information from apparently reliable sources, information contained in this Crypto Asset Statement may be inaccurate, incomplete or out-of-date. This overview is a starting point for you to perform your own research prior to investing in a crypto asset.

Uphold users should read the Risks Specific To Holding Digital Assets statement for additional discussion of general risks associated with crypto assets made available through the Uphold platform.  

Canadian residents, please note that Uphold has filed an application for registration in certain Canadian jurisdictions but has not yet obtained registration. Until such time as Uphold obtains registration, Uphold has agreed to abide by the terms of an undertaking available at the following link. Please also review the Uphold Canada – Crypto Risk Statement for additional discussion of general risks associated with the crypto assets made available through Uphold Platform. Please be aware that statutory rights of action for damages or rescission in section 130.1 of the Securities Act (Ontario) and, if applicable, similar statutory rights under securities legislation in the other provinces and territories of Canada do not apply in respect of this Crypto Asset Statement or other disclosures on the Uphold website and Risks Specific To Holding Digital Assets statement. 

Last updated on June 5, 2023.