Celer Network is a Layer-2 solution that provides fast, secure and affordable blockchain applications on different blockchains like Ethereum and Polkadot. CELR is the name and ticker symbol for the native token of the project.
The core architecture of the project relies on three different elements: cOS, the main development framework; cRoute, a fully decentralized routing system made of multiple chains and layers that enable higher operations capacity; and cChannel, the bottom layer of the network that enables smooth transactions within the ecosystem. Being a true Layer-2 platform, Celer’s security relies on that of the Layer-1 blockchain.
One of the key features of the Celer ecosystem is layer2.finance, which tackles DeFi’s biggest challenges to provide its users with both easy accessibility and significantly lower transaction fees. There is also a multi-chain cross-layer asset bridge — i.e., the cBridge — which allows instant, trustless, ANY-to-ANY value transfers within and across Ethereum's Layer-2 chains at a low cost. Celer's open-source platform, with a full set of SDKs and low rent, allows developers to build fast and to experiment with projects. There are three tightly coupled components that build the so-called "cEconomy": SGN: Users can stake CELR in the State Guardian Network to perform certain governance operations. PoLC: CELR can also be used to maintain the liquidity pool in proof-of-liquidity commitment — a virtual mining process. LiBA: Liquidity Backing Auction, which helps in raising the liquidity interests payout CELR token can also be used to pay service and transaction fees to off-chain services.
On July 7, 2019, Celer Network launched their alpha-mainnet, Cygnus, which became the first-ever Generalized State Channel Network. The platform combines State Channel and Layer-2 Rollup in order to enable a wide array of applications like DeFi (layer2.finance), micropayment and gaming. Apart from the alpha-mainnet, Celer has already successfully launched two testnets so far: Centauri with cWallet in October 2018, and Sirius with CelerX in February 2019.
CELR has a maximum supply of 10 billion tokens. Celer conducted three rounds of token sales: In April 2018, a seed sale was conducted in which 11.5% of the total supply was sold at about $0.0065 per token.
In August 2018, 15.5% of the total supply was sold at a private sale at a rate of $0.0150 per token. In March 2019, 6% of the token supply was sold via the Binance launchpad at $0.0067.
The CELR economy model is a system of staking that provides security, liquidity and smooth connectivity for the platform. The CELR price naturally depends on how the platform performs and how much CELR is staked. Its partnerships also influence the CELR charts.
Celer network’s team includes Mo Dong, Junda Liu, Xiaozhou Li and Qingkai Liang.
Mo Dong completed his Ph.D in computer science and has worked in technical roles in different companies before founding Celer Network and CelerX. Liang, the other cofounder of CelerX, had completed his Ph.D. in machine learning and computer networks. Junda Liu, who has a Ph.D. in computer networks, had worked in engineering roles at Google for over six years.
Celer has formed partnerships with several well-known names, such as Polkadot, StarkWare and Automata, as well as strategic partnerships with those such as Pantera, DHVC, Stable, BlockVC, Matrix, Fenbushi Capital and more.