Celer Network (CELR)

The exchange rate of one CELR at 14:35 UTC is 0.02658$

Chart | Average rate

“Celer Network” is an interoperability platform that supports cross-chain funds transfers and general messaging. The company was founded by four PhDs from Massachusetts Institute of Technology, Princeton, University of California at Berkeley, and University of Illinois Urbana-Champaign. Over the years, Celer has built a team of highly skilled engineers with years of experience in leading startups and tech giants such as Google, Amazon, Cisco, HP and more.

Celer makes it easy for anyone to create their own blockchain interaction dApps using the Celer Inter-chain Message SDK. Users of Celer supported dApps gain access to a diverse multi-blockchain ecosystem with a simple UX.

The Celer State Guardian Network (SGN) is a proof-of-stake (PoS) blockchain built on Tendermint that serves as a message router between different blockchains.

Validator nodes stake CELR tokens to join the SGN consensus process. The CELR staking process is an important part of the economic security of the Celer Inter-chain Message Framework and dApps supported by Celer, such as Celer cBridge.

In order to use the SGN message routing service and store the multi-signature confirmation, users must pay a fee to SGN for these services. These usage fees are shared between CELR participants and validators for their work securing the network, in addition to the regular PoS block rewards.

Celer cBridge is a decentralized asset bridge that allows users to transfer different tokens across different blockchains in a fast, secure and low-cost way. It currently supports over 100 tokens on over 30 blockchains. Built on top of the Celer Inter-chain Message Framework, cBridge has processed over $6 billion in cross-chain asset transfers on over 30 blockchains for over 140,000 unique users and continues to grow rapidly with new blockchains and Layer 2’s.

In July 2021, cBridge v1.0 was launched to support the transfer of tokens between Ethereum, Arbitrum, Polygon and BNB Chain.

In November 2021, cBridge v2.0 already supported over 80 tokens and over 20 blockchains.

Launched in January 2022, the Celer Inter-chain Message Framework (Celer IM) supports message passing and smart contract invocations between different blockchains.

With Celer IM, developers can create web-based dApps

By enabling cross-chain linking, the Celer IM platform opens up many opportunities for embedded applications such as cross-chain DEX, yield aggregators, NFT marketplaces, metaverse games, NFT bridges, and more.

Celer IM uses smart contracts that are deployed on each chain paired with the State Guardian network to provide seamless interoperability across multiple blockchains.

To send a message or invoke a cross-chain smart contract function, the user or dApp first sends its intent as a message with a structured header and arbitrary binary data to the Message Bus of the smart contracts in the source chain.

The validator, the State Guardian Network, then first reaches a consensus on the existence of such a message and simultaneously generates a proof based on staking with multiple signatures.

This confirmation is then transmitted to the recipient through the Executor signing the message.

In the destination chain, the same contract in the Message Bus resides to validate the message and run the appropriate logic associated with the message, either immediately or after a timeout.

“Layer2.Finance” was launched in April 2021 and was created to address two of the biggest problems preventing DeFi mainstream adoption: (i) extremely high transaction fees, (ii) very difficult navigation.

Using Layer2.Finance is a new solution that allows people to access all existing DeFi protocols at minimal cost.

Celer has partnered with over 120 protocols, building an interoperability infrastructure for a wide range of blockchains, Layer 2 storage packages, DeFi projects, GameFi projects, NFT marketplaces, etc.