Celer Network Overview

Founded: 2018

Key persons: Mo Dong, Junda Liu, Xiaozhou Li, Qingkai Liang

Capitalization: $879,958,075

Trading volume (24h): $306,677,581

CoinMarketCap rank: 105

Celer Network (CELR) general project description

Celer Network (CELR) is a software solution providing communication scalability between Layer 1 blockchains and applications on different blockchains. The protocol creates an intermediate data exchange area where all interactions between applications or blockchains are summarized. Such an approach makes it possible to create a unified environment with minimal information exchange costs and maximum data transfer speed. Solutions of this kind are essential in the field of decentralized infrastructure, applications and finance.

Layer 2 solutions (including Celer Network (CELR)) synchronize information exchange between blockchains with different transfer rates (such as Bitcoin and Ethereum) with no information loss while maintaining security within the participating protocols’ specialization. Besides interoperability between blockchains, Celer Network (CELR) can create data links between different applications, even within the same network. This feature simplifies the interaction and enables the creation of one ‘super’ application.

Current state (ecosystem and partners)

Currently, the platform is in its final development phase. Several versions of the two main products have recently been launched and tested. The first, cBridge, is designed to transfer tokens between mainstream blockchains and Layer 2 solutions.

There are 12 different solutions supported, making the project one of the most versatile cross-transaction services available. The list of tokens available is not very large, but all the major stablecoins are represented.

The second product is dedicated to application interoperability: layer2.finance integrates AAVE, COMPOUND and Curve.fi protocols and enables you to invest the 4 main stablecoins (DAI, USDt, USDC and BUSD) using one solution, with significant transfer fee savings.

In parallel, Celer launched a separate spin-off — Celerx.game. it’s part of the super trendy segment of play-to-earn blockchain games. The partners are well-known companies in the gaming industry — Animoca Brands and Infinity Games.

Future plans and development (roadmap)

After launching the beta and main versions of its platforms for cross-blockchain communication and application aggregation protocols, the project will develop the functionality and variability of the tokens presented. There is a strong bet on future engagement with Polkadot: a similar but much more extensive integration project implementation wise. The current roadmap includes intentions to expand the list of “super app” applications involved and to increase interaction with strategic partners — Dfinity (ICP), Ankr, Polkadot, Maker, IoTeX, etc. Considering the maturity of the project and the team, one can only wait for news of successful launches and new features implemented.