What Is Celer Network?
CELR is an Ethereum-based utility token powering Celer Network – a project designed to bring high speeds to transactions and execution of smart contracts and lower their fees by handling them off the main chain, i.e. acting as a Layer 2 solution. Celer Network was founded in 2018. As of 2021, it is a part of the Polkadot ecosystem.
Celer was made to solve the same issues as many other Layer 2 networks: as smart contracts are utilized more and more, and dApp development ramps up, it becomes clearer that the existing blockchains, such as Ethereum, can’t handle the required throughput levels very well, becoming congested and expensive to use. These inefficiencies prevent the widespread adoption of blockchain technology. One way of dealing with this is to use Layer 2 solutions. Unlike many of them, Celer doesn’t run on a dedicated blockchain, instead being used as a networked platform that can be built on top of other blockchains.
CELR token is a primary means of payment of the transaction fees and is used for network maintenance, which is pretty standard for crypto projects, but it also plays several other roles in the unique economy of Celer:
- To participate in State Guardian Network, users have to stake their CELR
- Holders can add their coins to the liquidity pool, allowing them to earn interest through the unique Proof-of-Liquidity Commitment protocol (POLC)
- Users can also put CELR into Liquidity Backing Auctions (LiBA), which allow them to get more interest on their tokens.
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