Celer Network Price Prediction
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Table of Contents
Celer Network Fundamental Analysis
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.
Celer Network Live Price Chart
After getting through some turbulence in price surrounding CELR’s market debut in early 2019, it settled into the ~$0.002-$0.004 interval, where it remained for most of the next couple of years, until the beginning of 2021. At that point, Celer Network joined the bull run experienced by the whole market. It also made some important announcements, beginning with integration with Polkadot in January 2021. By February the same year, the price rose to ~$0.008 and later shot up from there, reaching an all-time high, which is $0.1027, in late March. Since then, CELR’s price has been experiencing high volatility, generally trending down and getting to around $0.03 by the beginning of July. However, this trend has been slow and it doesn’t necessarily look like it’s here to stay.
