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About Celer Network(CELR)
What Is Celer Network?
Celer Network is a layer-2 scaling solution, aiming to bring enhanced interoperability and scalability to blockchain networks. It was founded by four PhDs from MIT, Princeton, UC Berkeley, and UIUC, and it strives to facilitate swift, low-cost, and secure off-chain transactions across multiple blockchains. Celer Network is designed to address the inherent trade-off between scalability and decentralization in blockchain networks by employing advanced off-chain scaling techniques. This enables it to process a higher volume of transactions off the main chain, making it a pivotal innovation in the blockchain space.
Celer Network focuses on optimizing smart contract operations and increasing the throughput of off-chain transactions, offering a seamless experience for decentralized applications (DApps) across various blockchain platforms like Ethereum and Polkadot. The protocol is not just an optimization but a necessity for supporting fully scalable DApps with enhanced privacy and uncompromised trust and decentralization. It stands as the inflection point for blockchain mass adoption and is poised to be the engine behind all large-scale decentralized applications.
Resources
Official Documents: https://im-docs.celer.network/developer/celer-im-overview
Official Website: https://celer.network/
How Does Celer Network Work?
Celer Network employs a combination of state channels, similar to Bitcoin’s Lightning Network, and a Distributed Balanced Routing algorithm to enable instant, low-cost transactions with higher throughput. It operates on a proof-of-stake (PoS) consensus mechanism built on Tendermint, allowing different blockchains to communicate, acting as a sidechain that provides layer-1 blockchain-level security with CELR as the platform asset.
Celer has developed several key components, including cChannel, which interfaces with layer-1 blockchains like Ethereum and updates the layers on top of it with the current blockchain states. It also employs cRoute, utilizing a routing approach known as Distributed Balanced Routing (DBR) to distribute traffic through congestion gradients, achieving 15x higher throughput than other state channel solutions. Additionally, Celer has developed cOS, a user-friendly framework and runtime for creating, running, and using scalable off-chain DApps, allowing developers to focus on building great user experiences while the system handles the technical complexities of off-chain scaling.
Celer’s solutions are built upon the State Guardian Network (SGN), a PoS blockchain based on the Cosmos blockchain, where validators oversee Celer’s smart contracts across different chains, relaying messages or transfers to the relevant contracts on the target chain. Celer also features the Inter-chain Message Framework (IM) and cBridge, facilitating swift and cost-effective value transfers across various layer-1 and layer-2 chains and enabling developers to create multi-blockchain applications with the simplicity of a single-transaction user experience.
What Is CELR Token?
CELR is the native token of Celer Network, serving multiple purposes including staking, transaction fees, and governance. CELR staking allows users to participate in network security and earn rewards, and the tokens are also used to pay transaction fees, contributing to the network’s economic model. Furthermore, CELR holders have a say in the platform’s development and decision-making processes through governance mechanisms.
Celer Network's Impact on Finance
Celer Network is poised to have a transformative impact on the financial sector, particularly in decentralized finance (DeFi). It addresses the persistent challenges of high transaction fees and slow confirmation times on platforms like Ethereum by enabling faster and cheaper transactions. This enhancement in efficiency and accessibility can revolutionize DeFi platforms, opening new possibilities for users and developers alike.
Celer Network’s technology is versatile, finding applications in decentralized exchanges, bridges, yield aggregators, lending protocols, and governance, allowing seamless interaction and transaction across different blockchains. It enables users to swap tokens, send tokens and NFTs across multiple chains, manage multiple blockchain vaults, and use liquidity or collateral on one chain to borrow assets on another chain from a single platform, thereby fostering innovation and user convenience in the financial sector.
What Determines Celer Network's Price?
The price of Celer Network's token, CELR, is influenced by a myriad of factors, reflecting the dynamics of the cryptocurrency market. Cryptocurrency prices, including that of CELR, are primarily determined by supply and demand dynamics, investor sentiment, and market speculation. When there is a surge in cryptocurrency adoption and positive cryptocurrency news, it often leads to increased demand, driving up the price. Conversely, adverse cryptocurrency news or regulatory developments can lead to price declines. Cryptocurrency enthusiasts and experts closely monitor these factors, analyzing cryptocurrency charts and trends to make informed price predictions for 2023 and beyond.
Market liquidity also plays a crucial role in determining the CELR price. The ease with which the token can be bought or sold in the cryptocurrency market impacts its price stability. Tokens like CELR can be bought on leading exchanges such as Bitget, where liquidity is typically high, offering more stable prices. Additionally, the broader crypto market volatility, cryptocurrency risks, and security concerns can significantly impact the price of CELR. Cryptocurrency enthusiasts and potential investors are advised to conduct thorough cryptocurrency analysis and consider crypto portfolio management strategies before making investment decisions, assessing whether CELR aligns with their risk tolerance and investment goals for the best crypto investment for 2023.
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After having successfully signed up on Bitget and purchased USDT or CELR tokens, you can start trading derivatives, including CELR futures and margin trading to increase your income.
The current price of CELR is $0.01042, with a 24h price change of +3.02%. Traders can profit by either going long or short onCELR futures.
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Celer Network Social Data
In the last 24 hours, the social media sentiment score for Celer Network was 3, and the social media sentiment towards Celer Network price trend was Bullish. The overall Celer Network social media score was 0, which ranks 706 among all cryptocurrencies.
According to LunarCrush, in the last 24 hours, cryptocurrencies were mentioned on social media a total of 1,058,120 times, with Celer Network being mentioned with a frequency ratio of 0.01%, ranking 438 among all cryptocurrencies.
In the last 24 hours, there were a total of 271 unique users discussing Celer Network, with a total of Celer Network mentions of 60. However, compared to the previous 24-hour period, the number of unique users decrease by 5%, and the total number of mentions has decrease by 23%.
On Twitter, there were a total of 0 tweets mentioning Celer Network in the last 24 hours. Among them, 0% are bullish on Celer Network, 0% are bearish on Celer Network, and 100% are neutral on Celer Network.
On Reddit, there were 36 posts mentioning Celer Network in the last 24 hours. Compared to the previous 24-hour period, the number of mentions decrease by 12% .
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