Celer Network Review : Best Layer 2 Scaling On Ethereum?

Progressing through the years, new brilliant crypto projects have launched to enhance blockchain experience and promote the evolution of worldwide cryptocurrency usage. From insurance services to digital exchanges and development tools, the crypto world has a lot in store now.

An exciting new addition to the DeFi world is Celer Network; the latest technology aimed at empowering the capabilities of decentralized applications (dApps) and crypto payments.

With essential information categorised for your easy understanding, here is a complete comprehensive Celer Network review alongside a full Celer Network guide to help you get started.


What Is Celer Network?

Let’s start the Celer Network review with a friendly introduction to the platform; Celer Network is an advanced layer 2 scaling platform built on Ethereum, that offers quick and secure transactions, and internet scalability.

What does ‘layer 2’ refer to? The main blockchain on Ethereum is layer 1. A secondary network built over this primary underlying blockchain is known as layer 2.

The essential purpose of such overlapping layer is to boost transaction speed whilst handling transactions off-chain. This greatly helps to reduce Ethereum gas fees and improve layer 1 capabilities.

That said, layer 2 scaling is a set of solutions that help with the improvement of and enhanced user experience on the ecosystem. The following section of this Celer Network review covers the history of the software.


Who Founded Celer Network?

Based in Singapore, Celer Network was founded by Mo Dong (CEO), and the team of developers include co-founder Qingkai Liang, co-founder Xiaozhou Li, co-founder Junda Liu, Robert Garfinkle and the respective investor, Robert Neivert.

The founding team members are all skilled experts with commendable degrees and immense experience in various fields.


When Was Celer Network Crypto Created?

Celer Network was founded in the year 2018, and the alpha-mainnet by the name “Cygnus” launched in the month of July, 2019. The alpha-mainnet was the first ever Generalized State Channel Network in the world.


Celer Network Investors

Celer Network is backed by 7 investors and has raised more than $1.6 million funds in around 4 funding rounds. The latest seed round held on March 24th, 2019 was joined by the most recent two investors.

Listed below are the seven venture capitalists who invested in Celer Network’s funding rounds.

  1. PaperShip Capital 
  2. Elysium Venture Capital
  3. Consensus Lab
  4. Chain Capital
  5. IOSG Ventures
  6. BlockVC
  7. MW Partners


Celer Network ICO

Celer Network’s Initial Coin Offering (ICO) round was held in March of 2019, from 19th to 24th. The native token CELR was sold during the ICO, where one coin cost only $0.0065.

Investors were allowed only a maximum amount of $1500, and the tokens were distributed two weeks after the ICO ended. Relevant information about the network’s coin, CELR, can be read about down in this Celer Network review.


Is Celer Network Decentralized?

The Celer Network protocol exists as a secondary layer on top of Ethereum; the most famous decentralized blockchain which welcomes users to enter the world of decentralized finance.

Don’t worry, the mechanism behind this scaling protocol will be outlined next in this Celer Network review. That being said, Celer Network is fully decentralized and helps developers to build decentralized applications (dApps) with more convenience.


How Does Celer Network Crypto Work?

Moving on to the most significant part of this Celer Network review, let’s take a thorough look at how Celer Network functions. By offering scaling solutions to help scale throughput in the blockchain, this advanced system incorporates a detailed layer 2 architecture to provide internet-level scalability to dApp developers.

Celer Network Architecture

Image source: Celer Network Whitepaper


The structure of Celer, referred to as ‘cStack’, is comprised of four layers, namely:

  • cChannel: a unique sidechain which includes the Generalized State Channel. This aims to optimize liquidity.
  • cRoute: the protocol created to route trustless transactions and promote highly scalable dApps.
  • cOS: the development layer intended to support dApp building.
  • cApps: on this last layer, you’ll find applications designed to protect user privacy.
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The network runs by its native token, CELR, of which more aspects are discussed in the later parts of this Celer Network review.


How Many CELR Tokens Are There In Celer Network?

Celer Network has a total supply of 10 billion CELR tokens.


What Makes Celer Network Crypto Unique?

Why choose Celer Network? Without a doubt, this Celer Network review repetitively emphasises on the outstanding qualities of this platform. So what makes Celer Network outshine other crypto projects?

Notably, the platform’s intricate off-chain infrastructure, integrated with the strategic tokenomics mechanism adds extra spice to the genius network. Since launch, Celer Network has shown minimal drawbacks and only continues to improve user experience. These characteristics give Celer Network strong competitive advantages over similar projects in the DeFi ecosystem.

An additional plus point is that off-chain transactions do not charge any smart contract fee. Further, on-chain fees are relatively much lower.

The token CELR on the other hand is uniquely designed to have use cases other than being the platform’s native currency; a clear clarification is provided in this Celer Network review, so keep reading!


Is Celer Network Crypto A Good Investment?

If you skip to the price analysis down below of the Celer Network guide, you’ll come across some interesting statistics; Celer Network is an incredible option for a profitable investment.

In summary, within the next five years, CELR will experience a +238.6% increase in revenue. Sounds tempting, doesn’t it?

Accordingly, if you’re looking for an investment that guarantees profitable returns, Celer Network crypto may be the right choice for you.


What Is Celer Network Coin?

Now that the introductory portions of our Celer Network review has wrapped up, let’s talk about the unique native currency of the platform: CELR.

Below are the key features of $CELR token.

  • Primarily, CELR incentivizes the maintenance of a stable and abundant liquidity pool in the virtual mining process, Proof of Liquidity (PoLC). 
  • The token is also used to maximize liquidity interest payouts in the Liquidity Backing Auction (LiBA). LiBA offers off-chain service providers an opportunity to request liquidity, and lenders can stake their tokens to be given as loans.
  • CELR is used as a stake in State Guardian Network to protect offline users’ state availability.
  • Its most common usage, CELR token is used to pay transaction fees and protection service fees to the service providers.


How Many CELR Tokens Are There?

You must have come across in this Celer Network review already – the native currency of the network, the CELR coin, has a massive total supply of 10 billion tokens.

About 5.4 billion of this amount accounts to the current circulating supply of CELR. Details of the price can be checked in the overview provided below in this Celer Network guide.


Is CELR An ERC-20 Token?

Built on the Ethereum network, CELR crypto is in fact an ERC-20 standard token. And what does that mean, in simple terms? ERC-20 tokens are Ethereum-based tokens created according to the token standard called ‘ERC-20’. These coins function just like any other cryptocurrencies.


Where Can I Buy Celer Network?

After reading through this Celer Network review, are you interested in purchasing CELR?

For new crypto investors, it can be challenging to find appropriate exchanges with desired tokens supported. Below are the best cryptocurrency exchanges that support Celer Network, as well as trading pairs for your reference.

Binance Exchange CELR / USDT
Bitmart CELR / USDT
CoinTiger CELR / USDT
Gate.io CELR / USDT
Uniswap CELR / ETH


CELR Trading

To initially attain CELR tokens, you must have a sum of either Bitcoin or Ether, or alternatively the stablecoin USDT. BY registering on any one of the aforementioned exchanges, you can readily start trading CELR coins.

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CELR tokens can be staked, used to pay transaction fees or used in other options like Liquidity Backing Auction. This Celer Network review’s next and later sections deal with more information on staking CELR tokens.


Can I stake CELR Token?

For investors interested in going the extra mile with their Celer Network coins, the question arises – Can CELR be staked?

Yes, you can choose to stake CELR tokens in the side chain ‘State Guardian Network’ (SGN) to earn service fees for offering off-chain asset protection services as a State Guardian. A more informative explanation can be found later in this Celer Network review.


How Do You Make Money With Celer Network?

As an essential, this Celer Network guide will give you an overall idea on how you can generate profits and increase your earnings.

Firstly, it has been mentioned in this Celer Network review that various staking opportunities help with generating high yields; you can find more about this under the ‘staking’ segment.

Additionally Celer Network has launched applications that enable users to ‘ply and earn’ crypto in the form of rewards.

Whether you make money through dApps, or raise money by staking, it’s all up to you! Read further into this Celer Network review to gain a better understanding on the platform’s characteristics.


Is Celer Network Crypto Legit?

By now, it must be evident from this in-depth Celer Network review that the secure and trustless platform is a recognized network amongst crypto users.

In other words, Celer Network crypto is a legitimate protocol that ensures users’ transactions are protected with splendid security and uninterrupted privacy.

The network has a considerably high user rating and is preferred by many crypto investors. Therefore, you have no reason to worry; Celer Network is 100% not a scam.

Nonetheless, before you jump right into investing in this coin, check out the price analysis section of this Celer Network guide!


Celer Network Exchange

So far, Celer Network has launched two distinct apps:

  • cWallet – a mobile wallet compatible with Android and iOS which can be used to store CELR tokens.
  • CelerX – a mobile application for eSports gamers to experience quick crypto prize transactions. The app has over 100k active users.


Celer Network Staking

As previously addressed in this Celer Network review, let’s take a closer look at how staking with CELR works.

  • On the platform, there is a sidechain called ‘State Guardian Network’ (SGN). Also referred to as “watchtower sidechain’, this chain gives users the chance to submit their state before going offline so that it is protected for a given time frame. This service requires a fee to be paid, and CELR token holders can stake their coins to earn transaction fees in return for protecting users’ states.
  • You can also stake CELR on the Liquidity Backing Auction (LiBA); as mentioned in another segment of this Celer Network review, LiBA allows off-chain providers to make liquidity requests. Lenders are ranked, and the more CELR you stake, the higher you can rank and generate higher interests.
  • In the Proof of Liquidity process that provides liquidity to the off-chain area of the network, users can stake (temporarily lock up) their CELR tokens. By doing so, you will be awarded more CELR tokens in return.

Furthermore, Binance Staking has now launched CELR staking with over 35% annual percentage yield. You can find out more here.


Celer Network Price Prediction

Do you have plans of investing in CELR? If yes, you must pay close attention to the price forecasts of Celer Network. This section of the Celer Network review provides an insight into the forecasted future performance of CELR.

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The current market price of one CELR token is $0.08397. According to Wallet Investor, the price will increase to 0.111 USD in just a year, and reach around $0.231 within the next five years.

With similar data reports from DigitalCoinPrice, CELR is predicted to reach upto $0.2788 in the year 2025. A long-term forecast estimates that CELR will possibly reach a high of $0.4151 in the near future. These data recorded strongly suggest that Celer Network is one of the brightest investment options out there!


Will Celer Network Go Up?

Yes, as seen earlier in this Celer Network guide, the price of CELR is highly expected to climb in the upcoming years. In the past 24 hours, Celer has seen a rise of more than 19%.However, it is ideal to be mindful of the volatility risks that cryptocurrencies face.


What Wallet Can You Store Celer Network CELR Crypto In?

Coming to the next crucial segment of our Celer Network review; where can you keep the CELR tokens once you purchase them? . Here are the top most preferred digital wallets that support Celer Network:

  1. Trust Wallet (Android and iOS): one of the most popular wallets that support ERC-20 coins.
  2. Atomic Wallet (Android, iOS, desktop): a multi-platform wallet with a built-in exchange.
  3. MyEtherWallet (Web): Ethereum’s most trusted wallet.
  4. Alternatively, a hardware wallet such as Ledger can be a highly secure option.

In essence, any wallet that supports ERC-20 tokens can be chosen to store your CELR


Celer Network vs Matic

What is Matic Network? IN the DeFi world, new projects are proliferating and high competition exists for layer 2 scaling solution protocols that are put forward. Matic Network is similar to Celer Network in the sense that it also offers scaling solutions as a secondary layer on Ethereum.

Wondering how the two compare? This Celer Network review has got you covered! Here is a comparison of the two platforms.

Celer Network (CELR) Matic Network (MATIC)
Main Blockchain Ethereum Ethereum 
Token Price 0.0839 0.255
Market Cap 466 Million 741 Million
Circulating Supply 5.4 Billion 4.9 Billion


Celer Network Crypto Social Media Handles


Social Media URL
Official Website https://www.celer.network/
Twitter https://twitter.com/CelerNetwork
Telegram https://t.me/celernetwork
Medium https://medium.com/celer-network
Discord https://discord.com/invite/Trhab5w
GitHub https://github.com/celer-network
Meetup https://www.meetup.com/en-AU/Celer-Network-Meetup/


Final Verdict – Celer Network Review

Now that our extensive Celer Network review has reached its conclusion, take a look at a summary of the key points.

  • With an advanced technology scaling system, Celer Network enables every blockchain to experience low costs and high security.
  • Unlike other scalability solutions proposed, Celer Network offers multi-blockchain support and off-chain smart contracts.
  • Currently in 2021, Celer Network CELR is one of the most anticipated cryptocurrencies to outperform numerous other digital assets and skyrocket in the market. 
  • As obvious throughout this informative Celer Network review, the platform is an amazing addition to the decentralized world, and will potentially rise to higher rankings in the future