Celer Network is a layer-2 scaling solution bringing an internet-scale, trust-free, and privacy-preserving platform that is secure and low-cost for decentralized applications on Ethereum, Polkadot, and other blockchains for mass adoption.
- The Celer layer-2 network is built on Ethereum.
- The Celer community of products includes CelerX, the layer2.finance platform, and cBridge.
- CELR is the Celer ERC-20 native token.
Related: Staking coins: What is staking and how does it work?
Celer Network at a glance
The US-based company was founded by a four PHD engineering team of computer scientists from MIT, UC Berkeley, Princeton and UIUC, with leadership in building large-scale consumer and enterprise softwares at Google, Intel and more.
Celer Platform
Celer aims to help blockchains achieve ‘internet level scalability’ by developing an off-chain layer-2 scaling solution to reach billions of transactions per second in a secure and trusted environment on its platform. Such solutions help to reduce the transaction bottleneck that occurs on main chains and increase operational capacity of the system as a whole. Celer utilizes state channels and rollups to power decentralized applications that require low-latency and low-cost transactions.
Celer (CELR) token
The CELR token is Celer’s native utility token with a circulating supply of $5.6B USD that is used for:
- Platform currency consumption for operations
- Proof of liquidity (PoLC) mining rewards for users who lock up their CELR tokens for a period of time.
- Staking to earn service fees for providing protection to the State Guardian Network (SGN) side chain.
- Lending to get higher priority to provide liquidity to off-chain service providers.
Proof-of-Stake (PoS) CELR staking
Validators such as ourselves at Stakewith.us (and builders behind Unagii) run nodes responsible for network operations and will earn CELR rewards in return as incentives. Delegators (or users of Unagii) can help participate and secure the SGN with their votes by delegating their stakes to us on the Unagii platform to receive a portion of the block rewards that validators receive.
Staking CELR allows Unagii users to earn yield from rewards as an incentive to stake and provide liquidity, plus a portion of fees paid by SGN users. Rewards are paid out on a per block basis and users can choose to withdraw or compound rewards at any time.
Note that staking risks apply which include slashing involved for downtime and double signing. There is also a 7 day unbonding period for users when unstaking CELR from the network. During this period, users will not earn rewards and will be susceptible to slashing.
How to stake CELR?
Staking CELR on Unagii is simple and convenient.
- Head to app.unagii.com/stake/celer
- Connect your wallet
- Stake CELR
View more info: Stakewith.us validator details
