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logoCeler Network (CELR)

A Interoperability Protocol For Cross-Chain Fund and Message Transfers.
  • Celer Network is an interoperability platform that supports cross-chain fund transfers and generic message passing.
  • CELR is the native token of the project. The current use cases include:
    • Staking: Users can delegate CELR to stake with validators to participate in the network consensus, and in return are rewarded with CELR.
    • Network Fees: Celer stakers on the SGN can share the value captured by the State Guardian Network when the network sync, store, and sign messages.
  • The project consist of the following major components:
    • State Guardian Network (SGN): A Proof-of-Stake (PoS) blockchain built on Tendermint with CELR as the staking asset, and offers L1-blockchain level security.
    • Celer cBridge: A cross-chain asset bridge, which support over 20 networks including Ethereum, BNB Chain, Polygon etc. The cBridge SDK allows new and existing applications to integrate features that are available in the cBridge.
    • Layer2.Finance: A novel solution that allows people to access all existing DeFi protocols at a fraction of the cost by acting like a “DeFi Public Transportation System”.
    • Celer Inter-chain Message (IM): A Framework that supports generic message passing and cross-chain function calls. Developers can build inter-chain-native dApps using the Celer Inter-chain Message SDK to gain access to efficient liquidity utilization, coherent application logics, and shared states.
  • As at April 29th 2022, the total and maximum token supply of CELR is 10,000,000,000, and the circulating supply upon listing will be 6,840,000,000 (~68.40% of the total token supply).

1. What is Celer Network (CELR)?

  • Founded by four PhDs from MIT, Princeton, UC Berkeley and UIUC, Celer Network is an interoperability platform that supports cross-chain fund transfers and generic message passing.
  • Celer enables anyone to easily build inter-chain-native dApps using the Celer Inter-chain Message SDK to leverage efficient liquidity utilization, coherent application logic, and shared states, while users of Celer-enabled dApps can access a diverse multi-blockchain ecosystem with the simplicity of a single-transaction UX.
TickerCELR
Issuing Price$0.0067 USD
Initial Circ. Supply1,965,033,333 (around 20% of Total Supply)
Total Supply10,000,000,000 CELR
Project Websitehttps://www.celer.network/

2. Celer's key products

2.1 Celer State Guardian Network

The Celer State Guardian Network (SGN) is a Proof-of-Stake (PoS) blockchain built on Tendermint that serves as the message router between different blockchains.

  • Validator nodes stake CELR tokens to join the consensus process of SGN. The CELR staking process is a crucial part of the economic security of the Celer Inter-chain Message Framework and Celer-enabled dApps like Celer cBridge.
  • To use SGN's message routing service and to store the multi-signature attestation, users must pay a fee to SGN for these services. These usage fees are distributed to the CELR stakers and validators for their work in securing the network on top of regular PoS block rewards

2.2 Celer cBridge

The Celer cBridge is a decentralized and non-custodial asset bridge, which allows users to transfer a variety of tokens across different blockchains in a fast, secure and low-cost fashion. It currently supports 100+ tokens across 30+ blockchains and layer-2 rollups. Built on top of the Celer Inter-chain Message Framework, cBridge has processed over $6B cross-chain asset transfer volume on 30+ blockchains for more than 140K unique users, and is quickly growing and expanding into more blockchains and layer-2s.

  • In July 2021, cBridge v1.0 was launched to support token transfers between Ethereum, Arbitrum, Polygon and BNB Chain. Transfers were enabled by liquidity provided by node runners.
  • In November 2021, cBridge v2.0 was launched on mainnet with support extending to over 80 tokens and over 20 blockchains and rollups. Transfers are enabled in two models, one requiring liquidity and the other via canonical mapping. With the two models, Celer fulfilled the goal of supporting different token deployment scenarios.
  • By the end of March 2022, Celer cBridge has surpassed $5.3B in total transaction volume, serving over 120K unique user addresses.

2.3 Celer Inter-chain Message Framework

Launched in January 2022, the Celer Inter-chain Message Framework (Celer IM) supports generic message passing and smart contract calls across different blockchains. With Celer IM, developers can build inter-chain-native dApps with efficient liquidity utilization, coherent application logic, and shared states. Users of Celer IM-enabled dApps will enjoy the benefits of a diverse multi-blockchain ecosystem with the simplicity of a single-transaction UX.

By making cross-chain composability possible, the Celer IM framework opens up an entire galaxy of opportunities for inter-chain-native applications like cross-chain DEXes, yield aggregators, NFT marketplaces, metaverse games, NFT bridges, etc.

Celer IM uses smart contracts that are deployed on each chain paired with the State Guardian Network in order to enable seamless multi-blockchain interoperability.

  • To send a message or invoke a smart contract function cross-chain, a user or a dApp will first send their intention as a message with a structured header and arbitrary binary payload to a Message Bus smart contract on the source chain.
  • Then the validator, the State Guardian Network, will first reach a consensus on the existence of such a message and concurrently generate a stake-weighed multi-signature attestation.
  • This attestation then is relayed to the destination via an Executor subscribing to the message.
  • On the destination chain, the same Message Bus contract exists to check the validity of the message and triggers the corresponding logic associated with the message either immediately or after a timeout.

2.4 Layer2.finance

Layer2.finance was launched in April 2021, and was built to tackle the two largest challenges preventing DeFi from reaching mass adoption: (i) The extraordinarily high transaction fees, (ii) Being very difficult to navigate and use.

Layer2.finance is a novel solution that allows people to access all existing DeFi protocols at a fraction of the cost by acting like a “DeFi Public Transportation System”.

3. Economics and supply

Token NameCELR
Token TypeERC-20 (as of TGE)
Seed Sale Allocation11.5% of Total Supply
Seed Sale DateApril 2018
Seed Sale Price$0.0065 USD / CELR
Seed Sale Amount Raised$7.46 MM
Private Sale Allocation15.5% of Total Supply
Private Sale Completion DateAugust 2018
Private Token Sale Price$0.0150 USD / CELR
Amount Raised$23.25 MM
Launchpad Sale Allocation6% of Total Supply
Launchpad Sale Price$0.0067 USD / CELR
Launchpad Sale Date19 March 2019
Amount Raised Public Sale$4.0 MM
Current Circulating Supply1,965,033,333 (~20%)

3.1 Token supply distribution

The token supply distribution is as follows:

  • Seed sale tokens comprise 11.5% of the total supply. It was completed in April 2018 for ETH at a rate of 76,000 CELR = 1 ETH and raised a total of 15130 ETH (~$7,475,000) at ~$0.0065 per token, selling 11.5% of the total token supply.
  • Private sale tokens comprise 15.5% of the total supply. It was completed in August 2018 for ETH at a rate of 31400 CELR = 1 ETH and raised a total of 49363 ETH (~$23,250,000) at ~$0.0150 per token, selling 15.5% of the total token supply.
  • Launchpad sale tokens comprise 6.0% of the total supply. It was successfully conducted on March 19th 2019, CELR for a total raise of ~$4,000,000 USD worth of BNB at ~$0.0067 per token for 6.0% of total token supply. The BNB to CELR rate will be determined on the day of the sale.
  • Team tokens comprise 18.3% of the total supply.
  • Advisors tokens comprise 1.7% of the total supply.
  • Foundation tokens comprise 17% of the total supply.
  • Marketing & Ecosystem tokens comprise 5.0% of the total supply.
  • Mining Rewards tokens comprise 25% of the total supply.
CELR token distribution (%)

3.2 Token governance and use of funds

As of 01 March 2019, Celer has used approximately 15% of TGE funds according to the allocations below:

  • 70% Technology Development.
  • 15% Marketing.
  • 10% Legal.
  • 5% Business Development and Misc.

3.3 Treasury and strategy

Celer has prioritized progress on their development and has thus spent a majority of funds for hiring top technical talent.

Tokens are stored in cold wallets with multi-signature support enabled.

The following chart represents the number and breakdown of all CELR tokens that are intended to be released into circulation on a monthly basis.

CELR token release schedule

Note: The disbursal of PoLC Mining Rewards is subject to change as the project works on incorporating takeaways from its testnet activities.
However, 25% of the total token supply set aside for mining rewards is not slated to change the length in years that the block rewards are spread over.

4. Commercial partnerships

4.1 Communicated vs. completed milestones

Celer has established partnerships with over 120 protocols (Mar 2022), building the interoperability infrastructure for a wide spectrum of blockchains, layer 2 rollups, DeFi projects, GameFi projects, NFT marketplaces, etc.

Partners

A full list of Celer partners as of March 2022.

5. Project team

Celer Network was founded by four PhDs from MIT, Princeton, UC Berkeley, and UIUC. Over the years, Celer has built a deeply technical engineering team with years of industry experience from top startups and technology giants like Google, Amazon, Cisco, HP and more.

Mo Dong
Co-founder
PhD from UIUC. He is an Expertise in applying algorithmic game theory to protocol design, teaches full-stack smart contract courses.
Qingkai Liang
Co-Founder
PhD from MIT. His research focuses on various learning and control problems that arise in networked systems, especially on online learning algorithms in adversarial networks, which have been successfully applied in Raytheon BBN Technologies and Bell Labs.
Junda Liu
Co-Founder
PhD from UC Berkeley. He build its data-center networking infrastructure at Google, and was the Android Tech Lead for carrier services, which run on more than 1.5 billion devices.
Xiaozhou Li
Co-Founder
PhD from Princeton University. His works have been published at premier venues in distributed systems, networking, storage, and data management, and have become core components of Google TensorFlow, Intel DPDK, and Barefoot Deep Insight.

6. Advisors

  • Dr. Christos Kozyrakis (Professor of Electrical Engineering and Computer Science at Stanford University, a fellow of the ACM and the IEEE. He is broadly interested in secure and energy-efficient distributed systems).
  • Dr. Alan Mishchenko (Research Scientist at UC Berkeley since 2002. He specializes in building fast and scalable tools for design automation and developing computationally efficient methods for logic synthesis and formal verification).

7. Appendix

  • Celer has a robust community development and growth strategy targeted at both end-users and developers, and is designed to successfully build an interoperable blockchain ecosystem based on the Celer Inter-chain Message Framework.

  • As of April 1st, 2022, Celer has an active community of 150k members on Telegram, Twitter and Discord. Community announcements, educational initiatives, and live events are organized on a weekly basis to cultivate interoperability awareness and community growth.

  • A big portion of Celer's community efforts leans towards building low-barrier developer partnership channels. Continuous creation and optimization of developer documentation in Celer blogs, the Celer documentation sites, and Github references allow anyone to leverage the Celer tech stack and build smooth and intuitive cross-chain UX for their users.

  • Celer is also taking an active role in leading the interoperability space towards a more decentralized, secure and sustainable future. Working with over 100 partners to promote an Open Canonical Token Standard initiative that Celer launched in Dec 2021, the team is boosting awareness of the vendor lock-in risks in certain bridging solutions where ecosystem contributors are constrained by one single interoperability vendor. Celer has since then been providing alternative solutions that endow dApps the flexibility and potential in integrating with future interoperability advancements.

8. Appendix