Why is Celer Network (CELR) crypto rising?

Image Source: © Kanawat | Megapixl.com

Highlights

  • Celer Network (CELR) is a layer-2 scaling solution to provide off-chain transactions.
  • Celer Network is a network system, not a blockchain. 
  • The CELR token has a total supply of 10 billion. 

The crypto market has been falling in recent days amid strong headwinds of inflation, rising bond yields, and the Russia-Ukraine conflict. The world’s largest cryptocurrency, Bitcoin (BTC), dropped 2.83% to US$40,212.53 at 7:25 am ET on Tuesday.

Against this backdrop, the Celer Network (CELR) saw significant gains on Tuesday. The altcoin rose 2.12% to US$0.04914 in the trailing 24 hours to 7:23 am ET.

The CELR crypto rose around 45% over the past month. Celer has been in focus following the company’s recent updates, including the integration of OccamX DEX with Celer and hitting a TVL (total value locked) of US$750 million and cross-chain transaction volume of US$6 billion.

Celer has partnered with PlatOn to enable cross-chain transfers. With this partnership, users will be able to safely transfer WBTC, WETH, USDC, USDT, DAI, GRT, and LINK between Ethereum and PlanON networks at a minimal cost.

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Besides, its CEO Mo Dong will give a presentation on BNB Chain Revelation Hackathon on April 13 at 02:00 UTC. 

Celer will also host the second dual-yield liquidity mining event with Boba Network on cBridge from April 12-30. The cBridge liquidity providers can stake in the USDC liquidity pool on Boba Network to earn CELR and WAGMI rewards.

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What Is Celer Network (CELR)?

Celer Network was founded in 2018. It is a layer-2 scaling solution and blockchain interoperability protocol where users access tokens, DeFi, GameFi, NFTs, governance, etc., across multiple chains with one click. It offers fast, simple, and secure off-chain transactions for smart contracts and payments. It is a part of the Polkadot ecosystem.  

According to Celer, its vision is to unleash the full potential of blockchain where DApps become efficient with productive outputs.

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The platform uses Delegated Proof of Stake (DPoS) consensus where participants can stake coins for rewards and transfer responsibility to “delegates” for validating transactions.

Celer’s L2 scaling offers solutions to boost liquidity, product coverage, adaptation, and reliability. Celer is a networked system, not a blockchain, although it runs on blockchains. 

Also Read: What is Minifootball (MINIFOOTBALL) crypto and why is it rising?

 

Data Source: coinmarketcap.com 

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CELR token:

The token has a market capitalization of US$336 million. Its total supply is 10 billion, and the circulating supply is 6.84 billion.

The token touched a high of US$0.194843 on September 26, 2021, and it has since dropped 74.78%. On March 13, 2020, it jumped 5041.5% from its all-time low of US$0.00095575. 

The CELR token is available for purchase on Binance, LBank, Crypto.com Exchange, OKX, Phemex, Bybit, WazirX, CoinTiger, etc.

Currently, it has 15,908 token holders.

Also Read: Binance (BNB) gets a major boost after nod to operate in Abu Dhabi

Bottom line:

The Crypto market is volatile; hence, investors should exercise due diligence before investing in digital assets.

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