INTRODUCTION

The celar is a project that has tackled the scalability problem of blockchain technology; A problem that became more visible with the increasing popularity of digital currencies and the growth of decentralized applications Celer Network's solution to solve the scalability problem is to use a combination of different second layer solutions It is interesting to know that Celer was the third initial exchange offering (IEO) held at Binance Launchpad and all tokens were sold within 17 minutes and 35 seconds. celer.network

WHAT IS THE CELLER NETWORK?

Celar Network is a scalable and permissionless platform where anyone can easily build decentralized applications (DApps) or use built-in DApps. Celer Network is one of the networks that aims to solve the scalability problem in blockchains by using layer 2 solutions. Layer 2 is an external chain connected to the main chain, and since the transaction data is processed in this external chain, the calculation load of the main chain is reduced. However, the security of layer 2 depends on the security of the main chain.

In fact, layer 2 only sends essential transaction data such as status, inventory, and participants to the main chain, and only this type of data benefits from its security by being stored in the main chain.

Celer Network products Celer Network offers various products to solve various challenges of the crypto world. Two important products of Celer are called cBridge and Layer2. Finance, which we will briefly explain each of them:

1. cBridge Celer released the original version of cBridge in July 2021. cBridge is an interactive bridge to solve problems caused by multi-chain development. As the multi-chain development of exchanges progressed, throughput and security were delayed. These developments include different types of first-tier platforms such as the Ethereum network and second-tier platforms such as scalable platforms. In fact, with the development of multi-chains, the transaction volume of assets becomes more, more expensive and the speed of their transfer becomes slower.

cBridge solves the aforementioned problems by providing cheap and fast networking between 1st layer blockchains, sidechains, 2nd layer platforms and rollups. According to the claim of Cellar Network, this operation is done up to one million times faster using cBridge. Currently, cBridge supports popular blockchains such as Ethereum, Binance, Polygon (Matic) and Avalanche. Note that cBridge currently only allows the transfer of stablecoins such as DAI, USDC and USDT.

2. Layer 2.Finance This Celer product, through roll-ups, allows users to access the Ethereum decentralized network without high transaction fees. With this product, users can maximize their efficiency and keep their transaction costs low. In addition, users can transfer their assets between major DeFi protocols such as Aave (AAVE), (Compound (COM) COMP), and Curve (CRV). Currently, Layer 2. Finance only supports Ethereum mainnet and stablecoin deposits and withdrawals. Users can deposit their stablecoins to existing decentralized protocols and receive rewards in return.