What is Celer Network currency
Celer Network is a next-generation blockchain platform that enables fast, secure and low-cost transactions for users. It provides an open source layer 2 scaling solution to bring unprecedented scalability and usability to any blockchain network. Celer Network’s native currency, CELR token, powers the entire network by providing rewards to participants who contribute their resources or services in order to maintain the system's operation.
The CELR token has various uses within the Celer Network ecosystem such as staking for liquidity providers (LPs), paying transaction fees on off-chain transactions (state channels) and participating in certain games or DApps running on top of it. Staking allows LPs to earn rewards from holding tokens while also helping increase overall liquidity within the system which makes it easier for users to transact with one another without having wait times associated with traditional blockchains networks like Bitcoin or Ethereum .
The main benefit of using CELR tokens is that they provide incentives for people who are willing put up their resources into maintaining a highly efficient infrastructure that can handle large scale applications such as decentralized finance protocols (DeFi). This helps make sure all participants have access high quality service at minimal cost regardless if they are small individual investors or large companies looking take advantage of these new opportunities being created by emerging technologies like blockchain technology .
By utilizing its own layer 2 scaling solutions built atop existing public chains , CelerNetwork has been ableto create an environment where anyone can easily access financial services without worrying about slow confirmation times , expensive gas fees associated with other blockchains networks . As more projects start building upon this platform we should expect see even greater adoption rates due its ability facilitate real world use cases much faster than what was possible before now!