Celer Network (CELR) is a cryptocurrency founded by Mo Dong, Junda Liu, Xiaozhou Li, and Qingkai Liang in 2019. The project describes itself as ‘the most advanced layer-2 scaling platform that brings interactive, secure and low-cost applications to every blockchain’.

The cryptocurrency project sets out to be a leading second-layer scaling platform that enables fast, easy and secure off-chain transactions for payments as well as off-chain smart contract computations. Celer Network boasts a 20,000X reduction on transaction latency, Zero transaction fees for off-chain smart contracts, and novel crypto economics that solve liquidity, availability, and connectivity challenges. Moreover, Celer Network has an app called CelerX where users can play skill-based games and earn crypto prizes. The app reportedly accelerates traditionally slow blockchain functions and allows users to play in the blockchain gaming world instantly without paying any gas fees.

Celer Network is the third project to launch on Binance’s IEO (initial exchange offering) platform, Binance Launchpad. The token sale was held in March 2019 where 597,014,925 CELR tokens were sold for a total of $4 million. The IEO was for retail investors where the minimum purchase amount was $20 and maximum purchase amount was $1500. In addition to the Celer Network IEO, $30 million was raised privately during the seed and private sales. The CELR token has a maximum and total supply of 10,000,000,000 CELR and a circulating supply of 3,151,544,341 CELR. 

As for the CELR token allocation, 1.7% is held by Celer Network advisors, 5% is held for marketing and ecosystem, 6 % was sold in the IEO, 11.5% was sold in the seed round, 15.5% was sold in the private round, 17% is held by the Celer Network foundation, 18.3% is held by the team, and 25% is reserved for mining rewards.