Coinbase, one of the world’s leading cryptocurrency exchanges, announced that it will add a new altcoin project to its list. The altcoin price, which gained momentum after the announcement, then fell sharply.
Coinbase adds Celer Network (CELR) to its list
Cryptocurrency exchange Coinbase announced a new listing in its official Twitter account. The exchange announced that it will add Celer Network (CELR), a blockchain interoperability protocol, to its list:
Coinbase will add support for Celer Network (CELR) on the Ethereum network (ERC-20 token).
Coinbase also announced that trading will begin on August 16, 2022, if the liquidity conditions are met. In addition, he noted that once there is sufficient supply of this asset, trading on the CELR-USD and CELR-USDT trading pairs will begin gradually.
As you follow on Kriptokoin.com, listing news usually creates positive price action for the relevant asset. However, this situation may change depending on the market situation. Coinbase’s announcement to add support for CELR first gave the price an upward momentum. However, later on, the altcoin changed its direction and experienced a drop of up to 8%.
What is Celer Network (CELR)?
Celer is a Blockchain interoperability protocol that provides one-click user experience to tokens, DeFi, GameFi, NFTs, governance and more across multiple Blockchains. Developers can create cross-chain native Dapps using the Celer Cross-Chain Messaging Framework to provide access to efficient liquidity utilization, consistent application logic, and shared states. Users of altcoin-enabled dApps will benefit from the benefits of a diverse multi-chain ecosystem with the simplicity of a single-transaction UX, all from a single Blockchain.
Celer Network architecture
The altcoin architecture uses a Proof-of-Stake (PoS) consensus variation called Delegated Proof of Stake (DPoS). Also, its blockchain is powered by the State Guardian Network. Also, it is secured. With this algorithm, participants delegate the responsibility of confirming transactions to ‘representatives’. This way, it is possible for them to stake their coins for a reward.
Celer State Guardian Network (SGN) is built on Tendermint. SGN serves as a message router between different Blockchains. Validation nodes are required to allocate CELR tokens to participate in SGN’s consensus process. The CELR staking process is a crucial pillar supporting the economic security of the Celer Cross-Chain Messaging Framework. In order to use SGN’s message forwarding service and store multi-signature confirmation, users have to pay a fee to SGN for these services. In addition to the block rewards, these usage fees are distributed to CELR stakeholders and validators for their work in securing the network.
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