Celer network reached to a new all-time high during October as the cryptocurrency market began an upside move. The new ATH of the cryptocurrency lies at a price level of $0.19; however, most of the gains accumulated during the high were lost as CELR token succumbed to brutal market corrections. The current price of $0.079 is down by 60% from the all-time high but not all is dark for the cryptocurrency as the market is showing signs of a trend reversal. The token moved to the upside by 14% during the past twenty-four hours and effectively broke the downtrend. The daily trading volume has surged by around 150%. 

What is Celer Network? 

Celer Network regards itself to be the most advanced Layer-2 scaling platform in cryptocurrency market. As a Layer-2 platform, it runs on top of another blockchain; hence, the essential architecture remains unchanged. However, the value proposition offered by the platform is what makes it so unique. The network provides lightning-fast transaction speed and phenomenal level of scaling. Moreover, the platform is also designed to handle off-chain transactions – which enables it to deliver on its promises. 

Celer Network has the first mover advantage on many technological concepts in the cryptocurrency market. The platform led the research for Layer-2 platforms and also released the world’s first and most advanced – at the time – generalized state channel testnet. Moreover, it also developed the first mobile application that reads layer-2 decentralized applications along with the first-ever mobile-based layer-2 scaling SDK. These are a few among the many accomplishments of the network and it is these technological advancements that position CELR at the rank it enjoys today in the cryptocurrency market. 

Development of the cBridge 

The development journey of Celer Network does not end over here. The team continues with their cutting-edge research to facilitate novel technologies in the cryptocurrency market. The network unveiled its cBridge 2.0 mainnet during November. The cBridge is designed to bring the interoperability to the crypto market that it needs. In the first phase, users will be able to transfer USDT, USDC and ETH across Avalanche, Arbitrum, Polygon, Binance Smart Chain, Fantom and Ethereum in just a few minutes and with minimal fees. 

During the running week, Celer Network announced the phase two of its cBridge. In the second phase the liquidity mining programs have begun. The network is expected to unlocked deeper liquidity on the cBridge through the liquidity mining programs which will ultimately meet the increasing demand for cross-chain asset swaps.