Celer Network Research Hub | CELR information, history and analysis
The Celer Network is a large-scale Layer-2 blockchain network that allows offline transactions to be handled fast, simply, and easily. The Celer Network is not a separate blockchain; it runs on current and future blockchains. The Celer Network focuses on chain growth, starting with the simple deployment of cross-platform off-chain payments. As a result, users may choose Celer Network to create decentralized applications (dApps) fast and easily, without worrying about future growth.
The Celer Network’s founders claimed that the platform would “unleash the full power of Blockchain” and “revolutionize DApps,” resulting in “more effective and efficient products.”
CELR is a utility token operating within the Celer Network. CELR is used to pay for service fees and transaction fees. The token is also used as a reward for those who contribute to the platform’s growth.
Celer Network announces two-phase release of BRC-20 cross-Chain bridge
Celer Network has announced that the BRC-20 cross-chain bridge will be released in two phases.
Celer cBridge is designed to expand support for the BRC-20 token bridge, enabling seamless interoperability between the Bitcoin ecosystem and EVM ecosystem.
Celer Network’s cBridge is under DNS attack
On August 17, the Celer Network Layer 2 Scalability Platform (CELR) received reports that reflect potential DNS hijacking of cBridge frontend. The platform is investigating and warning users not to use the platform at this time.
The attacker was able to steal around 128 ETH (~$240,000) before the exploit was discovered and Celer took the frontend offline. The stolen funds were quickly transfered to the Tornado Cash cryptocurrency tumbler.