What Is CELR and How to Stake It?
Interoperability is a significant concern for every cryptocurrency adopter, as it is about interacting with tokens, DeFi, GameFi, NFTs, and so on across multiple blockchains. Most of these blockchain networks operate in absolute isolation, thus creating a pronounced need for more interoperable blockchain protocols.
This is where Celer Network comes into play. Celer is one solution that bridges the gaps between different blockchains: it’s a blockchain interoperability protocol that enables users to interconnect and interact with 30+ leading blockchains.
Imagine deploying multiple isolated copies of smart contracts on different blockchains to achieve interoperability. Instead, Celer achieves seamless multi-blockchain interoperability by pairing the smart contracts of the State Guardian Network (SGN), a Tendermint-based blockchain, with the smart contracts of multiple chains.
The Celer Network enables developers to access efficient liquidity utilization, coherent application logic, and shared states. It also allows users to earn a two-way passive reward when they stake the network’s protocol token, CELR.
This post covers the details of staking CELR on the Celer Network.
What Is CELR?
CELR is the Celer Network’s protocol token, ensuring the economic security of the Celer Inter-Chain Message when staked on the State Guardian Network (SGN). Stakers can earn a portion of the transaction fees from cBridge amid the staking rewards they gain.
Getting Started with Staking CELR
You need a crypto wallet to get started. If you already have one, ensure it is logged in on your device and then proceed to Celer SGN Staking Website. Otherwise, create a wallet before proceeding. For the purposes of this guide, we’ll be using Metamask.
Connect Your Wallet and Start Earning
- Proceed to Celer SGN Staking Website. Click Connect Wallet at the top right corner of your screen.
- Select your wallet from the pop-up menu. This will automatically connect the selected wallet to the Celer Network.
Top Up Your Wallet with the CELR Token
You can Buy the CELR token directly from numerous cryptoexchanges — a full list is available here. You’ll have to Connect your crypto wallet to the exchange of your choice.
You can also Swap any stablecoin for CELR. To do this, Import the CELR token contract into your wallet:
- Click Wallet, then Import Tokens.
- Using the search button, Search for CELR or the Celer Network token and Import.
- Alternatively, you can copy the CELR contract address from EtherScan and paste it into the Token Address box under the Custom token menu.
- Next, click on the imported CELR token contract and select Swap from the top menu.
- Enter the amount of ETH you want to swap for CELR.
- Then click Review Swap to proceed.
In the Advanced Options beneath the Review Swap button, ensure you use the appropriate slippage tolerance for any transaction.
Proceed to the Celer Network to start staking.
Staking allows you to earn passive rewards without selling your CELR. For example, from the list of available validators on the Celer Network, you may choose to stake your CELR token with the Everstake validator. By doing this, you earn a portion of the transaction fees from cBridge and your staking rewards:
- Navigate to Celer SGN Staking Website.
- Select Everstake from the list of all validators and then Click Stake or Delegate.
- Type in the amount of CELR you want to stake and click Permit to stake your CELR. Click Confirm when prompted to confirm the transaction, then Delegate to approve.
- Once approved, a pop-up will appear on your screen with the message "Delegation Completed,” which means that you have completed the staking. Note that it may take some time to show in My Rewards.
- Click the expand button next to Details to check your delegation details.
There are 19 validators currently on the Celer Network. Validators are responsible for voting on, verifying, and maintaining transaction records. For the purposes of this guide, we’ve used Everstake, the biggest decentralized staking provider running over 8,000 nodes for 50 blockchain networks. Everstake has 100 validators with a stacking pool of 75,017,010 CELR and charges a commission rate of 8% on the Celer Network.
Claiming Staking Rewards
Unlock your staking rewards to claim them:
- Click Unlock.
- Then click Claim on the pop-up screen to confirm the pending transaction.
- Alternatively, navigate to Claim in the My Rewards menu to claim rewards.
You can always check the status of your claim on SGN or Etherscan. Note that it takes a few minutes for the transaction to complete on Ethereum.
Claiming Transaction Fees from cBridge
- Navigate to the My Rewards menu and click the Claim Fee Rewards pool-based bridge next to cBridge Transaction Fee. A pop-up showing the rewards you can claim on different chains will appear.
- To claim fee rewards on any single chain, click the button next to that chain.
- To aggregate and claim all fee rewards to a specific chain and claim them, click Aggregate & Claim.
Withdrawing Your Stakes
To withdraw your stake, you have to unbond them first. The unbonding process may take around seven days to complete.
- Go to My Rewards, My Delegations, and click the Unbond button.
- Alternatively, expand on a validator from the All Validators screen, find and click the Unbond button to continue.
- Next, enter the amount you want to withdraw, then click Confirm.
A pop-up will appear to tell you when your stakes will become withdrawable.
- Go to My Delegations to see the amount of the stake released. After unbonding, your stakes will move to Your Withdrawable Stakes.
- To move them to your Metamask wallet, click Withdraw and confirm the transaction on the pop-up.
Now, you can check your Metamask wallet to see your rewards.
Note: It may take a few minutes for the funds to display in your Metamask wallet.
Find out more about staking in Everstake’s blog.