We are officially starting the registration for our EXCLUSIVE cryptoeconomic Liquidity Backing Alpha Testnet, one of the biggest milestones for Celer Network cryptoeconomic, a.k.a. cEconomy!
Our cryptoeconomic mechanisms are designed to address the new fundamental tradeoffs in off-chain state channel network ecosystems: network liquidity and state availability. We provide two solutions to these two independent challenges: addressing the scalability-liquidity tradeoff through the Liquidity Backing, and the scalability-availability tradeoff through State Guardian Network (SGN). For more details on the problem analysis and our solution architectures, please refer to related sections in our CelerCore technical documentation.
Celer Liquidity Backing is part of the Celer cryptoeconomics. Its goal is to meet the state channel network liquidity challenge by creating a easy-to-access liquidity crowdlending market for Off-Chain Service Providers (OSPs) to borrow funds to support their operations. To understand more about the liquidity backing design and process, please refer to the tech doc.
We are very excited to announce that our Liquidity Backing Alpha Testnet is open to the public for testing! Celer cEconomy Launch Plan includes 2 phrases — Liquidity Backing and State Guardian Network (SGN). We will first focus on Phase 1 — Liquidity Backing Alpha Testnet testing. You will act as the Network Liquidity Backers (NLB), a.k.a the lenders in the network. NLBs will be able to get rewards by lock their tokens in the PoLC contract, and earn interest by lending out their tokens to OSPs. The main purpose for this alpha testnet is to further test our liquidity backing process and collect feedback for the upcoming mainnet launch.
This campaign will last for 1 month on Ropsten, so that all lenders will have enough time to test different scenarios, such as different lending durations, different interest rates, etc. We will send out Ropsten test DAI and CELR tokens to selected participants and share the user manual to guide lenders to follow along the entire lending process. By committing funds in the network, lenders will be able to collect interests and CELR tokens as rewards. The more tokens you stake in the network, the more rewards you will receive. After the campaign finishes, we will reward the top 3 lenders who hold the most amount of tokens.
cEconomy Launch Plan Phase 1 Liquidity Backing Instructions:
- Registering for Phase 1 Liquidity Backing:
- Dec. 11 — Dec. 18: Starting this week, we sincerely invite you to register and join our EXCLUSIVE and INVITE-ONLY launch plan.
- Dec. 19: All selected testers will receive an email from Celer Network including the testing link, user manual. Testers will also receive Ropsten test tokens.
2. Joining the private tester Telegram group:
- You will receive the group invite link in your email.
- Must join! All auctions will be announced in Telegram group.
3. Dec. 19 — Jan. 19, participating in auctions and lend money to collect interests.
4. Dec. 19 — Jan. 19, staking and locking tokens in the network to receive CELR token rewards.
5. Jan. 22: Announce winners!
Prize:
From Dec. 19 to Jan. 19, all selected participants will be able to collect interests by lending money and CELR rewards by staking tokens in the network. We will reward the top 3 participants who has the most money and announce winners on Jan. 22. We are giving away a total of $2,000 in ETH to winners and eligible participants.
- 🏆 1st: $500
- 🏆 2nd: $300
- 🏆 3rd: $200
- $20/person for the first 50 participants, exclude top 3 winners: Must complete at least one backing auction to be eligible for the reward.
- You can not receive any test tokens from another account. Otherwise, you will get disqualified for the reward.
We truly appreciate your interest and support! Thank you! Always reach out to us on Twitter or Telegram if you have any questions!
Cheers,
Celer Network Team
About Celer Network
Celer Network is a leading layer-2 scaling platform that enables fast, easy and secure off-chain transactions for not only crypto payments, but also generalized smart contract executions. It enables everyone to quickly build, operate, and use highly scalable decentralized applications through innovations in off-chain scaling techniques and incentive-aligned cryptoeconomics.
