Binance, one of the world’s largest cryptocurrency exchange and blockchain service provider, launches a node to join Celer State Guardian Network (SGN) and help secure Celer’s layer-2 State Channel Network. Binance also launched a delegation product where users can delegate their CELR token on binance.com and earn up to 37.49% staking reward. The launch of Binance as a staking partner also marks the successful transition to Phase 2 of SGN’s launch phases.
State guardian network (SGN) is a scalable and decentralized “watchtower” sidechain that ensures the layer-2 state security and smooth usability for state channel users. It provides highly reliable and efficient services including client channel state protection, delegated payment receiver, and app connectivity oracle. SGN is decentralized and incentive-aligned through the CELR staking process that governs the layer-2 validators and rewards all layer-1 CELR stakeholders. SGN is a significant technology piece that completes Celer Network’s State Channel Network that launched on mainnet more than one year ago. In the future iteration of Celer’s coherent layer-2 scaling architecture including Hybrid Rollup, SGN will continue to serve as a crucial security and usability infrastructure.
To delegate your token, Binance has built an easy-to-use staking portal where you can delegate your CELR directly via the Locked Staking product.
To check out the details of the staking program, please refer to Binance’s official announcement. To give a quick overview:
|Digital Assets||Duration||Max. Single Locked Staking Limit||Standard Annualized Interest Rate||Min. Locked Staking Limit|
|CELR||15 days||50,000 CELR||37.49%||1,000 CELR|
|CELR||30 days||500,000 CELR||12.45%||1,000 CELR|
|CELR||60 days||500,000 CELR||14.46%||1,000 CELR|
|CELR||90 days||500,000 CELR||18.57%||1,000 CELR|
- Users can view their Locked Staking assets by going to Wallets > Savings > Locked Staking.
- The APY is adjusted daily based on the on-chain staking rewards, and the specific APY is subject to the page display on the day.
- Unlock period for Locked Staking products: 1 day.
- Locked Staking FAQ.
To learn more about how SGN works, please refer to the following links:
- Architecture document
- Mainchain contract code
- Sidechain code
- Operation manual and configurations
- Deployed DPoS contract
In the coming weeks, we expect more staking partners to join Celer SGN as staking nodes and we will share more updates as they launch.
How to become a validator?
If you are interested in joining Binance in the first batch of whitelisted validator partners, please fill in your information in this form.
To know a bit more about how to operate a validator, please check out our validator operation manual.
Delegate CELR Outside of Exchange?
CELR holders outside of exchanges can also easily delegate their tokens through the SGN web portal. You can see a list of validators and their status on the homepage. More information on a validator can be found once you click its address.
Steps to delegate your token:
- Approve CELR to the DPoS contract through the lower left button.
- Once clicked into a validator, you can see a “Actions” button in the upper right corner. Delegate through “Actions -> Delegate”
Steps to withdraw your stake:
- Input the amount of take to withdraw through “Actions -> Initialize Withdraw”
- After the mainchain slashTimeout (currently 100 ETH block, approximately 30 minutes), confirm your withdrawal through “Actions -> Confirm Withdraw”.
Steps to withdraw reward:
- In the reward page, click “Initialize Redeem”
- Wait for the “collecting signatures” timer to finish, then click “Redeem Reward”
If you encounter any issues during your delegation process, we are here to help! Feel free to post your question in our Discord channel and we will respond ASAP!