Celer Community AMA Summary — 04/30/2021

5 min read

As a part of the community engagement efforts, Celer team has hosted an AMA Per the community’s request, we will start an monthly AMA program to communicate with and answer any question from our community. On 04/30, 2021, our first AMA of the series is hosted by Celer Network’s Cofounder Dr. Mo Dong and if you missed the AMA, no worries. Here is the summary of the Q&A between Mo and our community!

What is the value relationship between SGN and what SGN supports?

When a user delegates the stake, he is staking into SGN. SGN is the component that ensures the liveness and safety of all layer2 infrastructure built by Celer Network. That includes State Channel Network, layer2.finance, cBridge, and more in the future. So if you are staking CELR in SGN, you are helping to secure the layer2 ecosystem built by Celer technology.

What does the partnership with StarkWare mean for Celer Network?

The partnership is a way for us to expand our technology stack to not only include optimistic rollup but also support ZKrollup based solutions. It will allow more use cases to be built on top of layer2.finance. This includes even aggregated trading (i.e. multiple traders can aggregate small trades into an aggregated trading request). The reason ZK version will be better suited for this kind of use case is that ZK solutions have a shorter delay during the challenge period.

Will there be an updated roadmap soon?

We are working on updating the entire website and branding language. That includes an updated roadmap for sure.

In what way are Binance and InfStones be involved with Celer Network?

We are listed on Binance and both of them are staking nodes on the SGN. So they will continue to be involved with all other staking node providers in SGN to build the Celer Network ecosystem.

How do Layer2 scaling solutions compete with layer1 solutions such as Solana?

Alternative L1 is basically like a L2 if you think about it. The only difference here is that true L2 does not rely on “committee” for security and likely the demand that overflown will soon migrate back to Ethereum.

Can we expect a Celer Network or L2 wallet? Perhaps utilizing CBridge?

There will be a L2 wallet, and we are actively exploring opportunities to directly bridge fiat to L2 through stable tokens. This is still in the works, but we will let you know once there is significant progress on this.

What will be the focus of the Celer team in 2021?

a. Make L2F the biggest DeFi hub for every new DeFi user.

b. Allow cBridge and State Channel network to be an interconnection layer for multiple L2s and L1s.

How can and will the community be involved over the coming years?

A community forum is coming up and there are already community members building strategies today! Once we reach L2F v1.0, we will transition into an active community-driven development to add new strategies and adjust mining parameters, and more.

Which is the first other protocols/platform/wallet that will be added to L2F?

We have a list in the announcement blog. But we will also soon open up a community forum to discuss which ones do our community likes.

Are there plans with regards to getting Celer Technology towards the developers?

For sure, we are doing education series on DeFi

After the current roadmap is completed and more networks are added to Layer2 Finance, are there any plans to add any cross-chain finance integration such as Bitcoin to the platform?

There is not a lot of DeFi protocols directly running on top of Bitcoin. However, there are a lot of DeFi protocols utilized wrapped BTC in various chains. For any chain with a DeFi ecosystem, L2F will serve as an aggregation and gateway point to allow users to easily use and generate yield without worrying about migrating funds and managing multiple chains manually.

Have there been any interesting ideas that came from the scaling Ethereum hackathon that the community might want to know? You mentioned you were working on a project with the other L2s at the end of your presentation, can you shed any light on what that is?

There will be a very interesting new strategy coming out of it. We recently noticed AAVE launched AAVE token mining so that’s something we would like to add support for, for our users. AAVE has a very complicated claiming process and if users are using that through layer2.finance, it will be super easy and users won’t need to understand the complicated claiming process, timeout, lockup, and all that. It will be seamlessly integrated.

Can you shed some light on any marketing plan to promote in all communities?

We are likely to launch a liquidity mining program soon as long as the community supports that. We are also launching a governance forum to have decentralized governance and community votes. So the new kind of liquidity mining will be a “fair mining” program that is not only good for “whales” but is actually giving users with less liquidity higher mining power per $. This will allow a very organic bootstrap of L2F’s network effect when we complete the upgrades.

And therefore a strong marketing effect.

Is Celer Network, in the end, a platform or a software company to help others build solutions?

Celer Network will always be an open-source platform to facilitate project building on top. We consider ourselves as “layer2 scaling middleware platform” that not only provides the foundation of layer2 scaling but also provides middleware that is closer to end-users. Both cBridge and L2F are examples of such middleware and they can be further built on top of, by other projects. 

When will mainstream start to use the layer 2 tech?

I believe this summer will be an inflection point.

Can the dispatch be constructed in other Celer applications in step with variables like congestion mapping, quantitative flushing, and flagged user interactions (whitelisting)?

The same kind of principle of L2F can be applied to many different applications: dApps can just stay where they are and they will be automatically scaled up through L2 aggregation.

What’s the use case that L2F can bring which will be suitable for retail and institutional users?

Well, L2F is mostly suitable for retail for now, because of the cost reduction, but the same thing goes for institutions: they don’t need to manage multiple positions and chains through L2F.

Would it be technically possible to use L2f from other exchanges through an API or something? So people can use it easily through exchanges directly with their funds?

Yes, so if a centralized exchange integrates with us, that will allow their users to use DeFi directly.

Can L2F turn in almost one exchange itself when the page is more complete and has more pairs, etc.? Like a total reference platform to must-have if you use DeFi’s?

Correct, especially for the ZKrollup version, it will have a L2 exchange built-in.

Are you planning to make a mobile App for L2F?

A mobile app is part of the plan.

What is the APR like (staking)?

15%+ if I remember correctly. Binance has some promotions and at 30+%?

Are you working closely with Binance for BSC or is it the same motto, bringing L2 to L1 chains without any effort or partnership from L1 chains?

We are very familiar with the BSC team and yeah when we launch multi-chain support, BSC will among the first batch. It is likely to happen in V1.0 (end of Q2, not that far)

When is rollout planned for Polkadot integration or is that done?

Is the Celer Network team involved in the upcoming London fork on Ethereum? If yes, what’s the involvement?

Well, all of our systems are built with hard-fork support, but no, we are not actively “involved” in the hard-fork.

It will be possible to stake CELR from our L2F platform itself avoiding some fees with V1.0?

We are actually considering adding “Staking CELR in SGN” as a  strategy.

When will it be possible to run an SGN validator for non-Celer partners?

We are planning to have a fully open operation in Q2.

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