Global access to DeFi is being accelerated by layer-2 scaling solutions that reduce transaction fees and congestion on the Ethereum blockchain while maintaining the same level of security. They also enable interoperability between blockchains and provide an enhanced user experience.
Having launched the world’s first generalized state channel network, layer-2 scaling platform Celer Network aims to expand the utility of layer-2 solutions using advanced rollup technology.
In order to integrate across various DeFi protocols and layer-1 blockchains, Celer needs decentralized price oracles to obtain the current global market price of its native utility token, CELR. To enable use cases such as issuing fair market loans, executing swaps without slippage, and settling prediction market outcomes, Celer Network announced that it is sponsoring Chainlink Price Feeds for CELR.
Chainlink Price Feeds will allow current and future lending protocols, insurance protocols, and decentralized exchange (DEX) platforms on Ethereum, Arbitrum, and other blockchain networks to quickly and securely add support for CELR.
By expanding the utility of its native token across the entire multi-chain DeFi ecosystem, Celer aims to bring high-speed, low-cost applications on layer-1 blockchains like Ethereum and Polkadot to mass adoption.
Celer Network Co-founder Dr. Mo Dong echoed this sentiment, telling Chainlink Today that Chainlink Price Feeds are an important addition to Celer’s vision for an open-access multi-chain world and a DeFi economy that doesn’t exclude people who can’t afford sky-high transaction fees.