Celer State Guardian Network v2 Focuses on rewarding users with transaction fees obtained from its unique products.
Celer Launch State Guardian Network V2 Public Staking
Just days after adding Clover’s EVM Chain support, Celer has another exciting update for its users. The inter-chain platform has unveiled the State Guardian Network (SGN) v2 Staking for users. The move produces an entirely new experience for SGN stakers as it generates more yield from the Celer cBridge and inter-chain Message (IM) framework.
Following the SGN v2 launch on March 16, Celer stakers would not only receive regular Proof of Stake (PoS) staking rewards but would receive earnings from cBridge and Celer inter-chain Decentralized Applications (dApps) transaction fees. Celer explained the latest version on March 15 through its official blog. Aso, the protocol’s Twitter announcement on March 16 termed the move as the “First-of-its-kind multi-chain interoperability capture.”
“Compared to v1, the v2 upgrade specifically focuses on enabling the SGN with the capability to capture transaction fees from the cross-chain transaction it processes, which in the case of cBridge, is based on the transaction volume in each transfer for the liquidity pool based model. For Celer IM-based inter-chain dApps, it is based on the message size,” Celer wrote.
The SGN serves as a message router between different chains, enabling users to make the cross-chain transfer of funds and general passing of messages. It is a Cosmos SDK-based PoS blockchain that utilizes similar security mechanisms to other PoS blockchains like Polygon and Cosmos Hub. Celer’s unique products, cBridge and the IM framework, leverage the SGN due to its PoS security, low cost, and quick finality during cross-chain transactions.
According to the post, the SGN v1 public staking will stop functioning on March 23. Essentially, there will be no more staking rewards from the old version. However, users can still withdraw their stakes. The most important thing to note is that the new version will reward users with transaction fees via both products while they stake their tokens.
For more information, refer to the Celer blog post.
What is Celer Network?
Celer Network is the leading inter-blockchain and cross-layer communication platform in the industry. The protocol offers fast, secure, and cheap bridging between multiple chains. The Celer ecosystem comprises three unique products: inter-chain Message Framework, cBridge, and Layer2.Finance.
Where to find Celer Network:
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