Celsius platform is a platform that allows you to borrow, invest in your crypto assets and fiat currencies. It operates on the Ethereum network. They argue that financial services are for society, not banks or governments. They aim to make banking and future financial management independent by creating decentralized communities. It is a project similar to the Nexo project.
Announced by Alex Mashinsky and Daniel Leon in 2017, Celsius was launched in 2018 by raising a crowdfunding of 20 million 170 thousand dollars. Celsius (CEL) is the 81st most valuable cryptocurrency with a market cap of $1 billion 685 million. The amount in circulation is 238,863,519.83 CEL (34% of the total supply), while the total CEL supply is 695,658,160 CEL.
Celsius wants to continue to be used as a platform where financial freedom is ensured, regardless of the amount of assets, and the interests of users are taken care of instead of banks or intermediary institutions. Interest rates, transaction speed, document fee, etc. that banks cannot provide. It uses the power of blockchain and cryptocurrencies on issues such as not buying.
80% of the income generated by the platform is distributed to platform users. Thus, both CEL holders are rewarded and it is aimed to reach new users. 20% is used for the development of the platform. You can also trade with very low amounts, as there is no set minimum amount for borrowing and lending on the platform.
The CEL Token reward program is divided into four groups. These groups are Bronze, Silver, Gold and Platinum. The main purpose of groups is to encourage users to keep more CELs. More than half of Celsius platform users hold CELs. The factors that determine the price are directly proportional to the number of investors who use CEL to earn interest income by holding CEL, to repay the loans taken by holding CEL with a 30% discount, or just to invest in CEL. Currently, there are 690,112 users within the Celsius platform.
Mechanism
To lend:
Assets are deposited on the Celsius platform in crypto or fiat money.
These assets are loaned to the borrowers on the Celsius platform.
Every Monday, the revenues are distributed according to the investment amounts of the users. 80% of the platform's revenue is shared with users.
Users who want to get a loan must deposit a CEL collateral that will correspond to the amount of the loan in USD.
Celsius Network
It is a blockchain-based application with a fast, convenient and user-friendly interface. There are no withdrawal fees. Getting loans, sending assets, earning cryptocurrency, lending is accessible to everyone with this app.
Celsians.com
It is a site established by the Celsius community. Here, data such as the growth chart of the platform, the lot and market value of the CEL token over time, the APR interest rates from past to present are shared with everyone. Data such as assets purchased for distribution of interest income, CEL wallets and the amount of CEL they hold, the total amount of CEL the community holds are also listed here. The website is operated by the community itself and is fully independent. The main goal is to increase transparency about the platform, to better inform the community.
CEL Reward Rates
Interest can be earned by lending 41 cryptocurrencies on the Celsius platform. 12 of them are stable to fiat currencies, while 2 of them are stable to gold price. Fiat currencies are US Dollar, Canadian Dollar, British Pound, Australian Dollar. Wrapped-DGLD and PAX Gold are used as gold stablecoins.
The highest interest rate was given to Synthetix Network Token with 17.78%. The rates vary between 2.53% and 17.78%. To see all rates, visit https://celsius.network/earn-rewards-on-your-crypto.
How to Get Celsius (CEL)
Celsius (CEL) is currently listed by 18 cryptocurrency exchanges and dex. The highest trading volumes are spinning in FTX, Liquid, Uniswap, Gate.io and Bittrex.
It is not investment advice.
