On today's AMA, Celsius CEO Alex Mashinsky announced that Celsius will begin burning 10% of the CEL tokens bought each week to pay rewards. What's more, he intends to process the burning during the weekly Youtube AMA's. The first burn of 52,682 tokens was streamed live today.
It's unclear exactly what percentage will be burned, as Mashinsky seemed to imply that 1/11 of the total would be burned at points. Either way, as there is a finite supply of CEL, this will now make CEL a deflationary asset. With Celsius' continued growth and the increasing adoption of crypto, this can only be promising for the CEL token. The burn rate should increase over time as more rewards are paid out, driving up the price of CEL by limiting its supply while demand increases.
CEFI certainly faces some regulatory hurdles, but if these can be surmounted, the CEL token should have a very bright future--especially if it ever becomes easy to buy it in the US.
This would be a great time to join Celsius if you haven't already, take advantage of the ongoing promo codes to get some free BTC / crypto, and invest / earn in the CEL token!
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