For the uninitiated this is what CelsiusNetwork is -
Celsius Network is a CeFi Centralized Finance firm which is headed by Alex "The Machine" Mashinsky. Main USP of Celsius is
"things like fair interest(both lending & earning), zero gas fees, and lightning quick transactions"
Let's get to the topic of consideration -
Step 1 - Create your Celsius Account - https://celsiusnetwork.app.link/197823bd97
This link would set you up with a bump of $50 in BTC on depositing cryptos worth more than $400 and HODLing it for 30 days. It can be in multiple coins also. Meanwhile, you'll earn interest on your crypto for the time period.
Step 2 - Use the Promo Code = BNB40
Transfer $400 or more in BNB to your Celsius account and receive $40 bonus in BNB.
Step 3 -
*STABLE50* -
Deposit $200 USDT/USDC in cel for 30 days ; get $50 BTC
*STABLE10*
Deposit $50 USDT/USDC ; 30 Days ; $10 BTC reward
Both codes can work simultaneously. Activate both the codes.
Then do a single deposit of $250+ and you're set to receive $(50+10) at end of 30 days (save on Gas fees)
Let's do some calculations =
1) Total Investment (excluding Referral Code):
a) For Step 2 = $400
b) For Step 3 = $250
c) Gas Fees = 0
(I send all my transfers through Nexo, being a Platinum Member allows me to have 5 free withdrawals in a month)
Total = a + b + c = $650
Total Rewards :
a) From BNB40 = $40
b) From STABLE = $50 + $10 = $60
Total Rewards = $100
Return on Investment = 100 / 650 * 100 = 15.38% in a month
APY would be = 15.38% * 12 = 188%
2) Total Investment (with Referral Code):
a) For Step 1 = $400
b) For Step 2 = $400
c) For Step 3 = $250
d) Gas Fees = 0
(I send all my transfers through Nexo, being a Platinum Member allows me to have 5 free withdrawals in a month)
Total = a + b + c + d = $1050
Total Rewards :
a) From BNB40 = $40
b) From STABLE = $50 + $10 = $60
c) From Referral = $50
Total Rewards = $150
Return on Investment = 150 / 1050 * 100 = 14.28% in a month
APY would be = 14.28% * 12 = 176%
Lesson Learnt?
APY is a misleading number.
Whatever information that I have put above is statistically / mathematically is correct but the interpretation is wrong. See the below examples -
600% APY?
900% APY?
1500+ % APY?
Now you have seen how this APY is calculated and arrived at. I can get the values for weekly/daily time periods as well. This is just a clever marketing gimmick. Tread with credence.
I have come across this amazing website which does an easy work of converting APY to APR and vice-versa. It takes weekly/daily/monthly compounding into account. Little unrelated but while we are at this subject, its good to know this information. Link = https://www.aprtoapy.com/
I hope you understood the point I am trying to make here. If you do, then let me know your thoughts in the comment section.
^_^ Have Fun Guys!
FabPure - https://fab-pure.medium.com/
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