Celsius Network added five new coins but the transfer fees are ridiculous!

By PVMihalache | Mind Puzzle | 13 Aug 2020


Since yesterday's  !!Matic, Livepeer (LPT), Kyber Network, Synthetix (SNX) and LINK are available on Celsius, with amazing interest rates of staking and annual yield go to 22.4%4b69bbd47b245230c360599499a66f89aeed0df47bca815b4333e8f3c9d58e97.jpeg

The higest interest rate is available if users choose to earn in CEL, however, the rates are higher than the others platform so worth a try.

I currently own Matic, Kyber, Synthetix and Link but no LPT, and I wanted to see if I will be better moving my assets to Celsius. 

I moved about 50 KNC from Coinbase with no Coinbase fee and 1.2 KNC network fee, approximately $1.60. Calculating the 3.43% interest minus the send back network fee, I am still better with the KNC on Celsius.

LINK interest is 2.71%, while on Binance is 0.89%, however, I want my Chainlink on an exchange where I can swap them if they go to the moon. The interest rate make not a massive difference if you think about the transfer fees.

Matic transfer fee is high for low amounts, as per my 1099 units I had to pay 95 for the transfer, approximately $2.30. If you consider the send back transfer fee, for me make no sense to move them, even if the interest rate is 22.4%.029258023277a421f05f6a94979fdfd075dc10698867be0d73cc301d84ec6800.jpeg

It gets even higher for Synthetix, making the 22.4% interest rate not attractive. To move 14 SNX, the network fee was 2 SNX, approximately $11.82. With the same amount to be paid the send them back, moving Synthetix to Celsius sounds ludicrously stupid.

For higher amounts of crypto, probably the interest will cover the transfer fees, but I am not a crypto whale, just the average crypto enthusiast.


Quality Faucets:

PipeFlare (ZEC & Pivx)

Zcash (Hive)

FreeTron (TRX)

FreeEthereum (ETH)

FreeCardano (ADA)

FreeBinanceCoin (BNB)

FreeBitcoin (BTC)

Free-Litecoin.com (LITECOIN)

Stakecube (claim over 20 coins daily)

The Crypto Faucet (SiaCoin, Verge, Doge)

My author page: PV Mihalache

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