CEL Token & Celsius Network
Warren Buffet is credited with the observation that
“If you don't find a way to make money while you sleep, you will work until you die.”
There are many DeFi opportunities and people like them for good reasons, but many systems are primarily for Ethereums.
There are other ways of harnessing the passive earning power of your cryptos.
Remember, this is not financial advice - I use these pages to write about my own crypto journey.
And in my crypto journey, Celsius App does play a pretty large part.
The world needs banking, but it does not need banks.
For altcoin speculators, the utility token for Celsius is known as CEL.
In terms of performance, since it’s launch, CEL has done rather well.
It has a circulating supply of 310 Million coins and a max supply of 700 Million coins and a current market cap of $37,559,602 - Coingecko
None of this is financial advice, these are just my thoughts and experiences.
Okay, so the moonboi in me just wants, well, what moonbois want. But the entrepreneur in me wants my investments to be as active and as reactive as I can get them. And for that, one can look at either DeFi as I said earlier, and which is covered in depth elsewhere on PublishOx and the wider space, or, one can look at companies that act as HODLers for you and lend your money out, like Celsius.
Yes, like a bank. Except they’re not a bank.
In this exciting and risky crypto space, institutional investors are, at the present time, prepared to pay huge premiums on top of the market price to companies like Grayscale with their Bitcoin Trust. This is because exposure to digital assets is risky & complex, and larger accounts who want long exposure at this early stage are unwilling or unable to HODL themselves due to this complexity and risk. So they pay Greyscale to do it for them.
For me, Alex Mashinsky’s Celsius was a very interesting proposition compared to other propositions out there. If you take a look into their model, and the growing community of Celsians that has grown around it, you might be impressed.
However, if one was not happy with this risk of lending your coins out, the CEL token itself has performed extremely well.
The utility of CEL token is within the Celsus app itself, where you can ‘deposit’ your coins to be lent out by Celsius, and if you also hold CEL in your wallet [like ‘staking’], a ratio of CEL to deposit is established, and while your collateral is used to calculate what loans you could draw down against your crypto, this CEL ratio is used to calculate what interest rates you would get. In this way, if I ever need fiat, I can borrow against my digital assets. This is exactly what I want.
Depending on your territory, you can earn the variable interest, calculated weekly, based on an annual return, but NOT COMPOUNDING. Interest is paid weekly on Monday [without fail] and you can select to earn interest in kind - ie for BTC you receive BTC in interest - or, what I and many others are doing, is choose to earn it all in CEL token. For this, you get a much higher rate of return. And CEL may be heading towards an inflection point. See the unofficial Telegram discussion for more on that idea. The channel operates with the knowledge and co-operation of Celsius and their team, and is therefore a kosher place to get info.
As always, beware of scammers on Telegram. Admins will never message you first. NEVER. And remember, the only place to deposit tokens into Celsius is via the App. There is no other way.
Hot on the heels of a partnership with Uphold last year that brought Celsius access to many more potential investors, and with the next AMA with Alex coming up on January 22, with apparently three major new announcements, the recent bullish performance may yet be eclipsed by even more gains.
Exciting times ahead for Celsius.
Written by Kieran Alexis. All rights reserved, except those agreed with PublishOx.