Wed, July 24

What is Celsius? – Look Inside

Celsius Following Market Trend in Workforce Reduction Editors News
  • Withdrawals from the Celsius Network had been halted.
  • CEL holders get better rates.
  • Celsius will creates a supply and demand cycle for CEL.

Celsius calls itself a network and refers to a community as well as an executive team. But the Celsius white paper looks like a marketing desk. With Celsius users can join the platform, deposit cryptocurrency, and apply for loans.

Celsius looks like moreover selling pamphlet.

Celsius Website screenshot

The Celsius (CEL)

The Celsius network is made up for lenders who accept cryptocurrencies as a deposit, borrowers who have access to leveraged trading tools and the Celsius service, which manages everything, including funds and protocols on exchanges.

It’s made by converting borrowers’ dollar fees into CEL, which are then awarded to lenders following a charge reduction in order to create a value-driven lending and borrowing platform.

In technical terms Celsius seems unable to explain why it requires a token. They only needed the token for the artificial economy as well as to raise funds through a presale and crowd sale.

CEL holders get better rates and Celsius claims that its service creates a supply and demand cycle for CEL by regulating everything between borrowers and lenders.

Multiple advantage strategies such as the $GBTC arbitrage and futures market contango, gave traders risk-free rewards in 2021 and these enabled market neutral trade and allowed many to profit from the yield.

Celsius suspended everything since consumers were withdrawing funds and markets were falling. This is one among the things that happened after users were notified on Sunday that withdrawals from the Celsius Network had been halted.

Celsius (CEL) traded at $0.666539 USD with a trading volume of $137,778,398 USD and the market cap is $159,211,815 USD. CEL lost 91% from its all-time high of $8.02 which was recorded one year ago. 

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A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.