Crypto lending is all the rage right now and that has jump-started a bit of a battle between decentralized and centralized finance, DeFi versus CeFi, if you will. Now I’m a bit of a not your keys, not your Bitcoin type of chap. However, I couldn’t help but notice that there was one centralized finance token shooting the lights out recently. So, what’s this project I’m talking about? Well, that would be Celsius Network.
I’ll be taking a closer. Look at this lending platform the use case for the CEL and it’s tokenomics. All that is to help you decide if the Celsius Network is really worth it. And if CEL tokens still have legs to run. So, be sure to stick around.
Before I get going there are a few things. I need to say don’t let my charming smile fool you I am no financial advisor. Sorry to let you down there. That means that this video is for educational purposes only. Be sure to consult your real Financial Guru. before making any hasty decisions. I also want to welcome anyone new to the Bureau. I like to tell my mates that I spend all day in CoinBureau HQ to save myself from Covid. However, the truth is that I’m busy working on creating useful guides and coin overviews for you folks. So, if that’s something you want to see more of than sign up to Team Coin Bureau by Smashing that subscribe button and turning on all those notifications do that and you’ll never miss any of my pearls of crypto wisdom.
What Is Celcius?
Now for those of you who are new to Celsius, we need a bit of an overview. So what is Celsius? Well, in short, it’s a centralized crypto lending platform that enables you to earn interest, take out a crypto loan and pay or be paid in crypto. All that is done through the Celsius App. So, how good are those rates of interest? Well, you can earn up to 22.4% APY by supplying crypto to the Celsius App.
Yes, that is for select cryptocurrencies only, but you can get that mind-boggling rate by depositing
Synthetics or Matic tokens. Deposit stable coins, like USDT (Tether), USDC, DAI, PAX, etc, and you
can scoop up a whopping 15.8% interest (changing rates). Last time, I checked 33 different
cryptocurrencies were supported by the app...
This article was first published on medium.com.
Written by Coinmonks.