Celsius Network

CEL Price

What is Celsius Network?

Celsius Network is a P2P lending platform allowing users to borrow and lend cryptocurrencies. The system is based on the Celsius Network native token, CEL.

By using their cryptocurrencies as collateral, borrowers can easily have access to fiat currencies with a small interest rate without the need to sell their cryptocurrencies. 

Lenders are paid an interest rate for the cryptocurrency that was deposited in their Celsius Network wallet.

How does it work?

Users can earn interest by depositing cryptocurrencies into Celsius Network. The interest is paid weekly and users have the option to withdraw at any time. To make things better, users are not charged whenever they deposit or withdraw funds. 

Users can also earn “Bonus Interest” through the Celsius Loyalty Rewards. For example, if the overall wallet balance has 20% in CEL tokens, users will be deemed as a Platinum Celsius member, thus obtaining a 30% Bonus Interest and 30% Loan interest discount.

Is it safe to store your cryptocurrencies with Celsius Network?

To protect assets that are deposited in the platform’s cold wallet, Celsius Network has partnered with BitGo. Through this, BitGo will cover any losses by offering up to $100 million in insurance for these assets. 

It is also worth noting that the company does not directly grant insurance on crypto deposits. In other words, during the event of a cyber attack, users are vulnerable to losing their assets­. In those situations, Celsius Network promises to use its balance sheet to offset the damages to its clients. However, their Terms of Use do not guarantee the return of funds in the case of a breach. 

Background

Celsius Network was founded by Alex Mashinsky in 2017. The company exists based on the fundamental idea of decentralization by allowing people to unbank themselves and substituting the existing financial structures with a new model.

To learn more Celsius Network, you may watch an interview of Alex Mashinsky by Altcoin Buzz below:

Where can you buy Celsius Network?

CEL tokens can be traded on decentralized exchanges. The most popular exchange to buy and trade Celsius Network is Uniswap V2 (Ethereum), where the most active trading pair CEL/WETH has a trading volume of $1,170.98 in the last 24 hours.

What is the daily trading volume of Celsius Network (CEL)?

The trading volume of Celsius Network (CEL) is $1,153.18 in the last 24 hours, representing a -84.30% decrease from one day ago and signalling a recent fall in market activity. Check out CoinGecko’s list of highest volume cryptocurrencies.

What is the highest and lowest price for Celsius Network (CEL)?

Celsius Network (CEL) reached an all-time high of $8.05 and an all-time low of $0.002511. It’s now trading -99.90% below that peak and 143.90% above its lowest price.

What is the market cap of Celsius Network (CEL)?

Market capitalization of Celsius Network (CEL) is $218,779 and is ranked #4928 on CoinGecko today. Market cap is measured by multiplying token price with the circulating supply of CEL tokens (36 Million tokens are tradable on the market today).

What is the fully diluted valuation of Celsius Network (CEL)?

The fully diluted valuation (FDV) of Celsius Network (CEL) is $218,779. This is a statistical representation of the maximum market cap, assuming the maximum number of 36 Million CEL tokens are in circulation today. Depending on how the emission schedule of CEL tokens are designed, it might take multiple years before FDV is realized.

How does the price performance of Celsius Network compare against its peers?

With a price increase of 39.70% in the last 7 days, Celsius Network (CEL) is outperforming the global cryptocurrency market which is up 14.40%, while outperforming when compared to similar Lending/Borrowing Protocols cryptocurrencies which are up 22.80%.

How to add Celsius Network (CEL) to MetaMask?

Adding Celsius Network (CEL) to MetaMask allows you to view your token holdings, trade on decentralized exchanges, and more. To add them, you’ll need to import CEL as a token. You can copy CEL’s contract address (0xaaaebe6fe48e54f431b0c390cfaf0b017d09d42d) and import it manually, or if you've installed MetaMask's chrome extension, add CEL to MetaMask with one click on CoinGecko.

Add CEL to MetaMask.