$CEL is an ERC-20 standard token on Ethereum and is the inherent token on the Celsius ecosystem. It is primarily utilized for payments.
In 2017, Celsius was discovered by Alex Mashinsky and Daniel Leon with the goal to surpass the banks by offering solutions depending on the terms that traditional financial firms no longer provide.
With almost 700 million tokens total supply, only half of all tokens were distributed at the time of the ICO. In 2022, the Celsius team obtained 25% of this amount, with the tokens that are remaining locked in a smart contract. This smart contract would merely permit for new loans to be published when the CEL token was valued more than $1.50 for 10 continuous days or longer. The $CEL saw an estimated 4,500% price rise after a persistent period of upward momentum over September 2020. Offering that the CEL token remains more than $3 for 30 days or more, the tokens that are remaining can be released and issued for loans.
The primary utilization of $CEL tokens is for maximizing interest, staking, and loan payment discounts. Rates and rewards are defined by a tiered system.
Celsius’s objective is to outstrip banks at their own game by providing financial services on the sort of terms which traditional financial organizations no longer provide. These contain much larger rates of returns on deposits and savings, a whole lot easier and fairer loan needs and automated rewards estimated for every user algorithmically. Bank-style fees and penalties are even waived.
The platform even works as a wallet through its CelPay trait, and hosts its personal CEL token which users can leverage to grow payout value between other things.
Celsius, as a for-profit company, takes a portion of the profit rate on interest payments, still replying 80% to users. The organization even gives loans to institutional entities like hedge funds.
Payments are guaranteed because loans are asset-backed, and any borrower must supply more than 100% of what they borrow in the destination currency.
How to buy $CEL?
You can buy, trade and store CEL at LCX Exchange. There are several trading pairs available with $CEL / $ETH and $CEL / $LCX.
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