HomeNewsWhat does Celsius Network offer to users?

What does Celsius Network offer to users?

Celsius Network is a fintech platform that aims to offer interest-bearing savings accounts and payments for fiat & digital assets. It offers the same functionality that banks offer for fiat currency deposits.

Celsius Network offers a radically different experience compared to traditional banking systems

The platform basically returns 80% of its revenue to the users in the network in the form of rewards. As for the other 20%, Celsius funds it for project expansion. With this proposition, the Celsius community challenges conventional banking models and prioritizes its own community.

But how does Celsius afford to do this concept? The answer is over-collateralization. Also known as rehypothecation, crypto funds held as collateral on the Celsius Network are lent to another party.

The interest Celsius Network earns from this lending is returned to the community. Moreover, the platform also offers an ecosystem of incentivized interactions.

Celsius’s earning network allows users to stake more than 35 different types of tokens. It includes both cryptocurrencies (BTC, LTC & ETH) and stablecoins (USDT, GUSD & DAI). Also, CEL will receive a higher return for users staking in the platform’s native token (as much as 30% higher).

Since there is no minimum deposit requirement, Celsius doesn’t impose any minimum balance requirement or withdrawal limits. So, all in all, Celsius Network offers a generally less restrictive environment than the conventional banking environment.

But how do the users receive the rewards in the Celsius network? Here’s where the CEL token comes in.

CEL Token

It is the platform’s native token, underpinning the earning and reward systems. In addition, utilization of the CEL token provides unique benefits:

  • Earners: By accepting rewards in the form of CEL tokens, earners receive up to 30% more rewards on all deposits of non-CEL tokens.
  • Borrowers: By paying interest with CEL tokens, borrowers receive up to a 30% discount on interest payments.
  • Institutions: By paying interest with CEL tokens, institutions borrowing tokens from Celsius receive a 30% discount on their interest payments.

Celsius network also has a loyalty program that refers to each user’s token holdings (CEL token only). It is divided into 4 categories:

  • Bronze – requires 5-10% CEL tokens in portfolio.
  • Silver – requires 10-15% CEL tokens in portfolio.
  • Gold – requires 15-20% CEL tokens in portfolio.
  • Platinum – requires 20-100% CEL tokens in portfolio.

Users can earn compound interest with CEL tokens, maximizing their profits.

CelPay: A crypto payment app to send crypto anyone

Users can transfer assets via CelPay. It is a crypto payment app allowing users to send crypto seamlessly. Users can even send to others who don’t have their crypto wallets on CelPay. Whenever a user sends crypto, CelPay generates a shareable link which automatically creates a CelPay wallet when the receiver clicks it.

In conclusion, Celsius Network is rapidly bridging the space between centralization and decentralization. With its platform that incentivizes and streamlines financial services using CEL, Celsius tries to streamline the accessibility of fintech and DeFi to adopt a much broader population.

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