What is Celsius Newtork? CEL Price Prediction and Analysis
With the increasing volatility of crypto, the rise of centralised lending platforms like Celsius has been on rise. Many people have parked their money in platforms like Celsius to earn interest on their cryptocurrencies. Interest rate depends on whether you hold CEL in your account or not. If you are one of the investors who is planning to earn interest on your crypto through CEL, read about what is CEL and what are the CEL price predictions for the year 2021 to 2030 before making any call.
The digital currency has grown by leaps and bounds since the creation of cryptocurrency in 2008. The entire crypto sphere is blooming and the Decentralised Finance sector is exploding after its humongous popularity in 2020. It only makes sense to know and learn about more DeFi projects which are growing and creating income from lending and borrowing of Crypto.
Lending and borrowing is the essence of the Crypto market. It is already very popular but Celsius has taken this to another level. Celsius is an all in one wealth management platform that has seen monumental growth and gained massive attention. It is one of the most high-rated providers for Crypto loans. This article is based on The Celsius Network and the CEL token.
|Name of the token||CEL Token|
|Total Supply||695,658,160 CEL|
|Circulating Supply||238,863,520 CEL|
Alex Mashinsky and Daniel Leon
|Celsius Review||Read here|
What is Celsius Network?
Celsius is a financial technology platform that allows the users to earn, borrow and pay in cryptocurrency. It is a blockchain-based peer-to-peer lending platform that facilitates borrowing and lending of crypto. But unlike other normal cryptocurrency platforms, it is centralized and does not serve as an exchange platform. The platform also allows users to earn passive income in the form of rewards.
Celsius is a New York based startup company that was founded in 2017 and works on an economic model that contends against traditional banking models. It is more than your average conventional bank and combines the finance and banking services with cryptocurrency. It is a platform and an app that connects the lenders and the borrowers.
In an interview with CoinCentral, Alex Mashinsky said “We’re targeting what we take for granted in the United States, access to credit and interest income, and making it fungible across the planet so anybody can start a business. We take the American dream and make it available worldwide.”
The lending solution is accessible to anyone who has a smartphone. It gives financial benefit to users who are in need of it. It works beyond the scope of traditional services and intends on making the borrowing and lending services advance and crypto-based. You can use your cryptocurrency to borrow cash and earn rewards on deposited cryptocurrency.
Celsius supports more than 30 cryptocurrencies including Bitcoin, Ethereum, Uniswap, Chainlink, Tether, etc. It also pays back its users 80% of its revenue in forms of rewards and attractive interest rates on savings.
Where to buy CEL tokens ?
CEL is a public token and is listed on exchanges like
- Bittrex Global
- Giottus (Buy CEL with INR)
CEL: The Native Token of Celsius Network
CEL is the utility token on the Celsius platform. It is an ERC-20 token that is used on the platform to generate interest, take loans, send person-to-person payments, and gives Celsius users other additional benefits. CEL is basically the spine of the network. The Celsius operational token has proven itself time and again. It has currently skyrocketed nearly 500% over the past two months and has given exceptional returns to early adopters of the CEL token.
Anyone who is remotely interested in lending or borrowing crypto should surely consider holding the CEL tokens. It is undoubtedly far more volatile than the set-up cryptocurrencies like Bitcoin and Ethereum, but it is also a worthy token and can provide great deals while using the Celsius platform.
The token was launched in June 2018 during an ICO (Initial Coin Offering) and raised $50 millions. The presale and crowdsale took 50% of the token supply, 27% of the tokens go to treasury, 19% for the Celsius network team and 2% to the partners and advertisers. The total supply of CEL tokens is 695,658,161. Among this, 76% of the tokens are in circulation and the rest 24% of them are locked according to a schedule in the project’s technical literature.
“All roads lead to Decentralization, Celsius was created to enable people to Unbank themselves and deposit their money with someone who is acting in their best interest.” says Alex in an interview with cryptoslate.com.
What does Celsius Network do?
Celsius is a blockchain-integrated lending platform that provides financial aids to users. One can borrow from Celsius or earn from their deposits with the platform.
One of the most basic and main advantages of using Celsius network’s lending platform is that one can borrow USD against crypto as a collateral. Rather than giving up all your crypto as a collateral, one can choose how much crypto they want to put up. This is called Loan-To-Value (LTV) ratio.
The loan process is simple as long as you have enough Crypto to back-up your loans. The value of your crypto will always be more than the value of money you’ll get. The loan starts from $1500 and there are more than 30 cryptocurrencies that can be used as a collateral such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP), Dash (DASH) and EOS, etc.
In order to get loans, one has to download the Celsius app. Then select the crypto which you’d like to use as a collateral, how much crypto you would like to use, the interest rate, the term of the loan and the amount of USD. aside from KYC, no other document is required. The process is quick and there are no extra charges. The users can get their loans at amounts equal to 25%, 33% or 50% of the value of their crypto. (25% of crypto-backed loans charge only 1%) the interest rates increase with increase in time period and LTV.
Crypto-collateralized loans allow you to maintain your crypto assets while having access to fiat liquidity. You don’t have to sell your crypto in order to get money out of it, you can just loan them with Celsius. The loans are over-collateralized to protect the lender against major losses due to market volatility. The user can take only a part of crypto as loans and the rest of it acts as a buffer against fluctuations.
You can earn passive income by depositing the sitting crypto in the Celsius savings account. One can earn additional cryptocurrency or rewards by keeping their crypto with the network. Earning interest with Celsius is simple. Celsius allows the user to stake their cryptocurrency for borrowing and earn rewards in return.
The user has to download the Celsius app, set it up and get verified as a user. The platform accepts more than 35 coins including stablecoins. Users can stake any one cryptocurrency and earn upto 10% interest. The users will generate interest on any supported cryptocurrency that is deposited in the Celsius wallet.
Celsius begins to calculate interest on your deposited cryptocurrency as soon as you deposit them. The actual interest is paid weekly. The user can however withdraw their principal amount along with their interest anytime they wish to. There are no fees to withdraw the money. The interests are better when the CEL tokens are staked.
The rewards differ depending on the type of cryptocurrency that is staked and the country that the user resides in. The Annual Percentage Yield (APY) of each staked crypto determines its market demand. The interest is paid in the same crypto as it was generated from. And, one can earn 30% higher payout on using CEL. Also, the interests are deposited in your wallet so it will keep compounding over time.
In comparison to traditional banks and their general savings account, Celsius :
- Does not require any minimum deposits
- There is no limited time-period
- No penalty or fees charged for any minimum deposit
- No withdrawal or deposit fees
- Funds can be withdrawn 24*7
CelPay is a Celsius based service that allows users to send or receive crypto for free. Unlike other exchanges, Celsius does not permit credit cards. So, in order to transfer assets Celsius has its own crypto payment app that allows payments without any wallet. This also needs both the recipient and the sender to have the CelPay app.
CelPay is a nifty crypto payment app which makes it easy and simple to send and receive crypto. The Crypto coins are sent through a link and the recipient can only access the crypto coins if they have access to the link. The link is the key to a CelPay wallet and it can be sent via email or SMS.
There are absolutely no fees or zero charges to create the wallet, send or receive the money. But, there is a chance that you can earn 2% cashback by sending CEL tokens. You can also send or receive 30+ cryptocurrencies including BTC, ETH, XRP, etc.
Celsius Network Tiers
In order to earn rewards (interests) from the Celsius network, one has to stake their CEL tokens. Celsius has four loyalty tiers and the more you stake, the higher tier you fall into and the greater interest is paid on your staked CEL tokens. These tiers are called “Loyalty tiers” because the more loyal the users are with the network and the higher they stake, the more interest they can earn.
So, basically the Loyalty tier is affected by the percentage of CEL tokens customers hold with the network. The higher stakes not only provide greater interests but also gives the users a discount on any loan they receive from Celsius.
The four Loyalty tiers are :
In the Bronze Tier, customers are holding 5%-10% of CEL tokens in their portfolio. This benefits the users with a 5% bonus rewards (interest payments) and a 5% discount on loans taken on the Celsius platform. This is the standard interest and one gets standard loan rates.
In the Silver Tier, customers are holding 10%-15% of CEL tokens in their portfolio. This entitles the users with a 10% bonus rewards (interest paid on tokens) and a 10% discount on the loan interest.
In the Gold Tier, users are holding 15%-20% of CEL tokens in their portfolio. The customer avails 20% bonus rewards (interest payments) and a 20% discount on the loan interests too.
In the Platinum Tier, customers are holding 20%-100% of their portfolio with CEL tokens. This tier benefits the users by entitling them 30% bonus rewards (interest payments) and a 30% discount on the loan interest.
Celsius Network Team and Partners
Celsius Network was founded in 2017 by Alex Mashinsky and Daniel Leon. Celsius network had a successful ICO in 2018 and they managed to raise $50 million by selling their native token CEL.
Alex Mashinsky is best known as the inventor of VOIP ( Voice Over Internet Protocol). It is a pretty huge deal considering the fact that we can talk to our friends and family using the internet because of this man. He has a long history in the internet development sphere and is the CEO of the New York based startup company, Celsius.
Alex has been given 35 different patents and has been a founding member of various successful projects including Arbinet corporation and Transit wireless. He is also very hyper-active on Youtube and conducts an AMA (Ask Mashinsky Anything) every Friday. He is also working on MOIP (Money Over Internet Protocol). He is extremely experienced and successful.
Daniel Loan is the co-founder and COO of the Celsius network. He is a business and social entrepreneur with a record of building organizations from the ground level. Daniel has also co-founded Atlis labs and was the CEO of Beyon3D. He is also a managing partner with VC firm Governing Dynamics. He has a zeal for entrepreneurship and has time and again shown it in the business world.
Nuke Goldstein is another co-founder of the Celsius network. He has designed the technological and financial infrastructure of the network. He works as the Chief Technical Officer (CTO) in Celsius. He is also a member of Forbes Finance Council. Nuke has previously founded Sevenpop, The Carbon Project and Zeyfo. He has experience as a Project Lead and Software Team Lead.
Harumi Urata-Thompson is the CFO at the Celsius network. She is an onboard director for several companies and is a constant advocate for cybersecurity, cryptocurrency, blockchain and artificial intelligence.
Celsius has partnered up with Simplex, Amon wallet, Chainanalysis, etc.
Celsius Price History
The CEL token initially launched in 2018 and proved to be a successful ICO launch considering that it raised $50 million. The original price of CEL on October 2nd was $0.058. The prices further experienced a mild fluctuation and kept ranging between $0.04-$0.05 until November. In the dawn of November, the prices started falling drastically and reached $0.269 on December 09th. The CEL token further hiked up and ended at $0.032.
The price of CEL was recorded at $0.04515 on 6th January 2019. This was considered a good start and a new year for CEL tokens to raise. The prices were constantly fluctuating but the market was not extremely volatile. The CEL prices further saw a hike and went from $0.03 in March to $0.117 in June. This was the first time that the prices crossed the $1 mark. After June, the prices further kept falling and reached $0.04 in November 2019. But then the prices suddenly soared and were recorded at $0.1572 on December 29th.
The price of CEL was recorded as $0.1507 on January 14th. The prices kept rising and reached $1.701 on 3rd February. Then, a sudden volatile market resulted in the decrease of prices. The prices of the CEL token soared again and it hiked up from $0.191 on May 29th to $1.18 in October. The prices reached $2. 28 in November and by the year ending it was at $3.80, recorded on December 25th.
2021 has been a great year for the CEL token. The price of CEL was $6.48 on 3rd January 2021, which was an exceptional start. The sudden rise of Celsius was attributed to the new improvements on the platform and increased number of supported cryptocurrencies. The prices further kept fluctuating and soaring. The returns by CEL were amazing and it witnessed its all-time high on 3rd June when the price was recorded as $8.02.
Celsius Price Prediction 2021 to 2030
The exact prices can’t be predicted due to the highly volatile market. But, since the CEL tokens are doing exceptionally well, the crypto investors are eager to know the future prices in order to understand the performance of the tokens.
Celsius Price Prediction 2021
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Celsius Price Prediction 2022
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Celsius Price Prediction 2023, 2024, 2025, 2030
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DISCLAIMER : The price prediction is not financial advice. It is strictly advised to DYOR before investing.
Is Celsius Safe?
Celsius uses an improved proof-of-stake algorithm for its token. The Celsius network has also acquired licenses from FinCEN and the American SEC. The company also uses Two-Factor authentication and Biometric signatures as security measures.
The network stores funds with third-party custodians like PrimeTrust and Fireblocks. These third-party companies provide insurance to the customer assets. FireBlocks uses Multi-party computation wallet infrastructure. The celsius network is strict about security and also has a dedicated in-house security team which comprises ex-military cybersecurity professionals.
Celsius has never witnessed a hack, a security breach, fraud or any loss of funds. This can be a reason for the company’s success and its 2 million+ users. The company manages 5.3 billion funds. This indicates that the platform is safe and can be trusted. The Celsius network can be trusted to pay interests and provide loans instantly. It is a safe, reliable and trustworthy platform. One can store funds, earn interest and also take loans from this platform.
But, it is to be noted that Celsius uses a custodial wallet and the user is not the owner of their own private keys. And as the saying goes, “Not your keys, Not your crypto”. And, not to forget that Celsius is a centralized platform.
Is it worth investing in Celsius tokens?
Celsius has been an extremely successful blockchain lending platform and it has earned exceptional returns in the past 1 year. It was the first blockchain lending platform to reach $1 billion funds in management. The customers have received satisfactory results and the future of the CEL token is bright.
The motive to “Unbank yourself” is being accomplished by the Celsius platform. The loan and interest system has won over 2 million plus users. The DeFi project seems to be in full swing and people are bullish on the tokens. The growing adaptation of the DeFi project is also a hint to the growing success of Celsius.
The crypto analysts are bullish on the CEL tokens and the reduced token circulation plays an important role in that. CEL is also designed to hold rather than trade.
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Celsius Network: FAQs
1. Does Celsius charge any fees ?
Celsius does not charge any fees except the interest charged on the loans taken by the users. It does not charge any withdrawal, deposit or termination fees. This feature of Celsius sets it apart from its competitors
2. How Does Celsius Make Money ?
Celsius makes money by acting as the middleman between the lenders and borrowers. The borrowers take loans from Celsius and pay interest. The network pays only 80% to the lenders and earns the rest as income
3. Is Celsius better than Bank ?
If we compare the interest given and the interest charged on loans, then it is right to say that Celsius is better than your traditional banks.
4. How are interest rates determined ?
A lot of factors are taken into consideration while charging the interest rates. These factors can be the state of the market, the performance of the coins and the distribution of these profits among users.
Celsius Price prediction: FAQs
What will be the price of Celsius by 2021 end?
We are expecting Celsius to touch 9.62 USD in October 2021. And then by the end of the December, 2021, the CEL price is predicted to be in between $7.24 to $8.75.
What is the price prediction of CEL by 2025?
We are expecting CEL to touch 25 USD by 2025 USD.
How much will CEL tokens be worth by 2030?
CEL price forecast for the year 2030 is 89USD to 119 USD.
Will CEL ever be 100 USD?
We are hopeful of CEL touching 100 USD before 2030. Celsius is a promising project which is profitable. The founders are active too in the blockchain industry.