Hodling (holding) crypto is one of the widely adopted strategies in the crypto communities and it has been proven a very profitable trading strategy too from the risk-reward ratio perspective. But to add a cherry on top of that holdings, it is also possible to earn an attractive interest over your holding crypto assets. And Celsius Network is one of the major players in providing a platform to the users to earn interest over their crypto holdings. So in this article, we will look into the features of Celsius Network, risks in using it, and rewards.
What Is Celcius Network?
Celsius Network is custodial lending and borrowing platform that is available through a web application as well as a mobile application (android & iOS). It is founded in 2017, the early days of crypto adoption by Alex Mashinsky (CEO) and Daniel Leon. The headquarter of the company is situated in the United States and is registered with FinCEN in the United States.
You can think of it as a bank for cryptocurrencies but with many advantages over traditional banks. You can store your crypto in Celsius Network and earn weekly interest over it and yes the interests rates are competitive to the market rates. There is no locking of your assets and so you can withdraw your crypto assets anytime.
Features/Services
In this section, we will go through the services and features provided by Celsius Network.
Interest Accounts
As we started this article with the main focus of earning interest over your crypto holdings. Currently, you can earn interest on 52 different crypto assets divided as 37 cryptocurrencies, 3 Gold tokens, and 12 stablecoins. The interest rates change weekly and are made public. You can check the current weekly rates here.
Loans (Lending)
As a lending platform, a loan (lending) is an important feature of the Celsius Network. If you are looking for stablecoins but do not want to sell your crypto coins then you can use your crypto assets as collateral and borrow stablecoins against them. The interests over loans are also competitive and can be as low as 1% depending on your loyalty levels.
CEL Token & Loyalty Levels
CEL is a native token of a Celsius Network, it has multiple utilities such as increasing your loyalty levels, minimizing your loan interest and increasing your interest rates over your crypto holdings, and repaying your loan in CEL tokens to enjoy lower rates. You can also earn interest over your CEL token holdings. For now, there are four loyalty levels Bronze, Silver, Gold, and Platinum to achieve that loyalty level you should have a specific percentage of your total portfolio in CEL tokens. You can check it below:
Promo Codes
Celsius Network is good at retaining their customers for that they continuously keep bringing new promotions via promo codes. The promotions are like you have to add a certain amount of specific coins for a specific period of time.
for example, the current ongoing promo code is AVAX20, to get the promotional rewards:
activate the promo code
deposit minimum of $500 worth of AVAX
maintain the balance above $500 for 180 days (6 months)
Referral Program ($50/referral)
The Referral Program of Celcius Network is one of the most attractive in the market and is easy to promote due to the reputation of the platform itself. It is a two-way referral program means you and your referral both earn a reward. The steps are to get the referral rewards is very simple:
Refer others using your referral code or referral link (make sure they use it)
After registration, your referral has to deposit & maintain $400+ worth of balance (in crypto or stable coin) for 30 days.
After the end of the period you and your referral both will earn $50 worth of Bitcoin in your Celsius wallet.
Conclusion
Celsius Network gives a safe way for crypto users to hold and earn interest over their holding. But being a custodial platform, there is always a counterparty risk which I suppose many are okay to take. If you are not on Celcius Network yet and okay with custodial platforms then you should definitely try it out.
You can try it out with my referral link:
Link:https://celsiusnetwork.app.link
Referral Code: 1557843545
Hope you found this article informative. Thanks for your time and Appreciation!!
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