Celsius Network Progress Report 📈

HODLer's Den

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Disclaimer: Nothing in this report constitutes investment advice—I am just reporting on my accounts and its progress on each platform. You should not use this report to make financial decisions. I recommend you seek professional advice from someone who is authorized to provide investment advice.

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Hey everyone and welcome to the HODLer’s Den!

Here you will find information on my crypto investment portfolio straight from a HODLer’s perspective.  This section will focus on HODLing cryptos and interest-earning platforms.

Celsius Network

DeFi Focus: Celsius X

Celsius Network (CN) shifts focus onto DeFi with its most recent announcement of Celsius X (CX). I have mentioned that most CeFi platforms will have to hybridize into CeFi/DeFi to compete with DeFi and it is currently playing out in real time across all the major interest-paying platforms that I use.

The CN team will be launching Celsius X on Polygon first before expanding onto other chains according to Mashinsky. Polygon is a good initial chain because of its cheap transaction fees. At the moment, the goal of CX is to build a reliable bridge to Polygon that is native to the chain rather than relying on smart contracts. While CX will allow users to yield farm on DeFi protocols, Mashinsky stated that Celsius X will not compete with Celsius Network.

Having a native bridge will reduce friction which should allow DeFi users to move in and out seamlessly should they want to spend their cryptos or use it to pay bills. In addition, Celsius X will allow users to wrap and unwrap coins and tokens without fees. At the moment, supported tokens and coins include the following: ETH, ADA, and DOGE.

CEL Utility

CEL Team 6, a division of Celsius Network dedicated to improving CEL utility, is busy discussing several ideas. Some example include connecting the CEL burn to community growth which technically should increase the amount of CEL burned each week. Speaking of CEL burn, over 1 million CEL have been burned so far since it began, making CEL a deflationary token.

Misc.

Over 30 million USD of customers’ money have been by Celsius Network. The money recovered was due to errors such as sending crypto assets an incorrect address or using the wrong chain. It took plenty of work with several companies to recover these erroneous funds, but Celsius Network reemphasized that they want to do good and want to serve as a model for other crypto companies to follow.

Songbird (SGB) has finally been distributed on February 8th for those that held XRP with CN during the snapshot. It took them long enough but they delivered on their promise.

If you have not opened your Celsius Network app for quite some time, like myself, you can expect a new app update and design when you do. The new design looks sleek and is much easier to navigate. According to the team, they made several improvements for taking out a loan and additional on-ramps.

The platinum status requirements changed drastically. To be a platinum user, one must hold 25k USD worth of CEL or have CEL comprise 25% of the total portfolio holdings.

For example, if you have 100 USD worth of crypto in your portfolio, you only need to have 25 USD of CEL to qualify as a platinum user i.e 75 USD of other crypto and 25 USD of CEL. This change should make it easier for many to become platinum users. The daily in-app swap volume limit also increased for platinum users, from 50k USD to 100k USD.

Interest Earned

It has been 6 weeks since my last report on Celsius Network earnings and during that time my interest earnings lost over 8000 USD in value. You can monitor this Google Sheet where I track all my earnings from a variety of platforms and it gives percent changes.  According to the spreadsheet, my total earnings decreased by 13% in 6 weeks.

Most of my assets are split among the four platforms that I use: Celsius Network, BlockFi, Bitrue, and Crypto.com. Both Bitcoin and Ethereum make up a nice portion of my portfolio and they have retraced quite a bit.

You can use the Interest Rate Tracker to find the best APR rates across several platforms to fit your HODLing needs.

BTC is currently at 39.3k USD, ETH is at 2823 USD, and CEL is at 3.14 USD as of writing this report.

Conclusion & Prospect

Celsius X is a welcome addition and I believe it has potential to do well. What Celsius Network is doing is truly ambitious and I can see the passion again from recent AMAs. They are attempting to create a safe DeFi environment for newbies that enjoy the perks of CeFi. Like I said in previous reports, CeFi platforms will become stepping stones for users from CeFi to DeFi.

Now that CN made it easier to be a platinum user, I expect more people will use the platform because they will be earning more interest at this tier. It is unfortunate that US customers are unable to earn in CEL, otherwise I would take advantage during this downturn period.

I was really hoping for a credit card release in early 2022, but it seems like that has been put on the back burner for now. Despite all the uncertainty with the market, I will continue to HODL.

Each week I will report on a different interest-earning platform that I use—mainly, Celsius Network, Bitrue, Crypto.com, and BlockFi.

If you are new to crypto or have considered joining new platforms, check out the Starter Pack created by CryptoOneStop by clicking here or if you want to earn over 250 USD in referral bonuses then click here.

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What I Am Doing

This section is dedicated to paid subscribers as I will go into details of what moves I am making with my interest-earning portfolios.