Since the collapse of DeFi yield farms, everyone is looking hard at where else can we earn sustainable APYs on our tokens. For some, Celsius Network seems like a good choice to park your funds and let it work for you.
But how attractive is it exactly?
Well, enough for its CEL token price to go 3X within a month!
Screenshot from TradingView
In this post, let's maybe try to learn why the bullishness on CEL token.
What is Celsius Network?
It is a centralized lending platform where users can:
- Deposit their coins into Celsius' phone app wallet to earn compound interest (see here for details)
Screenshot from Celsius Network
- Utilize their deposits as collateral to take loans at low interest (see here for details)
Screenshot from Celsius Network
In order to take a bigger loan, users can either:
- Deposit more coins
- Increase %LTV (Loan to Value) yet incur higher %APR (Annual Percentage Rate or interest)
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