Celsius Token (CEL)

Table of Contents


Launched in June 2018, Celsius Network offers rewards for depositing cryptocurrency, along with services such as loans and wallet-style payments.

Users of the platform receive regular payouts and interest on their holdings. Celsius’ native token, CEL, performs a variety of internal functions, including boosting user payouts if used as the payment currency.

Official website: https://celsius.network/cel-token-explained

Major developments

Token Burn

Announced on the October 1st, 2021 AMA, Celsius Network will be doing a weekly CEL token burn every single Friday. This makes the CEL token a deflationary token with utility. The amount of CEL tokens burned depends on the weekly earnings.

Currently, the amount of CEL tokens to be burned is equal to 10% of the total weekly earnings. This is an additional 10% on top of what is already paid out in the form of community rewards. Therefore 110% will be purchased off the open market every week and burned (or permanently destroyed).