Celsius Token (CEL)
Table of Contents
About
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
- Celsius announced it was pausing all withdrawals, swap, and transfers between accounts [13 Jun 2022]
- Celsius token tanked >70% within an hour after the announcement from $0.49 to $0.15 before recovering slightly.
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).