Taking the Temperature of the Celsius Network

Protocol of the Week

Celsius Network

celsius network logo

Celsius Network is one of the leading Centralized Finance (CeFi) exchanges. The platform offers competitive interest rates rewards for deposits and low rates for collateralized loans. You can also use Celsius to send crypto to friends or family instantly and fee-free. Currently, the protocol supports 40+ assets. Celsius governs itself through its native token – $CEL.

DeFi Strategy of the Week

Earning passive income on your assets via the Celsius Network.

Through Celsius, you can earn a significant return on your cryptocurrency deposits just by leaving them in your Celsius account. Celsius Benefits provides users with five significant advantages:

  • No Staking Required – Users have 24/7 access to all of their funds.
  • No Minimum Balance Required – Every Celsius user is equal, no matter your account balance.
  • Zero Fees or Penalties – Celsius never charges fees or penalties for not having enough deposited.
benefits to using Celsius Network
  • Bonuses for CEL Tokens – Whatever token you deposit on Celsius, you earn more of that token. So, if you hold BTC, you earn more BTC. But if you decide to earn in CEL tokens, Celsius will give you a bonus.
  • Weekly Payouts – Once you deposit, you’ll start accumulating interest right away. And this interest is paid out every Monday. 

Plus, Celsius Rewards provides additional rewards if you hold you CEL tokens. These bonus rewards are based on a tiered loyalty system. CEL Token Loyalty Levels are as follows:

celsius network loyalty tiers

Yield Farm of the Week

Stake one token and earn multiple back through UniFarm.

UniFarm logo

UniFarm is a relatively new entrant into the yield farming arena, with one unique feature that sets it apart. Through UniFarm, investors can stake one token and earn multiple different tokens as a reward. This feature allows you to automatically diversify your returns as well as earn a high, minimum APY.

Let’s look at an example of a UniFarm pool containing $ORO, $MATIC, $CNTR, and $FRONT. You can stake only $MATIC (or any one of the tokens) and start earning all these tokens as rewards. Additionally, UniFarm not only guarantees a minimum APY, but also no market exposure.

The rewards sequence for UniFarm is as follows. For this example, we’re staking $OM in a pool that contains $OM, $ORO, $RAZOR, $ROYA, and $PLOT.

  • Week 1 – You earn $OM as rewards.
  • Wk. 2 – You earn $OM and $ORO as rewards.
  • Week 3 – You earn $OM, $ORO, and $RAZOR as rewards.
  • Wk. 4 – You earn $OM, $ORO, $RAZOR, and $ROYA as rewards.
  • Week 5 – You earn $OM, $ORO, $RAZOR, $ROYA, $and $PLOT as rewards.
UniFarm dashboard

$UFARM is the governance token for the platform. You can invest with UniFarm using one of three different wallets (Coinbase, MetaMask, or Wallet Connect) and one of three different networks (Ethereum, Binance, or Polygon).

Click here for a step-by-step guide on how to stake your tokens on UniFarm.

News & Industry Updates

1.) Report: Biden Plans Executive Order to Crack Down on Crypto

“The proposed directive would charge federal agencies to study and offer recommendations on relevant areas of crypto,” including financial regulation, economic innovation, and national security.

2.) Opinion: The Pandora Papers and the Case for Crypto

The revelations discovered in the Pandora Papers further decrease faith in traditional, centralized banking powers and demonstrate why trustless systems – like those offered via crypto – are needed now more than ever.

3.) dYdX Now Accounts for More Than All Other DEX Trading Combined

The non-custodial exchange, dYdX, is now the top DEX by trading volume, beating out Uniswap for the first time. Users exchanged more than $9 billion on the trading platform in the last 24 hours.

4.) DeFi Picks Up the Pace as Alternate Blockchains and NFTs Boom

At the end of September, DeFi protocol’s total locked value (TVL) grew more than 20%, from $113.5 billion on Sept. 28th to $137 billion on Oct. 6th.  

5.) Galaxy Digital Exec: Crypto Industry Getting ‘Less Bananas’ as it Matures

Tim Grant, the head of Galaxy Digital Europe, said today the crypto industry is becoming more trusted. “This is the end of the beginning, now we’re in the next phase where it’s a bit more institutional, a bit more buttoned-up.”  

Read More Articles:

Nexo - The Next Big Platform