Celsius is a blockchain-based borrowing and lending platform that allows users to earn yield on crypto asset holdings. The native utility token CEL facilitates transactions on the network. With strong growth and adoption, Celsius has become a leading player in decentralized finance (DeFi).
Overview of Celsius Network
Celsius Network was founded in 2017 and launched its platform in 2018 as one of the first earning and borrowing platforms for crypto assets. It aims to provide financial services to the cryptocurrency sector including:
- Interest accounts to earn yield on holdings.
- Low-cost crypto-backed loans.
- Zero-fee transactions.
The Celsius platform allows both storing cryptocurrencies to earn weekly compounding interest as well as taking out US dollar loans by using coins as collateral.
Utility of the CEL Token
The native CEL token has a variety of utility functions on the Celsius platform:
- Discounted interest rates — Depositors earn higher interest rates when choosing to earn yields in CEL rather than in-kind.
- Lower loan rates — Borrowers get lower interest rates on loans and collateral when paying fees in CEL.
- Exclusive access — Some rewards and features are only accessible to CEL token holders.
- Celsius community — CEL holders can propose and vote on network changes and policies.
- Rewards — Celsius distributes a portion of platform revenues earned from loans to CEL holders.
This provides strong incentives to utilize CEL within the ecosystem.
Growth and Adoption of Celsius
Since launch, Celsius has exhibited strong growth across various metrics:
- 1 million+ total users.
- Over $8 billion in assets under management.
- Accessible in over 100 countries.
- Paid out over $1 billion in yield to depositors.
- Originated over $8 billion in total loans.
Celsius also continues adding support for new coins and features like swaps to drive further adoption.
CEL Tokenomics and Performance
CEL has a capped supply of 695,658,161 tokens. The allocation is split between users (80%), Celsius (20%) and funding providers (15%).
The token has traded from a low of $0.03 in 2019 to highs of $8 in 2021. It currently ranks in the top 100 cryptocurrencies by market capitalization.
Given the fixed supply and growing utility demand within the Celsius platform, CEL has significant upside potential as adoption continues rising.
Future Outlook and Roadmap
Celsius has bold plans to expand its platform and offering over the coming years:
- Support more currencies — Expand beyond 150+ coins already supported.
- New financial products — Stocks, ETFs, and more beyond earning and loans.
- Celsius credit card — Spend crypto balances and earn CEL rewards.
- Mobile app overhaul — New features for users worldwide.
- Enter new markets — Launch in South America, Asia, and Africa.
As Celsius grows into a global, full-service crypto financial platform, CEL stands to benefit greatly.
With its rapidly expanding ecosystem and large blocked of locked CEL tokens, Celsius Network’s native CEL token has tremendous potential. As the platform scales and adds hundreds of millions of users over the next decade, CEL could cement itself as one of most widely used utility tokens in the cryptocurrency industry.