Celsius (CEL) is the native cryptocurrency of the Celsius Network, a decentralized lending and borrowing platform built on the Ethereum blockchain.
Celsius Network aims to provide financial services to cryptocurrency holders, allowing them to earn interest on their holdings, take out loans using their crypto as collateral, and access various other financial products.
It offers a user-friendly mobile app where users can manage their deposits, loans, and access other financial services.
Celsius (CEL) token
CEL primarily functions as a utility token within the Celsius Network ecosystem. Celsius users can earn higher interest rates on their crypto deposits and receive better loan terms by holding and using CEL tokens.
Users can deposit their cryptocurrencies into interest-earning accounts and earn interest on their deposits, and the interest rates may vary based on the amount of CEL they hold. Moreover, CEL holders have the opportunity to participate in community governance and decision-making through voting on proposals.
Celsius Network has a tiered loyalty program where users can unlock higher interest rates and benefits based on the amount of CEL tokens they hold and the level of their engagement with the platform.
Another feature allows users to take out loans using their cryptocurrency holdings as collateral. The availability and terms of loans can be influenced by holding and using CEL tokens.
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