Celsius

Celsius Network's cryptocurrency, CEL, allows users to take loans, make payments, and receive added loyalty benefits. However, CEL is mostly used as a reward mechanism for users accessing the Celsius Network and as a collateral currency to receive loans.

What does Celsius Network do?

At a time when interest rates around the world are near an all-time low, and some even negative, how is it that some apps can offer double-figure APR? The Celsius Network app is challenging the traditional financial sector with its competitive interest rates and simple user experience. Moreover, holders of the CEL token can gain exclusive loyalty rewards including lower interest rates for borrowing, and higher interest rates for depositing.

What Is The Celsius Network App?

Celsius Network is a wealth management platform that facilitates the borrowing and lending of crypto assets. The native CEL token is the center point of the Celsius ecosystem and can be used for borrowing, lending, staking, and peer-to-peer money transfers. Celsius Network makes it incredibly easy to earn compounding interest on your crypto. By simply depositing funds into the Celsius Network app wallet, users can start earning immediately.

CEL Token

Launched in June 2018, the CEL token is an ERC-20 token that runs on the Ethereum Network. The CEL token initial coin offering (ICO) raised $50 million, with CEL tokens valued at $0.30 per token. After the launch, the price of the CEL token plummeted to $0.03. However, the recent adoption of the Celsius Network app and the increased utility of the platform has been a catalyst for a substantial increase in the price of the CEL token.

• Source:

Methodology

• First we’re lookin at the top addresses that swapping and transferring the CEL token
• Then we’re going to analyze CEL swap volume over the past 90 days
• And at last we take a look at the behavior of Celsius Wallets with the CEL token

Top Addresses that are SWAPPING CEL

Top Addresses that are TRANSFERRING CEL

> The wallet address: (0x571037cc2748c340e3c6d9c7af589c6d65806618), is in both transfer and swap top 10 wallets and very active with the CEL token

Now lets see CEL swap volume changes over the past 90 days

Between June 13th and June 20th the Celsius Network wrote its name in the alarming recent history of the crypto market failures alongside Terra (originally LUNA, now called LUNC). The American platform has unstaked $247 million worth of Wrapped Bitcoin (wBTC) from the Aave (AAVE) protocol and sent it to crypto exchange FTX while putting the withdrawal option for users on a stop. 

Immediately after that, United States securities regulators from five states — Alabama, Kentucky, New Jersey, Texas and Washington — opened an investigation into Celsius. This isn’t the first time the platform is facing suspicions from law enforcement. In September 2021, the Texas State Securities Board scheduled a hearing related to allegations that the network had offered and sold securities in the state that were not registered or permitted.

• Source: Cointelegraph.com

And at last the Celsius Wallets behavior with the CEL token

Conclusion

• There are several wallets that working with the CEL token in multiple ways such as swapping and transferring
• On June 13th CEL has the highest swap volume with a massive number(106M)
• It looks like Celsius Wallets are mostly just Transferring their tokens and besides that doing some Approval too