A Love Story Between CeFi and DeFi…
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We are proud to announce that CelsiusX, the new DeFi (decentralized finance) arm of Celsius Network, has finally launched after months of hard work by our fantastic team members and our incredible partners.
Read below to hear the story of where Celsius came from, where we are now, and headed. It has been a journey, but we wouldn’t have it any other way. We are unbelievably grateful for the massive community of Celsius users, both new and old — and there’s nothing more exciting than continuing to grow the Celsius community through innovative products like CelsiusX.
As always, thank you all so much for your continued support.
The Celsius Team
Chapter 1: How we got here!
Since its inception in 2017, Celsius has capitalized on the burgeoning cryptocurrency market, specifically the demand for yield generation on digital assets. As a result, Celsius has grown to over 1.5 million users.
Celsius Network has been a lending platform that has dug its roots into the CeFi (centralized finance) ecosystem from the start. Within CeFi, users can transfer crypto assets (BTC, ETH, etc.) to Celsius and earn yield on those assets. They can also transfer in crypto-assets and take loans against those assets, similar to a centralized MakerDAO or Aave.
Chapter 2: Where are we?
As the DeFi landscape has blossomed — accelerated by DeFi summer 2020 — Celsius has embraced that DeFi and CeFi can form a positive-sum outcome with many synergies. DeFi offers programmatically driven, verifiable yield sources that CeFi can enjoy, while CeFi is the gateway to institutional capital that can help DeFi grow exponentially.
Through its DeFi arm CelsiusX, Celsius will facilitate the collaboration of CeFi and DeFi. This future will start with building infrastructure where users can bridge assets across any blockchain.
The future is multi-asset and multi-chain; the complexities, costs, and risks of bridging and keeping track of assets across blockchains should be abstracted away. The scaffolding built by CelsiusX will make this future a reality.
Starting today (February 22, 2022), CelsiusX will now facilitate the wrapping of three assets: CelsiusX wrapped Cardano (cxADA), Dogecoin (cxDOGE), and Ether (cxETH) to the Polygon blockchain.
By creating the infrastructure to wrap and bridge ADA, DOGE, and ETH from the Celsius ecosystem onto Polygon, Celsius can now expand its scope from traditional CeFi lending to include the DeFi opportunity set.
Users will be able to use Celsius as a passive yield generating platform (as they did before) while also using CelsiusX as a bridge to bring their assets to Polygon. CelsiusX will partner with various protocols so that users will have many options to earn yield and utilize their ADA, DOGE, and ETH tokens across the ecosystem.
The best part? Wrapping and bridging are free for users. No gas fees, no complexity — CelsiusX furthers the mission of Celsius to give financial freedom and the spectrum of opportunity — from centralized yield to easy accessibility to DeFi protocols — for its users.
Chapter 3: Our Partners
We could not have accomplished this without the committed efforts of our excellent partners. Working with Polygon, Quickswap, QiDAO, Enzyme Finance, and Chainlink has been an absolute pleasure, and both the efficiency and quality of work put forth by all parties can be seen and used now!
For more information on our CelsiusX Partners, check out the following links:
Chapter 4: Where are we going?
Wrapping many tokens: wrapping ADA, DOGE, and ETH are the tip of the iceberg. In promoting a world of full interoperability, CelsiusX will enable the wrapping of many other tokens to make them compatible on all different blockchains.
Bridging to other chains: We are bridging to Polygon because it is a thriving ecosystem with rapid growth and a bright future. Though as part of a multi-chain future, users will want to be able to bridge to any blockchain ecosystem of their choice. CelsiusX aims to make this multi-chain bridge a reality so that users can move to any blockchain of their choosing. Visit this page for more information about how to use Celsius to bridge your assets to other chains.
Expanding partner protocols: Today our protocol partners enable users to swap, provide liquidity, earn farming rewards, and mint stablecoins using cxTokens. These DeFi primitives are just the beginning, we are actively engaging DeFi protocols to enable more use cases for cxTokens such as lending/borrowing, derivatives, and many more.
Chapter 5: Summation
CelsiusX embraces the ethos of the crypto and web3 movement: true decentralization, where users have self-sovereignty of their assets and unobstructed access to financial opportunity.
In the near term, the CelsiusX bridge and wrapping infrastructure will include elements of centralization. However, with post-launch and implementation of its next steps still to come, CelsiusX will progressively adopt decentralized wrapping, minting, and bridging to truly connect the CeFi and DeFi worlds in an elegant, crypto-native manner.
Stay tuned for many pieces of content to come, including technical specifications, partnerships, methodology, and more. And join us on our journey into the multi-chain world!
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**This content is for informational purposes only; you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained on our Site constitutes a solicitation, recommendation, endorsement, or offer by Celsius or any third-party service provider to buy or sell any asset or make any investment or financial decision.
Disclaimer — CelsiusX is unavailable to U.S. users, but we are currently working on making this available to anyone.
Disclaimer: The information provided on this page does not constitute investment advice, financial advice, trading advice, or any other sort of advice and it should not be treated as such. This content is the opinion of a third party and this site does not recommend that any specific cryptocurrency should be bought, sold, or held, or that any crypto investment should be made. The Crypto market is high-risk, with high-risk and unproven projects. Readers should do their own research and consult a professional financial advisor before making any investment decisions. CelsiusCow.com does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is CelsiusCow.com an investment advisor. DYOR. Please note that CelsiusCow.com participates in affiliate marketing.
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