*PRESS RELEASE via YAHOO! News
Welcome to CelsiusX — the DeFi arm of Celsius.
Since inception, Celsius Network has been a lending platform with roots in the CeFi (centralized finance) ecosystem. Users can transfer crypto assets (BTC, ETH, etc) to Celsius and earn yield on those assets. Users can also transfer in crypto assets and take stablecoin loans against those assets, just like a centralized MakerDAO or Aave.
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.
Celsius, via its DeFi arm CelsiusX, will help create a future where CeFi and DeFi will coexist. This future will start with building infrastructure where users can wrap and bridge assets across any chain.
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 that is being built by CelsiusX will make this future a reality.
At launch, CelsiusX will facilitate the wrapping of three assets: wrapped Cardano (ADA), wrapped Dogecoin (DOGE), and wrapped Ether (ETH). By wrapping these assets into an ERC-20 standard, CelsiusX will be able to facilitate bridging these assets for use on EVM compatible blockchains. The first chain that CelsiusX will bridge to will be Polygon.
By creating infrastructure to wrap and bridge ADA, DOGE, and ETH from the Celsius ecosystem onto Polygon, Celsius will 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 being able to use CelsiusX as a bridge to bring their assets into the Polygon ecosystem.
The best part? Wrapping and bridging will be free for users. No gas fees, no complexity — CelsiusX will further 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.
Lastly, CelsiusX will partner with various protocols on Polygon to create use cases for tokens. Users will have a multitude of options to earn yield and otherwise utilize their ADA, DOGE, and ETH tokens across the Polygon ecosystem.
Why CelsiusX Wrapped Tokens?
The CelsiusX wrapped token infrastructure enables the creation of tokens on a target chain that are collateralized on the native blockchain. While this infrastructure does exist through other providers (for example: wrapped.com, centralized exchanges), the CelsiusX implementation differs from other wrapped collateralized tokens in one key way: our key actions such as minting are functionally controlled by utilizing an oracle service, eliminating the need for trusting a centralized third party.
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Our goal is to bring legitimacy to the wrapped tokens by embracing full transparency. By locking assets in an externally owned vault on Enzyme Finance, and by implementing a one-way Chainlink proof of reserve, Celsius can never mint more wrapped tokens than are available. This on-chain transparency sets CelsiusX apart from other major wrapping players by minimizing trust assumptions and making the process verifiable.
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Once the initial launch is complete, a world of possibilities opens up. CelsiusX will rapidly expand in two directions:
- ) Wrapping many tokens: ADA, DOGE, and ETH are the tip of the iceberg. In promoting a world of full interoperability, CelsiusX will enable wrapping of many other tokens to make them compatible on all different blockchains. These could include SOL, AVAX,, DOT, MATIC, and more. These tokens will all be available on the Polygon ecosystem, thus creating use cases for many non-EVM compatible assets in an EVM ecosystem.
- ) Bridging to other chains: Polygon is a thriving ecosystem with rapid growth and a bright future. However, as part of a multi-chain, positive sum world, users will want access to opportunities across blockchains and layer 2 solutions, which could include Avalanche, Arbitrum, Optimism, Terra, Cosmos, and Polkadot, among others. By wrapping many tokens and building bridges to many blockchains, CelsiusX can help achieve the vision of connecting users to opportunities across blockchains and assets.
Long Term Vision
CelsiusX embraces the ethos of the crypto and web3 movement: true decentralization, where users have self sovereignty of their own assets and unobstructed access to financial opportunity.
In the near term, the CelsiusX bridge and wrapping infrastructure will include elements of centralization. However, after launch and implementation of its next steps, CelsiusX will progressively adopt decentralized wrapping, minting, and bridging in order 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 come join us on our journey into the multi-chain world!
-Via this site: What is Celsius X?
*Official PRESS RELEASE via Globe Newswire: “Celsius News Site Launches March 2022 CelsiusX Cross-Chain Crypto Bridge Report“
*REDDIT Inquiry Thread: “What is the CelsiusX Cross Chain Crypto Bridge & Wrapped Token Infrastructure?”
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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.
*Trending Post #1: “Celsius Network Officially Launches DeFi Arm: ‘CelsiusX’ – Cross Chain Crypto Bridge & Wrapped Token Infrastructure“
*Trending Post #2: “What is Celsius Network? – The Beginner’s Guide 2021-2022“
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