Thread by @otisa502

1/6 ZACH: “Otis is asking, Alex, you have about 268 million CEL tokens in the app. How do you earn yield on those tokens?”

@Mashinsky: “Great question. Otis always has piercing questions. He’s not shy. He’s a Top 100 guy, one of our best supporters. I’m very happy for him.

2/6 “I think we made him — we added him to the 1%. We took — not we, but I’m saying, he’s one of those guys in the community who believed in it from the beginning and poof, became part of the 1%. I’m talking like part of the 1% of the United States, not part of the 1% in Celsius.

3/6 “I’m very happy for you, Otis.
We do several things. First, we issue loans. As of a few months ago, you can take loans against CEL, we earn yield on that. CEL is being used for market making; so when you go on Uniswap, for example, CEL token is being used to do market making

4/6 “against ETH, against USDC, against other pools. That generates yield, that creates income; and like I said before, any excesses — when we make more money than we’re supposed to get and we have excess, we use that to buy CEL. So effectively we're using CEL as a thermometer

5/6 “where we buy more or less with any excess. Sometimes if we don’t have enough, we use CEL itself, like we’ll use CEL from Treasury, like we did 6, 8 months ago, 9 months ago. I don’t remember when, but we published that, every time we used it from the Treasury.

6/6 “Sometimes we buy from the market and put it back in Treasury.” Alex Mashinsky, August 28, 2020 AMA

#UnbankYourself #BanksAreNotYourFriends
@Mashinsky
@CelsiusNetwork