Reading about @CelsiusNetwork's implosion in the likes of WSJ, NYT, WAPO, and really everywhere under the sun is so surreal

It really has made the breadth and severity of the situation hit home 😔

It's time for another short rant😡 bear with me... We set out at Celsius to build something better than the current financial system... No, it wasn’t Defi, the world wasn’t quite ready for that yet and we knew it

Crypto adoption needed an intermediate step, a killer app that unlocked tremendous value for everyday people (YIELD)

When I met Alex @Mashinsky for the first time back in 2018, he explained to me a simple business model of holding user’s coins, making collateralized loans, and paying that yield back to depositors

It was straightforward, simple. It made sense

How the hell did we get here...? For a while, it worked brilliantly. To the first users of the app, it felt like a new paradigm. "Earn Bitcoin on your Bitcoin"? It was a killer app. You just HAD to tell people about it

4 years later it's hard to believe I am reading the bankruptcy filing of this same company

Why I am NOT worried about the @CelsiusNetwork /$stETH situation
👇🧵 Context: Over the past week there has been some truly epic FUD circulating about Celsius’ large stETH position

Some, like @smallcapscientist, make some good points about the potential perils, and seem to think the sharks are circling

https://twitter.com/SmallCapScience/status/1535097623568257025?s=20&t=MFRREMvXj9w3EvJvcUlayg

A few weeks ago, I was liquidated for >150K $CEL tokens. These were tokens I’d been holding since 2018 and had 0 intention of selling...

I wanted to do a post-mortem🧵on what happened and my own lessons learned. I hope it helps others learn from my mistakes, and reflections👇 context: through late 2018/early 2019 I accumulated a sizable (for me at the time) bag of around 300K $CEL, I don’t know exactly what my cost basis on this position was as it was all purchased on IDEX using ETH... but it was prob around $0.05. I earmarked it as a HODL position

Why burn $CEL (our revenue) when we could put it to productive use to grow network effect

For instance by driving incentives on CelsiusX...

Think ve style model a la Curve Finance

How might it work? And what's the value-add? 👇🧵

https://twitter.com/Mashinsky/status/1487450829829328897

Let's start with: what are the goals of @CelsiusXDeFi?
To drive adoption for Celsius wrapped tokens

Adoption looks like:
-Liquidity on non-native chains
-Integration with defi products on the target chain

Accomplish this --> Celsius users have more in-app options to use Defi

#Celsians Let's take a minute to speculate on how CelsiusX could work and why it might be a massive gamechanger for @celsiusnetwork


Hold my hand, anon, and let's peer down the rabbit hole together.... 🕳️
🧵 1/ Per the teaser
we know that CelsiusX will be a wrapped token platform, allowing users to withdraw native tokens in the app to... any chain they want?

So we could be the first to get wrapped tokens, like ADA or DOT, on an ETH L2 like Polygon? Yes!

OK, let's talk about $CEL token

Whole market has been ripping... Why is $CEL stagnant/down?

I mean, we just raised a whopper $400m, have tons of new launches coming up, and we’re burning all them tokens right? So what gives?
🧵 1/ I said about a year ago that the biggest risk I saw to $CEL was competition, not from banks obv, they’re already toast… from Defi
Look what happened, this year (and esp recent months) we’ve seen Defi evolve in ways we never even imagined

I downloaded the @CelsiusNetwork app in Oct 2018.

As the community has grown and I hit this milestone of over $12k in earned interest passive income (all 100% from the app), I thought it might be interesting for some if I shared my story.

Thread 👇. . . Firstly I don't think there is anything extra special about me. I got into crypto in 2017, made a shitload, got rekt, and started over.

I dedicated myself to blockchain adoption. At a conference in 2018, I ran into Mashinsky and saw (likely one of the earliest) presentations...