Claim $500Celsius Network Bigger Than All DeFi, Claims Founder; Crypto Twitter Backfires
In a recent tweet, Alex Mashinsky, the founder of Celsius Network claimed that the Celsius Network was bigger than”ALL DeFi put together”. The comment wasn’t received too well by crypto Twitter who criticised Mashinsky for his “shallow move” and told him that his claim was wrong.
Celsius Network Bigger Than DeFi Claims Alex Mashinsky
Celsius Network is a P2P loans platform that allows users to offer their crypto holdings as collateral to avail a cash or stablecoins loan at interest. Today, the founder of the company, Alex Mashinsky took to Twitter and claimed that the Celsius Network had twice as many users as the entire DeFi space put together. Citing the example of Maker, a decentralized lending facility built on the Ethereum blockchain, he said that the Celsius Network was giving back 80% of what it received to the community, while DeFi projects including Maker were keeping 50% of their earnings for themselves. With a rhetorical question, he suggested that DeFi was not acting in the best interests of the users.
Mashinsky’s Tweet Backfires
Gustav Arentoft, a Business Development Representative for MakerDAO for Europe, was quick to react to Mashinsky’s tweet. Politely, but firmly, he reproached Mashinsky for his tweet, telling him that Maker gave all the money it earned back to its users because it did have the overhead costs of a centralised organisation, and asking him to correct his tweet. He also took a dig at Mashinsky congratulating him on the progress of Celsius Network and telling him that there was no need to bash others.
Several crypto users also expressed their disapproval of Mashinky’s opinion. A user, Leo Morozovskii asked Mashinsky to prove his claim that his service has twice as many users as All DeFi onchain and sarcastically called Celsius a centralised bank. Pascal Tallarida, an FX trader also clarified that Maker other DeFi projects did not keep 50%.
The reaction that Mashinsky’s claim has received from crypto Twitter serves as a reminder that crypto personalities should think twice before bashing against competing projects.
At press time, Celsius Network’s native token CEL is trading at $0.057, down 1.44% in 24 hours.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Michael Saylor’s “Green Dots” Message Hints At Fresh Bitcoin Buying As BTC Faces $90K Wall
- Fed’s Hammack Signals No Rush to Cut Rates as January Hold Odds Near 80%
- XRP ETFs Reach $1.21B as Asset Managers See a ‘Third Path’ Beyond Bitcoin
- Nearly $50M in USDT Stolen After Address Poisoning Scam Targets Crypto Trader Wallet
- Breaking: Rep. Max Miller Unveils Crypto Tax Bill, Includes De Minimis Rules for Stablecoins
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
- Bitcoin Price Alarming Pattern Points to a Dip to $80k as $2.7b Options Expires Today
- Dogecoin Price Prediction Points to $0.20 Rebound as Coinbase Launches Regulated DOGE Futures
- Pi Coin Price Prediction as Expert Warns Bitcoin May Hit $70k After BoJ Rate Hike
- Cardano Price Outlook: Will the NIGHT Token Demand Surge Trigger a Rebound?
