Celsius 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.

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Vinnie Singh

All things Blockchain & Crypto. 3 years for writing for Crypto Publications, ICOs and Blockchain cos. Book Junkie. Travel Freak. Food rules my mood. Enough said. Follow me on X @vinniesingh7 or mail me at vinnie[at]squadx.io

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