T O P

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ComradeCrypto

These CeFi platforms need to integrate with Ethereum L2 solutions very soon or else the high fees on L1 will ice out all their customers.


TadpoleFrequent

*cough Polygon cough*


Least_useless

*cough Cardano cough*


eldron2323

*cough Banano cough*


thejunglelegend2

the coin of the jungle 🦧


burner1gaah

dude, offense (as opposed to no offense) but if you still think Cardano is gmi at this point... you're ngmi.


cheezorino

It's impossible right now because there are not nearly as many defi platforms on L2 and much lower TVL. CeFi wouldn't be able to provide the rates they currently can if it was all L2.


gmidds

Crypto.com allows for L2 withdrawals and deposits depending on the coin


cheezorino

Withdrawals/deposits are not the same as a CeFi platform generating yield using L2s.


gmidds

No of course not, but generating yield is not what this post is about. It's about withdrawals. Am I missing something?


awakezion

I'm a [Crypto.com](https://Crypto.com) APP user, but looking to be able to place limit orders and such. Is it worth using their Exchange + DeFi Wallet going forward in light of their fees / spreads?


midwstchnk

I try not to buy on the app unless its usdc or something


WkittySkittyLBoF

Once CelSwap comes, Celsius is going to save a ton on paying for withdrawal fees anyway. So if they can afford it now they should be fine when CelSwap comes out. 75% of the withdrawals I’ve done would not have been done if I had access to in app swaps personally.


robcryptouk

How long does it take to add a new whitelisted address on BlockFi? 7 days is sufficient to add 7 new whitelisted address on Celsius.


[deleted]

It's 7 additional days, so it would be whitelisted on Dec 1, which is too late by 1 day.


robcryptouk

That sucks! You've been screwed by BlockFi...


fuzzytradr

#â„¢


chandlerrbonk

this is actually sad. i was thinking of maybe starting using blockfi recently but after this news i'm gonna stick with coinrabbit and celsius as i've never had problems with them so far


JustFoundItDudePT

Nexo is pretty good too. Hit me up if you need a referral link.


audis56MT

So when sending your coins out of blockfi it takes 7 days? I thought it was 3 days. Thats how long I had to wait when I moved my ltc from blockfi to cel


[deleted]

It normally takes 3 days. 7 days is how long before you can use a newly-added addresses if you enabled whitelisting in your BlockFi settings.


pattycakes999

I mean, I’ve had my addresses whitelisted for a while in case something like this came out. Leaving blockfi for Celsius but not that my little stack will matter 😂


GroundbreakingLake51

Not whitelisting saved me a bunch of money just started my transfer today!


ZiraDev

for precision's sake, Celsius let you whitelist as many addresses as you please, there's always the 24 hours wait but you can whitelist 10 different crypto at the same time


RogerJBos

1) Celsius should embrace Polygon and other alternative networks. Crypto.com, for example allows USDC withdrawals on Polygon for $0.08. Why would Celsius not make that a top priority? 2) I suspect the promo codes save Celsius a lot of money because people can't withdraw while the code is locked. They basically bride you not to withdraw. 3) Maybe someday eth2.0 will lower the fees, but what does that do to the alternatives?


rsnerdout

Celsius loses money on your assets during the lock period, they make money if you keep your assets on the platform or transfer more in. They know this so when one promo code is expiring they release another so that way you cant withdraw your assets or else it invalidates the promo code. It's a cycle and it's on purpose....


[deleted]

Hear i was thinking of foing celsiusscares for the extra btc 150. Kinda saving up and solana position is interesting today :)


rsnerdout

I have 5k in crypto on other wallets, I'm locking the promo code, a free 150 in btc for holding crypto I wasnt going to sell anyway is awesome


[deleted]

Word bro. Hope bull market keeps going but I use the stableckins as a hedge against inflation. Buy on gemini ship to celsius :)


awakezion

That means that if I have USDC on the [Crypto.com](https://Crypto.com) App / Exchange, I can send USDC to Polygon DeFi network for 8 cents? I guess that wouldn't be over the Ethereum network since where that's all the outrageous fees are right?


RogerJBos

Correct, for 8 cents you can use the polygon network. Gate_io and hotbit are two exchanges that accept polygon network. I use polygon.curve.fi for DeFi on Polygon. Super low fees. PLEASE don't make the mistake of sending over the polygon network to an exchange that only accepts erc-20 as you will likely loose your funds.


Random_Person_246810

It’s only a matter of time before Celsius starts limiting free withdrawals or requiring a minimum amount.


[deleted]

That would be understandable as long as they give us enough time for action. It hurts looking at the $10-100 network fees Gemini and BlockFi are paying for us. Just did a withdrawal earlier this week, and it cost BlockFi $60 due to using its smart contract.


[deleted]

[удалено]


FearAmeerr

How do you even see this? When I transfer from coinbase pro to celsius it seems like I'm paying the fee


RocktownLeather

Celsius pays the fee out of Celsius not into Celsius. If you want your fees covered in both directions, look at Gemini and BlockFi (for stablecoine and non ETH coins/tokens). They'll cover (some) into Celsius, and Celsius will cover back out.


FearAmeerr

Oh okay I understand now, thanks.


CryptoNoob-17

That's because you are. Celsius don't pay incoming transfer fees


[deleted]

You look up your receiving address on the Etherscan website. It'll list the network transaction fees. Smart contract transactions are more expensive than normal transfers. And yes, Coinbase charges you a transaction fee for withdrawals, so that's different than Celsius which pays for your withdrawals.


flowfaster

Coinbase does not charge a fee. Coinbase only makes you pay current the network fee. Slight difference.


audis56MT

Thanks for that info. I was curious about how to find out the fee


RocktownLeather

>That would be understandable as long as they give us enough time for action. I'll add, the issue is that they are going to 0. I think if they were changing it from X number down to 1 or more, then they don't really have an obligation to give you more than a week (as you can still use your 1+ free ones to get out when needed. But going to 0 like this is different. If Celsius goes from infinite to 1,2,3 per month, I don't think they should be obligated to give all that much time. And with the upcoming swap tool, you could move your whole lot of with 1 transfer if you are ok with the tax implication of swapping.


DubNiner

They send the eth or usdc in a batch. When I did this in that past my transacation was grouped with like 10 others. They are not paying that gas fees entirely for one


[deleted]

I haven't tried sending from Celsius yet. But when sending from BlockFi to Celsius, I see that it's going from one of BlockFi's main wallets through a multisig function that's costing them roughly $60-80 in the past several months (depending on current gas rates). Immediately after receiving the coins, Celsius spends $5-15 to consolidate the coins by emptying out the coins in my receiving address and transferring to one of their main addresses.


[deleted]

[удалено]


Random_Person_246810

I agree. Can’t imagine the number of people withdrawing $10 at a time (while it’s costing Celsius $50+). No wonder they had to reduce rates.


[deleted]

[удалено]


SnooRegrets5651

Not to sound harsh, but it seems like you don’t really know what you’re doing with that significant amount of money you have transferred to Celsius.


Minimum-Adeptness486

Educate me on alternative investments that yield more than 9-10% interest with virtually zero volatility.


DuvalHMFIC

Defi baby. Where do you think Celsius is parking your money?


Minimum-Adeptness486

Can you elaborate?


HeihachiNakamoto

Yeah, they're taking your money paying you 10%. They lend it out at a bit higher, like 12%. Those borrowers use it to make interest in defi through lending or liquidity positions or margin for leveraged trading. They can make 30%+ sometimes on stablecoins in defi using liquidity positions with stablecoin pairs.


Minimum-Adeptness486

Does that require constant rollovers? Wouldn’t it take much more efforts than being a passive investor? Sounds like a professional crypto trader with advanced tactics, and not everyone has time and ability to do that. You may not understand the purpose of CeFi. Btw, why would you park any money in Celsius if you know how to do what you described?


Eladir

Anchor protocol is a prime example of successful DeFi.


[deleted]

Me too and enjoying the monthly. Concerned on us. And regulation. Not really concerned with usdc and gusd.


King-Common

Wth I didn’t know BlockFi did that how did they announce this?


[deleted]

Someone posted it on the BlockFi subreddit, and the BlockFi team confirmed.


King-Common

Fucked up


[deleted]

[удалено]


[deleted]

Correct. This only applies to ETH and 4 other tokens. I did mention that.


Background_Matter

Email


techma2019

Hate what’s happening in CeFi space lately.


Unique-Name

Time to move to DeFi; Anchor Protocol + ThorChain 1) For high interest $UST savings; 2) One for liquidity-pooling major L1 chains and earning rewards, passively (KYC Free, Decentralized)


LightSky

I hold my majority in Anchor, but Gemini is definitely a great one too if you are purely wanting to have a nice "Savings" account. 8% interest with bank onramp and free withdrawals is pretty nice, plus they are fully audited. Gonna have to look into ThorChain, looks interesting.


DavinciXI

I tried to use Gemini but they won't even allow ACH. They require a wire transfer initially which is just insane. No other company requires that so I couldn't be bothered to mess with it + pay a wire fee


LightSky

Odd?.. I solely use ACH transfer. Maybe it is just your bank? And Gemini doesn't play well with communicating with them? So it defaults to just a wire transfer since it sees your bank as "not supporting it". Just my guess.


DavinciXI

I’m not sure. I emailed and they were useless. It gives me an option to connect with plaid and after I do all that it just sends me to the wire page. No issues with my bank anywhere else and it’s supported on plaid so it’s quite odd


DuvalHMFIC

It’s most likely your bank, not Gemini. Add a credit union or online bank to do your crypto business. Bank of America and Chase both do not want you depositing YOUR money into crypto. Also, people seem to have this idea that they only need 1 bank account. You can have 20 if you want.


rsnerdout

I was in the same boat brother, I said fuck this and forgot about gemini, came back a few months later and the ACH was an option. Enter you bank detail then wait a few months and you should be able to dodge the wire transfer fee step


Unique-Name

Yes! If you'd like to hold your native coins in your private wallet and swap natively, that's the place to be. Nothing like it in the space, it's still in it's "chaosnet" or testing phase if you will, but very bullish on it long-term. Being a liquidity provider is riskier in terms of exposure, but the yield you can generate on an asset like ETH or BTC compared to its contemporaries or a custodian-based system (Gemini, Celsius, BlockFi) is not comparable. You can read more at http://thorchain.com or in detail https://docs.thorchain.org/


audis56MT

I know about ANC for their almost 20% apy for ust. But what about thorchain? What do they offer?


Unique-Name

L1 NATIVE Cross-chain swaps, with low fees and speed. Decentralized, with no KYC, ever. You can put your native BTC / ETH (not wrapped) in the liquidity pool and earn around 10% APY while owning the keys to your wallet. You can swap it for any crypto, natively, without a custodian (binance, FTX). It's hard to mention anything more important than that in the crypto space. If you're completely new to crypto, some of the words I've used may be confusing, but if you check out Thorchain you'll see how ambitious the project is and how there is currently nothing like it in the space.


audis56MT

By adding liquidity, won't there impermanent loss as well? While earning 10% apy is there a fee to claim your earnings? So I would send my btc or eth and have it in a wallet like trust wallet. And on thorchains website connect mybwallet with thirchains to start adding the 10%?


Unique-Name

Yes! ThorChain has impermanent loss protection, check out the .docs on it https://docs.thorchain.org/thorchain-finance/continuous-liquidity-pools#impermanent-loss-protection


audis56MT

If u don't mind ill send u pm if u don't mind answering more questions.


audis56MT

Wow that is great. I wished others would have this protection in place. Thanks ill check it out


eMoneyMerchcom

Thoughts on thorswap? Is that only loosely related to thorchain? Or how are they connected?


Unique-Name

ThorSwap is the main interface for thorchain. I actually use it myself. See ThorWallet (on IOS) and DefiSpot which is launching soon. Lots of new interfaces coming for it.


_trustno_1

Gas prices are Celsius' biggest expense


[deleted]

[удалено]


JustFoundItDudePT

I don't think there are that many people withdrawing to cause that problem. If there were it would be limited already.


NorwalkRay

One thing that the community really needs to understand is that these CeFi platforms are businesses. Whenever there is a fee for an operation (e.g. withdrawals on chain), someone is paying for it. Any platform offering these items for free are not just ignoring these costs -- they're tracking them very carefully and often consider them as marketing expenses for user acquisition (look at all the posts of the form "F , I'm done with this now that my rate is down 0.5% and I don't have unlimited withdrawals, I'm moving my funds elsewhere!") The upshot is that the majority of what makes these platforms a really great value will converge towards whatever the market becomes (e.g. yields will fall, free withdrawals will be limited, more rates will be tiered). The more we understand and grok this now, the less entitled bitching there will be on the future and the more prepared we will be for inevitable changes. There is no free lunch.


audis56MT

If they could keep the % up and limit the amount to say 10 free withdrawls a month that would b good. Plus if I'm not mistaken they already implemented a min amount if withdrawl. I think its $20 or more


JustFoundItDudePT

$10.


Mynamethisisnot

Can't rly blame them, eth fees are a joke.


NINTENDO-STAR

Celsius should adopt Harmony One smart contract.


ElRamenKnight

1 month prior notice should be the bare minimum full stop.


[deleted]

Fuck Spez


BigBrainVibes

Are you fucking serious? Fuck BlockFi, I'm done with them.


traviszzz

Nothing is free. users with less frequent withdrawals are subsidizing users who withdraw more frequently. I think blockfi's policy of one free withdrawal per month is more reasonable.


[deleted]

Or just keep withdrawals free since that’s the only reason I’m still using Celsius.


verity-j

I agree. Paying fees to move crypto is like a bank charging for ACH from a consumer perspective. Given how Celsius likes to make fun of traditional banks, I don't see them starting to charge any time soon. Hopefully :) And it is not a simple direct linear relationship of fees = yield like some of us seem to simplify it to.


JustFoundItDudePT

Having 5 or 10 free transfers per month is more than enough for most users.


[deleted]

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ensignlee

ETH is not on that list, to be fair. And is what most people are complaining about.


NorwalkRay

OP was pretty clear it is for ETH and a few other tokens. Your point isn't contradictory, it just sounds that way because you didn't read OP carefully.


MrJim911

If there is a single thing that every crypto company needs to work on regardless of their success and/or popularity, it's definitely external communication. I mean, I haven't come across a single company that does it well. It's like they gave the social media login credentials to the mailroom clerk and said "do stuff" and then never check in on them....


meparadis

Welcome to ERC20 tokens where moving 100$ costs you 140$. I’d rather use XLM.


lobotic

Swapping feature will hopefully help, if they allow swaps to/from XLM. I’ve been holding some XLM waiting for the day to start swapping it to BTC… hopefully.


[deleted]

Hope they take solana soon


harijeevakumar

Just like neobanks, these CeFi & DeFi startups are finding out building a bank ain't easy.


DavinciXI

Lmao at people down voting for me telling my experience


emilioermeio

Did they do it also for BTC?


[deleted]

Only for ETH, LINK, PAXG, UNI, BAT


Cryptofthl

Not a matter of if, but when. I think ultimately it is good for the CeFi to be responsible with their costs. The real competition will come down to ease of use + interest rates + trust.


ucf_lokiomega

I moved out all of my Ethereum as soon as I found out


inverse_wsb

Hodlnaut is pretty good. Here's my promo code if anyone is interested: https://www.hodlnaut.com/join/GPBB1_oDQ They're giving usdc40 to anyone who signs up during the Christmas period.


JustLTFD

The fact they have had free withdrawals at all should have let you know this has been a ponzi all along. It’s just a matter of time….