What we are seeing now in the crypto ecosystem are many the lessons learned over the past 100 years in the traditional finance system playing out.
“They took down LUNA. They tried Tether, Maker and many other companies. It’s not just us. I don’t think they have specific hate or focus on Celsius. They are all looking for any weakness to short and destroy. The point is that the Sharks of Wall Street are now swimming in crypto waters.”Celsius was one of the fastest-growing institutions in the crypto market. Up until the collapse, Celsius had 800 people working for them, with the employee count increased by over 200% in just the last year.
“Trading fees in sUSD, which is revenue from transactions generated by our ecosystem partners like Kwenta, Lyra, 1Inch, Popcorn Finance and others make up a portion and depending on the previous week’s volume have contributed between 5%–25% of the weekly staking rewards. Inflationary supply, is the second source of weekly APY, and contributes the remaining APY amount, and is currently at a roughly 50% annual growth rate.
Giant projects like Terra and Celsius going under tend to have a cascading effect on the broader market which is well evident from the plummeting prices of most cryptocurrencies. The sentiments of retail and institutional investors are bound to become overwhelmingly negative. Although, Lilly Zhang, chief financial officer of Huobi Global, saw a way out of the domino effect of liquidation.
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