onchain celsius defi maker

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Is Celsius a Defi platform?

The attraction of cryptocurrencies -- and DeFi, in particular -- is the decentralized nature of the various projects. While Celsius touts itself as a "democratized, defi platform" its Terms of Use are surprisingly authoritarian. Consider this passage (emphasis mine):

What happened to Celsius Network?

Celsius Network, an interest-earning yield platform, has frozen withdrawals after using a myriad of failed decentralized finance ( DeFi) strategies. It suffered a series of severe losses including over 38,000 ETH in a blunder related to Stakehound, followed by a $22 million loss in connection with the Badger DAO hack.

Is Celsius a good crypto exchange?

Celsius is the exact opposite. It has exceptional lending, borrowing, and interest-earning activities, but it doesn't have its own crypto exchange. The third-party exchanges it has partnered with offer a total of 10 cryptocurrencies for purchase and deposit. This is the most bare-bones crypto exchange feature this reviewer has come across.

How does Defi work?

It's accessible via desktop or iOS and Android mobile app. DeFi offers person-to-person financial services -- such as lending, borrowing, and investing for interest -- on a public decentralized blockchain. This approach eliminates the need for financial gatekeepers such as loan officers and banking personnel.