Celsius In-App Swaps Feature

Celsius Swaps Launches in California!

Exciting news! California Platinum Tier users have early access to the beta release of Celsius Swaps (in-app swaps feature) and it looks amazing! Not only are 26 assets supported (versus the original 4 mentioned), but the feature is fast and efficient with NO fees and NO spreads as promised. Below are some screenshots of the assets supported during this early access to Celsius Swaps for California Platinum Tier users:

Here is a full list of the supported assets for the Celsius swaps beta release for in-app swaps:

  1. Bitcoin (BTC)
  2. Ethereum (ETH)
  3. Synthetix (SNX)
  4. Polygon (MATIC)
  5. Chainlink (LINK)
  6. Litecoin (LTC)
  7. Aave (AAVE)
  8. Compound (COMP)
  9. Uniswap (UNI)
  10. Stellar (XLM)
  11. Ripple (XRP)
  12. OmiseGO (OMG)
  13. Bitcoin Cash (BCH)
  14. EOS (EOS)
  15. Decentraland (MANA)
  16. 0x (ZRX)
  17. Basic Attention Token (BAT)
  18. Kyber Network (KNC)
  19. UMA (UMA)
  20. Livepeer (LPT) > although this was ‘unsupported’ a while back

In addition, a total of 6 stablecoins are supported by Celsius in-app swaps including the following:

  1. USD Coin (USDC)
  2. TrueUSD (TUSD)
  3. Gemini Dollar (GUSD)
  4. Tether (USDT)
  5. Pax Dollar (PAX)
  6. Single Collateral DAI (DAI)

It is unknown whether other stablecoins and assets (like BNB, LUNA, ADA and DOT) will be supported by Celsius Swaps as some jurisdictions in California restrict the trading of these assets.

In-App Swaps Screenshots & Functionality

Here are the screenshots from the beta launch run-through on August 20th AMA for the exciting new Celsius in-app swaps feature:

You can see the new ‘Swap Coinsbutton on the mobile app. The next screen reads: ‘Swap Easy Fee Free: It’s easy to swap coins and no fees as always’ followed by ‘Your Loyalty Level Counts: Higher the loyalty level the better the rates. Your loyalty level is Platinum. This means that your rates are 60% better’.

Please note: After a careful discussion with Celsius higher management, it was noted that Celsius Loyalty Level will NOT affect your ‘rate’ or ‘conversion rate’ as seen in the In-App Swaps Demo screenshot on August 20th. However, Loyalty Levels will influence the # of transactions as well as the maximum amount (in USD) of transactions per day or month (to be determined).

The following tip is: ‘Watch out for the timer! Price changes every second to show you the most accurate rate.’ There will be a ‘$80,000 Daily Limit: After the limit is reached you would be able to perform the next swap transaction in the next 24 hours’.

The beta launch supported assets include: USDC, BTC, ETH and USDT.

The ‘Swap Coins‘ screen is very intuitive with the swaps ‘from’ and ‘to’ and to reverse it. The confirmation screen gives you the exact amount (plus USD value) of both coins, what your daily limit will decrease to after the swap and a confirmation button. You’ll also see the conversion rate, new balances (for both assets) and the new daily limit.

The last screen shows your ‘Swap Confirmed‘. There will also be a screen where you can find your ‘Swap Transaction History‘ including confirmed swaps and swaps rejected.

Please note: you will NOT be able to use in-app swaps while in HODL Mode! You will not be able to convert or swap any assets while your HODL Mode is turned ON. You will need to turn off HODL Mode to use this feature.

Update from September 3rd AMA discussion:
The beta launch of Celsius in-app swaps is coming by the end of October 2021 to California. It will only be available to Platinum users located in California. That’s another reason to top-up your CEL Ratio!
During the initial launch, only 4 coins will be swappable [this has since been updated to at least 25 assets]. When in-app swaps are fully deployed, you can convert from any coin to any coin. There are over 42 different assets supported by Celsius.
There may be a live demo during this Friday’s AMA (Aug 20th).
“You will get the best price. We guarantee it’s the lowest price available. Lower than Binance, lower than Uniswap, lower than anybody” – Mashinsky
Update from September 17th AMA discussion:
Confirmation that there will be absolutely no spreads and no fees. In fact, Alex mentioned that “Celsius users will get 0.10 to 2.50% better conversion rates than anywhere else”.

What is an in-app crypto swap?

Many Celsius users have been patiently waiting for a Celsius in-app swap feature which will allow them to quickly ‘swap’ ‘convert’ or ‘trade’ between crypto assets without any fees. There will be no in-app swap ‘spreads’ either, so what you see is what you get.

Maybe you want to use the Celsius in-app swaps to convert your stablecoins to buy Bitcoin? Or perhaps you want to purchase CEL tokens using another asset? The in-app swaps on Celsius are coming soon!

Some of the upcoming features of the Celsius in-app swap functionality include:

  • no fees at all
  • ability to swap/convert between crypto
  • ability to sell crypto to stablecoins
  • ability to purchase crypto using stablecoins
  • ability to swap for more CEL tokens
  • swap for higher interest-bearing assets
  • swap out of lower interest-bearing assets
  • no spreads (what you see is what you will get)
  • quick, real-time quotes
  • recurring purchases or swaps functionality (dollar-cost-averaging or DCA) or what Celsius call ‘buying weighted average cost’
  • dust conversion (ability to convert small cryptocurrency balances to CEL or other supported assets)

Great advantages of Celsius in-app swaps include:

  • ability to swap asset while in HODL mode
  • ability to maintain and move-up Loyalty Tiers easily (top-up CEL Ratio by swapping assets like stablecoins or BTC for more CEL)
  • in-app Celsius swaps will allow users to be less reliant on centralized and decentralized exchanges to purchase or sell CEL tokens
  • save users withdrawal and transfer fees to get their crypto assets into their Celsius wallet (users can use the Celsius in-app swaps feature to do their asset purchases, rather than on a CEX or DEX where they would need to pay fees to get it deposited into their Celsius wallet)
  • ability to dollar-cost-average (DCA) through a new and innovative feature for recurring purchase within the app
  • converting/swapping will not affect reward payouts
  • once a fiat on-ramp and off-ramp are launched, in-app swaps within the Celsius app will provide the easiest onboarding experience and ability to purchase CEL tokens with no fees (for example, swapping fiat to purchase CEL or another other supported asset)

In-App swaps launch?

As mentioned above, the beta launch (early release) will be October 25th, 2021 for California Platinum Tier users only. Rollout will continue to the rest of the US by early to mid-November and then a global rollout by the end of the year. The roll-out calendar/milestone dates to all other jurisdictions and loyalty tiers has not been released.

“Abusing the system”

Alex Mashinsky (CEO) reiterated that Celsius is a ‘community of HODLers‘. Therefore, the upcoming Celsius in-app swaps feature is NOT for trading crypto. It’s not to try to time the market by buying low and selling high and it’s certainly not a feature for users to make multiple transactions a day. Therefore, users will be limited in regards to number of swaps per a period of time. The Celsius detectives would consider this abusing the in-app Celsius swaps feature and the following can occur:

  1. complete ban from using the in-app swaps feature
  2. functionality may be ‘frozen’ or ‘paused’ for users that abuse it
  3. number of transactions (swaps) will be limited

There is no confirmation from Celsius as to what ‘abusing the system’ actually means or how many swaps a user would need to make in order to get red flagged.