Currently, about forty tokens operate on top of SmartBCH, listed in DEXs and offering trading, staking, yield farming, and more investing opportunities.
Some of these tokens don't seem to have any utility but offer mere speculation instead. Nevertheless, we find a few that may have what it takes to become viable projects with long-term potential.
Celery (celery.cash) is a SmartBCH token (SEP20) that has attracted attention lately, mainly because of its price appreciation. It is a token that kept rising while BCH dropped by 20%, making many SmartBCH enthusiasts take notice.
Certik has audited the CLY token providing more transparency and the Celery code offers some interesting points aiming to be a viable long-term investment.
For the point of this article, I analyze those parts of Celery that caught my attention but I would like once again to express the fact that this is just a review. I am exploring cryptocurrencies for years. Some of them have performed amazingly well, others failed. I have previously written about various SmartBCH projects, including LawPunks, CashCats, AxieBCH, MuesliSwap, etc.
My position is to analyze but in no way direct anyone in a poor investment, and I always explain the dangers in all my posts.
Moving on, I did my research on Celery (CLY) and shared my findings, but investors and especially those planning to stake should read the details since unstaking is a long process.
I remember Richard Heart talking about "pumpamentals" of HEX about two years ago. I always thought of HEX as a scam and never thought it could ever make it. Well, I was wrong and the HEX guys have profited by an exceptional ROI so far.
Celery has some common ground with HEX and a similar target group of investors.
The contract details of CLY and the code of the smart contract are in this link.
The whitepaper gives an interesting idea about the sustainability of this project.
The above equation in simple terms means: all staking will bring compound interest (APR) of 100% yearly in CLY tokens. Since the Celery model offers compound interest, an investor after 2 years will quadruple their initial CLY tokens.
The token sale of CLY lasted for 30 seconds as it reached the 100BCH hard-cap with ease.
An annuity is a financial instrument that pays out a series of payments over a span of time back to the owner.
Similar to an annuity, Celery provides a stream of payments back to the owner over 1 year, with the purpose that it will replace one years worth of your salary, or more!
From: Celery's Whitepaper (Source)
CLY token was previously audited by Certik (link) and besides two recommendations on the centralization process of token sales that Celery has acknowledged, the rest issues seem to be resolved.
Celery (CLY) has been registered to price tracker Marketcap.cash with a total supply of 5,000,000,000 tokens.
The supply data is not correct though at marketcap.cash, as more tokens are minted in an automated process to pay the compound interest rates of stakers.
The token code calculates the compound interest with a 100% APR.
The Celery tokens staked on the platform (celery.cash) provide 100% APR in terms of CLY tokens to stakers. According to the developer of Celery, Max Hastings, and data from the official website, already, 65% of the tokens currently are staked.
As we see from this table published on November, 18th on the Celery telegram, the tokens in circulation are already 5.15billion.
At the current staking rate, it is expected that CLY tokens supply will increase by 65% one year from now.
The option to stake is at the Dapp: https://celery.cash/account
After depositing, the account balance and the interest received are displayed live on our account page.
From the account screen, clicking on "Advanced" gives us the option to switch to Payout mode where the anti-dump mechanism of Celery applies.
The sustainability of this model is in question since the token inflation from the staking process will keep increasing the maximum token supply.
However, Celery has one feature that restricts massive unstaking and dumping that could prove to be a strong foundation since it limits sell pressure when stakers ask for payouts.
The most interesting part of Celery is an anti-dump feature that prevents massive unstaking and dumping of tokens in the free market.
Investors can unstake the CLY tokens in two ways:
daily payouts in 365 days of total
forced payout of the full amount (with 50% penalty in the total tokens)
A payout mode must be initiated by the staker, and begin a process of allocating staked CLY tokens in small percentages, daily, for the next 365 days. The forced payout option will cut in half any amount unstaked. It is a penalty for the total of CLY staked together with any compound interest received.
Newly minted CLY tokens are also protected by anti-dump since they instantly enter the compound interest mechanism that falls under the anti-dump code.
Staking forever means that just a portion of the staked amount will be available for taking profit purposes. This approach explains the vision behind Celery which is about replacing our salaries.
The fundamentals of Celery bring a long-term vision for investing, and trading does not seem a great option, especially this early.
Celery is an interesting project, one that could allow sustainable profit. I did various calculations and have invested CLY. I staked half of my investement in celery.cash and keep the rest half in my wallet but maybe I will stake more.
In case Celery becomes popular, then it could actually become a replacement to an average salary with its payout model.
As with most tokens having a similar model, a stable influx of new investors in CLY will boost or at least sustain its price. While this is pure speculation and nothing is certain, the detterants of the anti-dump mechanisms can bring stability with just a limited number of new investors participating.
Celery seems to be an decent inception implemented in a smart contract. It is a complex structure but makes sense.
DEXs trading CLY:
DISCLAIMER: All material published in this content, is used for entertainment and educational purposes and falls within the guidelines of fair use. No copyright infringement intended. If you are, or represent, the copyright owner of materials used in this article, and have an issue with the use of said material, please send an email.
Also: This post contains a personal view of the author (me). It is not meant to advise financially but instead to provide an idea/review/concept that could help the Bitcoin Cash / SmartBCH ecosystem improve.
SmartBCH files (related articles I previously published on read.cash):
DeFi on Bitcoin Cash is here! (March 22, 2021)
SmartBCH Network Discussion (April 30,2021)
SmartBCH: What is this about and why we should care? (September 17,2021)
Poolside Puffers! - A SmartBCH NFT Art Project With a Good Purpose! (October 3, 2021)
Yield Farming with SmartBCH DeFi (October 12, 2021)
Rapid GROWTH of the SmartBCH Network - DeFi, NFTs BOOMING (October 15, 2021)
The Genesis of the SmartBCH NFT Universe (October 16, 2021)
MuesliSwap SmartBCH DeFi: 100% PROFIT In 5-Days! (October 18, 2021)
Transfer your BCH to SmartBCH Easily with Wagon.Cash & Prompt.Cash (October 19, 2021)
LawPunks NFT Sold For RECORD 33 BCH! SmartBCH Volumes SPIKE! (October 21, 2021)
LawPunks: High Volumes in the SmartBCH NFT Field (October 24, 2021)
AxieBCH Gaming Guild Token - A Unique Project on SmartBCH (November 14, 2021)
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