CELT 2.0 Launch an Overwhelming Success
The COSS exchange liquidity token (CELT) launched today, exclusively for sale on COSS.io. The CELT token funds a liquidity bot operating on the COSS exchange. By owning CELT, you help provide liquidity on COSS.io and are also entitled to a share of the profits made by the bot.
Only 100,000 tokens are being made available each day on the COSS exchange. This will continue until July 16th 2019 or until the pool of ~10 million tokens has been sold.
Launch day has been an overwhelming success for CELT with all 100,000 tokens being sold. If you missed out today, you can return to COSS tomorrow to catch your share of the next 100,000.
With the first round of CELT selling out, the total fund value of the liquidity bot has almost doubled. See this article for more information about CELT 2.0.
The IEO launch of CELT also sees a sharp new branding by community member zk-Sharks. Droplets representing liquidity are incorporated with the COSS branding, giving rise to a stylish logo that subtly hints towards the purpose of the token.
How to Buy CELT 2.0
CELT 2.0 is now available to purchase via an initial exchange offering (IEO) on COSS.io.
IEOs on COSS allow the token to be bought through market orders only. This means you cannot place limit orders to buy or sell CELT, only market buy at a fixed rate. This is the second IEO held on the revamped COSS exchange, the first being its own CFT token for 25% discount on trading fees.
The fixed trading price of CELT is 1 ETH = 995 CELT. This currently puts the CELT token at around $0.15-17.
Once you’ve purchased CELT on COSS, it is highly recommended you move the tokens to a private wallet. By holding the CELT in a private wallet, you will be able to claim your weekly share of the CELT bot’s profits – the PSA.
The withdrawal fee for CELT is set to the lowest possible amount allowed by the exchange – 2.5 tokens (<$0.35). See below for guides on withdrawing to private wallets.
If you owned the original CELT token, your tokens will be automatically swapped to CELT 2.0 tonight and you can begin claiming the PSA. If you access the CELT website before the swap, your balance will read 0 until the token swap has been completed.
Should you wish to sell your CELT tokens, you will need to wait until the IEO finishes on COSS. Once complete, you will be able to sell CELT tokens on the open market.
How to Claim PSA
To claim your PSA, you will need to hold CELT in a private wallet. You will not be able to claim your PSA if you leave your CELT on an exchange wallet.
Your private wallet needs to be one that can interact with a dApp. My recommendation is to use Metamask on PC or Trust Wallet on mobile. When your CELT balance is moved to Metamask, you will be able to interact with the smart contract at celt.dvx.me and claim your weekly PSA. See below for a guide to setting up Metamask (and Trust Wallet for mobile).
Although the PSA is distributed every week, you do not need to claim it that often. You could collect it once a year if you preferred! The first PSA will be distributed within the next 24 hours.
The CELT.DVX.ME Dashboard – Claim Your PSA Here:
The PSA will be distributed to CELT holders in ETH. By making payout withdrawal manual, the token avoids being classed as a security by the Monetary Authority of Singapore (MAS).
The PSA withdrawal process will require you to have ETH in your wallet. This is to pay the network fees (gas), which are typically minimal.
95% of all CELT profits go to token holders, with 5% being sent to an Ethereum dApp ecosystem – PLincHub. This dApp was created by the maker of the CELT bot and earns players 110% of their initial stake back over time in ETH bonds.
Additional profit made from the CELT bot’s PLinc holdings will be paid back to CELT holders in the PSA.
Once the CELT fund is completely funded (~10,000 ETH), annual returns are expected to be around 5% ROI. This of course, may change over time. The primary reason for CELT is to improve the liquidity of the COSS exchange, supporting trader’s investments in the COSS token. The profit share is a nice bonus!
CELT Bot Springs into Action
The CELT liquidity bot now has a fund value of over 200 ETH. This fund is used to provide liquidity on the COSS exchange. The bot buys low and sells high, with the primary goal of closing spreads to make trading easier on the exchange. The COSS exchange has a tiered trading structure – higher trading volume means lower fees. The CELT bot can take advantage of this and make a profit whilst trading to close the spreads.
The CELT bot will start by providing liquidity to all ETH pairings. This includes BTC, Tether, TruUSD, NEO, COSS, CFT, LTC, DAI, TRX. After that, the bot will begin trading on BTC pairings with the same coins.
Users trading on these pairs should see a noticeable difference in the ability to buy coins at a fair market price.
To see the CELT bot in action, check out the trading log on Slack.
Setting Up Metamask (PC) or Trust Wallet (Mobile)
Once installed, you can either set up a new wallet, or use Metamask to view an existing wallet you may have on MEW, a hardware wallet or elsewhere. You should see the options like below. Follow the guide to import a wallet, or create a new wallet.
With Metamask ready to receive CELT, head to COSS and make a market purchase on the CELT/ETH pair. Next, go to the accounts page and select withdraw on the CELT asset.
In the address field, paste in your Metamask address. To open the Metamask extension, click the fox icon in the top right corner. You can click on ‘My Ether’ to copy your address to the clipboard, or click the more icon (3 dots) for more information about your wallet and account.
When withdrawing from COSS, there will be a 2.5 CELT fee (this is the lowest fee possible). You will also be asked to fill in your 2FA to withdraw and you must confirm the withdrawal by clicking the link sent to you via email. Metamask will notify you when you withdrawal arrives (around 15 mins after confirming via email depending on the Ethereum network).
Your CELT tokens will not show up in Metamask automatically. They will show up automatically on celt.dvx.me however.
To show your CELT token balance in Metamask:
- Click the menu (3 bars) icon
- Scroll to the bottom and click ‘Add Token’
- Click ‘Custom Token’
- Paste the contract address (0x99a3a5333b4eb80192149f9edd42d1d57ac591ee) into the ‘Token Contract Address’ field
- The remaining fields should autofill, if not, add these values to the respective fields. Token Symbol: CELT | Decimals of Precision: 18
With Metamask installed and loaded up with CELT tokens, you can now visit celt.dvx.me and access the PSA functions. You may be asked by Metamask to confirm the connection to the CELT website. The first PSA will be available within 24 hours to holders of CELT.
Trust Wallet Guide
Download and install Trust Wallet. When opening for the first time, you can import an existing wallet or create a new wallet.
If importing an existing wallet, click import and select Ethereum. You will then be asked for you 12 word recovery phrase. Type in your recovery phrase and your wallet will now be available in Trust Wallet, allowing you to interact with dApps, including the celt.dvx.me website.
You could set up an account on Metamask (see above) and use the recovery phrase in Trust Wallet to import. This would allow you to view your CELT holdings and collect PSA on both PC and mobile.
With Trust Wallet ready to receive CELT, head to COSS and make a market purchase on the CELT/ETH pair. Next, go to the accounts page and select withdraw on the CELT asset.
In the address field, paste in your Trust Wallet ETH address. This can be found in the wallet tab and by clicking the ETH token.
Once your CELT arrives, it will show in your wallet. You can then access the CELT website by clicking the dApps tab and typing the address as shown in the image.
A Bright Future for CELT and COSS
With such a successful launch day, the future for CELT seems positive. With traders now incentivised to hold CELT thanks to its profit share allocation, there is no reason for COSS holders not to buy. The CELT token is one piece of a larger puzzle that will drive the COSS exchange to success, and earn you some money along the way.
With the profit share aiming to provide around a 5% annual ROI, even traders not invested in COSS will be eager to buy into the token for the weekly returns.
If you’ve purchased CELT today, let us know how the experience was for you. How did the IEO process go for you? Have you got your tokens in your private wallet? Are you looking forward to the first PSA?