CELT 2.0 is the next step for the community driven liquidity bot running on the COSS.io exchange. First created over a year ago by Spielley, the bot has helped to tighten spreads on trading pairs, improving the liquidity of COSS.
The premise of CELT is simple, set limit orders to buy low and sell high. This creates liquidity and turns a profit. The improved liquidity and tight spreads on pairs that CELT operates on entices traders to use the COSS exchange, creating volume and FSA for COSS token holders.
What Is CELT 2.0?
CELT 2.0 improves on the original implementation by introducing a whole new token and smart contract that allows holders of the token to earn a share of the bot’s profits, sound familiar?
The bot will continue to operate in the same manner, tightening spreads and improving liquidity, but holders of the CELT 2.0 token will be able to take a weekly profit split allowance (PSA), a great incentive to get people helping the COSS exchange.
Funds earned from the sale of CELT 2.0 tokens directly fund the CELT bot. The more funding the bot receives, the more volume and liquidity it can bring to the COSS exchange. This of course, means greater rewards from holding the COSS token.
COSS receives criticism for limited liquidity. With CELT 2.0, COSS supporters can take matters into their own hands and support liquidity on the exchange, whilst earning a profit at the same time!
Buying CELT 2.0 Tokens
The original CELT tokens were pegged to Ethereum, with a flat rate of 1 ETH = 995 CELT. Owners of the original token will receive CELT 2.0 at the same rate. Following a snapshot on April 15th, CELT holders will receive a 1:1 rate of CELT 2.0. Any CELT tokens purchased before the snapshot will receive CELT 2.0 at the 1:1 rate.
CELT 2.0 Token Sale
A total of 10,000,000 CELT 2.0 tokens will be created. 9,350,000 will be made available through an initial exchange offering (IEO) at a rate of 1 ETH = 995 CELT 2.0. If all tokens are sold this will create a huge 9,396 ETH fund for the CELT bot to work its magic on the COSS exchange.
The remainder of the tokens will be reserved for the CELT 1.0 token swap, marketing and development.
The token will be purchasable on a yet-to-be announced Singapore exchange.
CELT 2.0 Profit Split Allowance for Token Holders
Much like the COSS token, profits created by the CELT bot will be distributed amongst CELT 2.0 token holders. 95% of the profits earned will be distributed evenly, depending on the number of CELT 2.0 held. The more CELT 2.0 you hold, the more you will receive from the PSA.
A snapshot will occur weekly, assigning users their share of the profits. Holders can take their profits whenever they wish. To prevent the token being considered a security, the profit split allocation (PSA) must be collected manually, but does not need to be collected each week.
The whole PSA is managed by a trustless, decentralised script. This means everything is done automatically, much like how the fee split allowance (FSA) is handled on COSS.
You can view the performance of the CELT bot for yourself. You will see that profitability of the bot has improved with time, but of course, is not exempt from the unpredictable swings of cryptocurrency.
The more funding CELT raises through the CELT 2.0 token sale, the greater the profits it can achieve. With greater funding for trading, the CELT bot can achieve better fee rates on the COSS exchange, making it able to create even tighter spreads with better profits.
The current fund value stands at around 130 ETH. With this, CELT is creating around $40,000 volume per day. With 10,000 ETH of funding, the impact on CELT’s volume will be much, much greater.
From the profits, 5% is currently allocated to be redirected to the dApp ecosystem – PLinc Hub. This system, also created by Spielley, allows holders to earn 110% of their stake back over time. Profits from PLinc Hub can be fed back into the CELT fund.
Why You Should Buy CELT 2.0
CELT 2.0 is run by Duane Devante Lewis and Spielley. Both are well known and respected members of the COSS community who simply want the COSS exchange to excel. They worked together to create CELT 2.0 for the benefit of all COSS holders, as the better the exchange performs, the more we can earn as COSS token holders.
The bot has proven that it can be profitable with the relatively small fund that it has currently. The CELT 2.0 token sale is a fundraising measure that will greatly improve the abilities of the existing CELT bot, whilst also earning investors a share of the profits.
The creators recognise that the bot funds are 100% that of its community investors. With these funds the bot and decentralised token smart contract offer holders a way to come together as a community to improve the COSS exchange and earn some profits along the way.
By bringing liquidity to COSS, CELT 2.0 makes the exchange much more usable and attractive to existing and new traders. This has amazing potential to drive volume on the exchange to unseen heights.
COSS and CELT 2.0 go hand in hand. Support the exchange and receive great rewards in turn. If you want to read more about CELT 2.0 you can find the white paper here. To discuss CELT 2.0 with the community, visit the CELT telegram. You can view and read the CELT 2.0 smart contract here.