(Like self-driving cars, augmented reality and Linux on the desktop, the date of this merge is months away, and has been months away for about three years.) So Lido gives users a new token, called stETH or staked ETH, to represent their ETH2 claims. But there’s a problem: you can’t turn ETH2 back into ETH until the two networks merge at some point in the future. So Celsius used an intermediary, called Lido, to take ETH invested by customers, and stake it on the ETH2 network, earning interest in turn. The result is similar to earning interest at a bank, if doing so also gave you a vote on how the bank is operated. In proof of stake, people “stake” their cryptocurrency – locking it up for a period of time – in order to generate raffle tickets from verifying transactions. At the same time, there is a parallel project, ETH2, which is run as a test network for a new type of blockchain called “ proof of stake”. Ethereum (ETH), is one of the most popular cryptocurrencies, but investment opportunities for the currency are slim. The crypto bank has a lot of money locked up in a convoluted crypto derivative called stETH, and can’t get it out. This problem isn’t affecting only depositors, it is also the main problem for Celsius itself. It’s easy to treat money you can’t access right now as the same as money you can while the times are good, but when things get tricky, the difference becomes stark, and you have entered a liquidity crisis. Neither of those answers are satisfying, because valuing illiquid holdings is genuinely hard. Another possible answer is that the money is just resting in your account and, though you can’t reach it, you definitely have it. You may, in the future, have $1,000 again, but right now you have lost it all. When it does, you will receive an email notification about the successful deposit.What about now, with Celsius having blocked users from withdrawing or transferring funds for seven days and counting? How much money do you have? One answer is nothing: you can’t access the money, so you don’t have it. Once the transaction is on the blockchain, it will take the following number of confirmations for the deposit to appear in your App:ġ confirmation for XRP, XLM, ATOM, BNB, EOS, ALGOġ2 confirmations for LTC, VET, ETH, and ERC-20 tokens Remember that to transfer ERC-20 tokens, you will need to have some ETH in your wallet to pay the transaction fees. Select the amount of crypto you want to deposit and submit/broadcast the transaction. Copy and paste the address to your crypto wallet (or scan the QR code) as the receiving address (you can also send it to yourself or your friends by tapping the Share button).Ģ. Merging XLM accounts to will result in your funds being unrecoverable.ġ. Stellar (XLM) "account merge" transfers are not supported and are not considered deposits. XRP, BNB, EOS & XLM, ATOM, BAND, CRO(Native), STX, KAVA, RUNE, and LUNC deposits require both the destination tag/memo and deposit address.Ī destination tag is referred to as Memo Text or Memo ID in Stellar (XLM) terminology. Your deposit address for ETH and ERC-20 tokens* is exactly the same. Select the cryptocurrency you want to depositĪ pop-up will appear with your deposit address and its QR code. Tap on the "Transfer" button > “Deposit” > “Crypto” If you’re making your first deposit to your App, try sending a small amount of crypto first to familiarize yourself with the process and make sure that everything works correctly. Always make sure that you are sending your cryptocurrency to the correct address, as crypto transactions are irreversible. Refer to this article for the list of supported cryptocurrency deposits. Which cryptocurrency deposits are accepted in the App? Trying to deposit a non-supported token may result in the loss of tokens.
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