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- Celo surpassed Tron in daily active stablecoin transactions, fueled by apps like MiniPay and Valora in African markets.
- Celo’s transition to Ethereum layer-2 enhances its network capabilities and integration with the Ethereum ecosystem.
Celo has made considerable progress in the blockchain space, recently surpassing Tron in daily active addresses for stablecoin transactions.
This feat is credited to the popularity of programs such as MiniPay and Valora, which have significantly increased Celo’s user base, particularly in African nations such as Nigeria, Kenya, Ghana, and South Africa.
These apps have enabled millions of users to transact with stablecoins, establishing Celo as a significant player in the decentralized finance (DeFi) sector.
This rise in activity has not gone unnoticed, as Ethereum co-founder Vitalik Buterin applauded Celo’s achievement, emphasizing how expanding worldwide access to payments and finance matches with Ethereum’s fundamental goals.
Transitioning to Ethereum L2: Celo Integration and Stablecoin Partnerships
In a larger sense, Celo’s transformation from a standalone Ethereum Virtual Machine (EVM)-compatible layer-1 blockchain to an Ethereum layer-2 solution represents a watershed point for the platform.
This change is expected to improve network capabilities and strengthen integration with the Ethereum ecosystem, opening up more potential for collaboration and innovation. The Celo community has already approved this update, and the platform is preparing to fully deploy it, which is likely to increase its use and adoption.
Celo’s success has also piqued the interest of large stablecoin operators. Circle’s USD Coin (USDC) has been merged with the Celo blockchain, with the community set to vote on whether USDC will be used as the ecosystem’s gas token.
This connection is expected to boost blockchain activity and enhance real-world applications for the network’s assets. As we previously noted, Circle’s plan included launching USDC on Celo in February, which contributed to the platform’s growing demand for stablecoins.
Tether has also followed suit, pre-minting $200 million USDT on the network, indicating confidence in Celo’s prospects.
The good developments surrounding Celo have resulted in strong performance for its native token, CELO. Following Vitalik Buterin’s support, CELO’s price increased by more than 5% to over $0.6505, with a market cap of approximately $357.28 million.
