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Vitalik Buterin also talked about the Celo blockchain for transitioning from a standalone Ethereum Virtual Machine (EVM)-compatible Layer 1 blockchain to an Ethereum Layer 2 blockchain.
Key Notes
Celo blockchain surpassed the Tron blockchain in daily active addresses for stablecoins in September 2024.This surge in adoption has been linked to popular applications like Minipay and Valora.Celo transition from Layer 1 to Ethereum Layer 2 platform aims to enhance its network capabilities and integrate more closely with Ethereum.In a recent post on the X platform, Ethereum co-founder Vitalik Buterin praised the Celo blockchain for hitting a fresh milestone of stablecoin use on the platform. Additionally, the Celo blockchain also surpassed the Tron blockchain network in terms of the daily active addresses for stablecoins.
As per blockchain data provider Artemis.xyz, Celo surpassed the Tron blockchain in total active addresses so far in September 2024. Analysts at Artemis attributed this surge in stablecoin adoption to apps like Minipay and Valora. Since its launch in 2023, Minipay has alone accumulated 3 million active wallets by July 2024
The Ethereum co-founder said: “This is amazing to see. Improving worldwide access to basic payments and finance has always been a key way that Ethereum can be good for the world, and it’s great to see Celo getting traction”.
Furthermore, Buterin also talked about the Celo blockchain for transitioning from a standalone Ethereum Virtual Machine (EVM)-compatible layer 1 (L1) blockchain to an Ethereum Layer 2 blockchain. This transition would mark a shift for Celo from being a base blockchain protocol to a third-party protocol built to improve its network capabilities along with having an integrated functionality with that base blockchain.
As part of Celo’s transition to Layer 2, proposed by core developer cLabs in July 2023, the network is currently running two L2 testnets: Dango, launched in July 2024, and Alfajores, slated for an upgrade to L2 on September 26.
The recent shift from L1 to L2 brings along a number of benefits in terms of bridging Celo and Ethereum ETH $2 624 24h volatility: -0.6% Market cap: $315.87 B Vol. 24h: $15.42 B , which wasn’t possible earlier. Commenting on this development, Celo added:
“Becoming an L2 not only aligns Celo more closely with Ethereum’s expansive network but also empowers our community to innovate with greater confidence and reach.”
Celo – A Cultural Extension of Ethereum
Earlier this week on September 23, cLabs called Celo a “cultural extension” of Ethereum. this was basically in reference to Vitalik Buterin’s post from May 2024, wherein he wrote “Layer 2s as cultural extensions of Ethereum”.
Although Celo shares a common code lineage with Ethereum and retains full EVM compatibility for smart contracts, it operates on its own independent blockchain and differs from Ethereum in areas such as blockchain wallets.
Major stablecoin operators such as Tether USDT $1.00 24h volatility: 0.1% Market cap: $119.24 B Vol. 24h: $44.87 B and Circle USDC $1.00 24h volatility: 0.0% Market cap: $36.01 B Vol. 24h: $6.12 B have led to a surge in the Celo blockchain adoption. For e.g. Circle’s USDC has massed more than $40 million of its supply on the Celo blockchain.
Tether, the largest stablecoin issuer by market cap, officially integrated its USDT stablecoin with the Celo network in March 2024. As of September 25, Tether Transparency reports that $209 million worth of Celo-based USDT tokens are in circulation.
Following today’s development, the CELO CELO $0.68 24h volatility: 25.5% Market cap: $370.30 M Vol. 24h: $205.18 M price has surged more than 18% to $0.635 with daily trading volumes surging by 700% to $119 million.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
