Celo Network Development Commended by blockchain Innovator
Ethereum's co-founder recently praised the advancements in the Celo Network, a cutting-edge mobile-first blockchain platform. This commendation comes as Celo demonstrates significant growth, surpassing Tron in daily active addresses primarily due to stablecoin usage, a feat Vitalik Buterin describes as "amazing to see."
Buterin highlighted the importance of improving global access to fundamental financial services, emphasizing that this aligns with Ethereum's vision for positive global impact. He expressed his satisfaction with Celo gaining traction in this critical area of financial inclusivity.
Significant Milestones in Celo's Growth
According to data from Artemis, Celo, an Ethereum Layer-2 network, has notably handled a surge in stablecoin transactions within a short timeframe. This increase in adoption is evidenced by the network's substantial growth in daily active users, reaching close to 700,000 daily active addresses as reported by Tokenterminal.
Artemis also noted that transfer sizes across all transaction types on Celo are increasing, signifying genuine user engagement rather than mere network congestion or spam activities.
Buterin's Endorsement of Optimism and Cross-Chain Interoperability
During the same period, Vitalik Buterin revealed his plans for facilitating seamless cross-chain interoperability between Ethereum Layer-2 networks. He engaged in discussions about the most promising strategies to address the challenges of cross-L2 compatibility.
Besides his acknowledgment of Celo's progress, Buterin has previously voiced his support for Optimism in advancing Ethereum's ecosystem development. This endorsement followed Optimism's adoption of the ERC-7683 standardization protocol.
Celo's Transition to Ethereum Layer-2
Additionally, Celo has announced its transition from a standalone EVM-compatible Layer 1 blockchain to an Ethereum Layer-2 network. The move aims to ensure a seamless user experience characterized by low transaction costs and user-friendly interfaces. Currently, Celo operates two Layer 2 solutions: Dango, which is already operational, and Alfajores, scheduled for an upgrade on September 26.
In a significant fundraising round in 2020, Celo secured over $100 million from prominent investors such as a16z and Coinbase Ventures. Following the public recognition from Vitalik Buterin, Celo's native token, CELO, experienced a modest rally on Binance, witnessing a price increase from $0.55 to $0.69. As per Coinmarketcap data, CELO is presently trading at $0.66.
