Celo has recently overtaken Tron in daily active addresses used by stablecoins, according to data from Artemis. The surge in activity is attributed to the growing popularity of applications like MiniPay and Valora, which have gained significant traction in Africa.
Celo's Popularity Growth
Vitalik Buterin, co-founder of Ethereum, celebrated this milestone, noting that improving global access to payments and financial services aligns with Ethereum’s broader mission of making the world a better place. Buterin tweeted, “This is amazing to see. Improving worldwide access to basic payments/finance has always been a key way that Ethereum can be good for the world. And it’s great to see Celo getting traction”.
Transition to Ethereum Layer 2
Meanwhile, Celo’s growing presence also coincides with its move towards becoming an Ethereum Layer 2 (L2) blockchain, as detailed in recent documentation. This transition aims to enhance interoperability and security, further aligning Celo with Ethereum’s cultural and technical vision.
Token Value Increase
Artemis further reported that Celo’s network is seeing consistent growth in transaction sizes, indicating legitimate activity rather than spam. The stablecoin supply on Celo has surged over the past year, with Tether pre-minting an additional $200 million USDT, highlighting future demand. Applications like MiniPay have been instrumental in driving user adoption. Launched in 2023, MiniPay reached 1 million wallets within five months. And, as of July 2024, had over 3 million activated wallets. In the market, Celo (CELO) recently hit a 13-day high of $0.6552. And, it is currently trading at $0.613, marking a 14% increase. The trading volume has surged 447%, signaling heightened investor interest. Technically, CELO remains in an upward trend, with key resistance levels at $0.7391 and $0.7849. Its support level is expected around $0.4828.
As Celo continues its expansion in Africa and beyond, its role in the global stablecoin ecosystem appears to be growing significantly.
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