- Vitalik has expressed excitement about Celo.
- The mobile-first blockchain recently achieved a significant milestone.
- The network’s Layer 2 transition has sparked significant interest over the past year.
With Ethereum‘s roadmap having become increasingly rollup-centric in recent years, several Layer 1 blockchains have expressed interest in transitioning to Layer 2 networks built on top of the OG smart contract Layer 1, in order to tap into its deep liquidity. Among the Layer 2 hopefuls is mobile-first payments-focused Layer 1 blockchain Celo.
Just months ahead of its planned transition, the network has achieved a significant milestone that has put it on the radar of Ethereum co-founder Vitalik Buterin.
Celo Payments Feats Catch Vitalik’s Eye
Vitalik has expressed excitement about Celo. The Ethereum co-founder expressed this sentiment on Wednesday, September 25, in response to a report from data-focused crypto firm Artemis.
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In the report, Artemis disclosed that Celo had surpassed Tron in daily active addresses for stablecoin use. This is no small feat, as Tron is second only to Ethereum in stablecoin market share, with over 50% of all Tether issued on the network. Artemis attributed the feat to the growing usage of Celo-based payment applications like MiniPay and Valora, which appear to be gaining traction in Africa.
Reacting to the report, Vitalik asserted that enabling basic payments had always been part of Ethereum’s core vision. As such, he expressed excitement at Celo gaining traction in this regard, especially as the network was planning to transition to an Ethereum Layer 2.
"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," the Ethereum co-founder enthused.
The recent praise from Vitalik is the latest instance in which Celo’s Layer 2 transition has garnered significant interest.
Highly Sought After Business
Celo first announced its plans to transition to an Ethereum Layer 2 in July 2023, tipping Optimism‘s OP Stack as the tech stack of choice.
However, what was likely intended to be a straightforward process quickly became a complicated affair after multiple solution providers, including Polygon (MATIC) Labs, Offchain Labs, and Matter Labs, threw their hats into the ring to bid for Celo’s business. Each of them pitched their tech stacks as being most suitable for Celo’s goals.
It was not until April 2024 that Celo decided on the tech stack to use, ending up with the same answer it had at the beginning. At the time of writing, the network is running two testnets, with plans for a mainnet launch in early November 2024.
Celo’s native token, CELO, has surged over 25% following Vitalik’s endorsement.
On the Flipside
- Tron remains far ahead of Celo in stablecoin market share.
Why This Matters
Celo’s strides highlight the growing adoption of crypto in everyday life, and how focusing on these types of solutions above speculation can also pay off.
Read this for more on Celo:
Polygon (MATIC), Others Beaten as Optimism Wins Celo’s L2 Bid
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