Ethereum co-founder Vitalik Buterin has recently praised the impressive progress of the Celo Network, a blockchain platform designed for mobile users. His acknowledgment comes after Celo’s significant growth, which has allowed it to outpace Tron in terms of daily active addresses, primarily fueled by the usage of stablecoins.
Vitalik Buterin’s Praise for Celo
Buterin expressed his excitement about Celo’s success, stating, “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.” His sentiments underscore the importance of providing financial accessibility to a larger audience through innovative blockchain solutions.
Remarkable Growth and Usage
According to data from Artemis, Celo, functioning as an Ethereum Layer-2 network, has ignited a surge in stablecoin transactions. This year, Celo has attracted nearly 700,000 daily active addresses, marking a noteworthy increase in daily active users, as reported by Tokenterminal. Artemis highlighted that the growth in transfer sizes across various categories indicates that this activity is not merely from users executing small transactions repeatedly, but rather reflects a genuine increase in network engagement.
Buterin’s Vision for Interoperability
In addition to commending Celo, Vitalik Buterin recently introduced plans aimed at enhancing cross-chain interoperability between Ethereum Layer-2 networks. He explored the most promising strategies to overcome existing challenges related to cross-L2 interoperability, positioning Ethereum’s ecosystem for greater collaboration and efficiency. His prior support for networks such as Optimism aligns with these efforts, especially following Optimism’s adoption of the ERC-7683 standardization protocol.
Celo’s Transition to Layer-2
Celo has announced an exciting transition from being a standalone EVM-compatible Layer 1 blockchain to becoming an Ethereum Layer-2 solution. This strategic shift aims to retain a seamless user experience while ensuring low transaction costs and ease of use. Currently, the network operates two Layer 2 initiatives: Dango, which is already live, and Alfajores, scheduled for an upgrade on September 26.
Impact on CELO Token
Following Vitalik Buterin’s remarks, the native token of the Celo network, CELO, experienced a notable price rally on the Binance exchange. The price of CELO increased from $0.55 to $0.69, reflecting growing investor interest and market confidence. As of now, the token is trading at approximately $0.66, according to Coinmarketcap.
The developments surrounding Celo highlight a trend in the blockchain space towards enhancing user accessibility and fostering financial inclusivity, which aligns with the overarching vision of Ethereum as a platform for global impact.