Originally published on: September 25, 2024
Ethereum co-founder, Vitalik Buterin, recently commended Celo for surpassing Tron in daily active addresses for stablecoin usage. Celebrating this milestone on Sept. 25, Buterin expressed his delight in seeing Celo gaining traction and improving global access to basic payments and finance.
Highlighting Celo’s transition from a standalone Ethereum Virtual Machine (EVM)-compatible layer-1 blockchain to an Ethereum layer 2, Buterin noted the significance of this shift for the platform’s evolution. This move signifies Celo’s progression from a base blockchain protocol to a third-party protocol designed to enhance network capabilities and integrate functionalities with the base blockchain.
The transition to L2 is a significant step for Celo, as it will allow for improved bridging with Ethereum and enable greater opportunities for innovation within the community. Celo’s integration with Ethereum’s expansive network will empower users to explore new possibilities with confidence.
Describing Celo as a “cultural extension” of Ethereum, cLabs underscores the shared ancestry of the two platforms while acknowledging the unique features that set Celo apart. The Celo blockchain has seen a surge in adoption by major stablecoin operators, with significant amounts of USD Coin (USDC) and Tether (USDT) tokens issued on the platform.
Circle, the operator of USDC, launched the first USDC tokens on Celo in February, accumulating $40 million in supply on the platform. Similarly, Tether integrated with Celo for its USDT stablecoin, with $209 million worth of Celo-based USDT tokens currently in circulation.
Recent data from Artemis.xyz shows that Celo has surpassed the Tron blockchain in daily active addresses for stablecoin usage in September 2024. Apps like Minipay and Valora have played a crucial role in driving stablecoin adoption, with Minipay alone amassing 3 million activated wallets by July 2024.
Overall, Celo’s growth and progress in the realm of stablecoin adoption are indicative of its rising prominence in the blockchain space. With endorsements from industry leaders like Vitalik Buterin, Celo is paving the way for a more inclusive and innovative financial ecosystem.
