Tuesday, February 18, 2025

Vitalik Buterin Hails Celo as Tron is Overtaken in Stablecoin Addresses Race

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Originally published on: September 25, 2024

Ethereum co-founder Vitalik Buterin has turned his attention to the Celo blockchain, praising its recent achievement in stablecoin usage. Buterin took to social media to commend Celo for surpassing Tron in daily active stablecoin addresses.

“This is truly remarkable to witness. Enhancing global access to fundamental payments and financial services has always been a core tenet of Ethereum’s mission, and it’s fantastic to see Celo gaining momentum,” Buterin stated.

Celo is on the brink of transitioning from a standalone Ethereum Virtual Machine (EVM)-compatible layer-1 blockchain to an Ethereum layer 2. This shift signifies Celo’s evolution from a foundational blockchain protocol to a third-party protocol aimed at enhancing network capabilities and integrating functionalities with the original blockchain.

Proposed by core Celo developer cLabs in July 2023, the L2 transition at Celo is currently underway with the operation of two L2 testnets, Dango, launched in July 2024, and Alfajores, set to be upgraded to L2 on Sept. 26.

Describing this pivotal move, Celo expressed its delight in aligning more closely with the vast Ethereum network, empowering its community to innovate confidently and expand horizons previously beyond reach.

Celo has been dubbed a “cultural extension” of Ethereum by cLabs, referencing Buterin’s previous insights on “Layer 2s as cultural extensions of Ethereum.” Although sharing ancestry with Ethereum in terms of code and maintaining EVM compatibility for smart contracts, Celo distinguishes itself through areas like blockchain wallets, residing on an independent blockchain.

In 2024, the Celo network experienced a surge in adoption by leading stablecoin operators. Circle, behind the USD Coin stablecoin, launched USDC tokens on Celo in February, gathering $40 million in supply issued on the platform, as per official USDC data.

Tether, the largest stablecoin provider by market cap, integrated its USDt stablecoin with Celo in March, with $209 million Celo-based USDT tokens in circulation as of Sept. 25, representing 0.18% of Tether’s total USDT supply.

Artemis.xyz, a blockchain data provider, reported that Celo outperformed the Tron blockchain in the realm of daily active stablecoin addresses in September 2024. The rise in stablecoin adoption has been credited to apps like Minipay and Valora, with Minipay amassing 3 million activated wallets as of July 2024.

With Celo’s strides in stablecoin adoption and technological advancement, the platform is carving a unique path in the blockchain landscape.

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