CELO gains 20%, a threat to the stablecoin Tron?
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Celo is emerging as a serious competitor to Tron in the field of stablecoins, with an increase in daily active addresses. Additionally, the support of Vitalik Buterin has further boosted the rally of the CELO token. Let’s see all the details below. The token CELO gains 20% after praise from Vitalik Buterin, a threat to the stablecoin Tron? Celo, a blockchain mobile-first based on Ethereum and specialized in decentralized applications and smart contracts, is rapidly gaining ground compared to Tron in the competition for the number of active addresses using stablecoin. On Wednesday, the token CELO recorded a 20% increase, thanks to the public praise from Vitalik Buterin, co-founder of Ethereum, for the progress made by the ecosystem. According to the data collected by Artemis, the seven-day moving average of daily active addresses on Celo using stablecoins has risen to about 700,000. Thus approaching the number of Tron, historically the leading blockchain in this field. This significant increase occurred after the implementation of Tether’s stablecoin USDT on Celo, which took place last March. Since then, over 200 million dollars in USDT have been issued on the Celo network, greatly increasing its adoption. The adoption of USDT on Celo has had a significant impact, but it was not the only factor that pushed the network towards greater adoption. Another key element was the collaboration between Celo and Opera, initiated a year ago, which led to the launch of MiniPay. That is, a mobile-first wallet for non-custodial stablecoin, integrated into the Celo blockchain. MiniPay allows users to transfer funds instantly using only the phone number. This simplifies access to digital financial services in regions where traditional banking infrastructure is limited. According to a representative of Celo, MiniPay has surpassed one million users in less than five months since its launch, with strong…
Filed under: News - @ September 26, 2024 5:21 pm