The post Vitalik Buterin Endorses Celo, Price Raises 16% appeared on BitcoinEthereumNews.com.

Ethereum co-founder Vitalik Buterin praised Celo as the blockchain platform continues to gain traction in its push for a better digital economy. Celo recently passed TRON in daily active addresses for stablecoin usage, catching Buterin’s eye as the network is also considering migration to an Ethereum Layer-2 (L2). Vitalik Buterin Endorses Celo as Stablecoin Traffic Peaks Buterin praised Celo’s efforts to enhance global access to basic payments and financial services. He suggested that these actions could help improve Ethereum. He also endorsed Celo for offering decentralized financial (DeFi) services with low transaction costs. Buterin pointed to bullish fundamentals around Celo, as reported by Artemis. Notably, Celo recently surpassed TRON in daily active addresses for stablecoin usage metrics. “Transfer sizes across all buckets are growing, indicating it is not that addresses are spamming the network making very small transactions. Stablecoin supply on Celo has grown significantly in the past year as well,” Artemis wrote. Read more: Layer 1 vs. Layer 2: What Is the Difference? Stablecoin Traffic on Celo. Source: Artemis Artemis also highlighted Tether’s move to mint $200 million worth of USDT stablecoin on Celo, suggesting future demand. These remarks come as Celo transitions from a standalone EVM-compatible Layer-1 blockchain to an Ethereum Layer-2, aligning with Buterin’s views. “Layer 2 networks allow subcultures to emerge that are armed with substantial resources, and a feedback loop that forces them to learn and adapt to be effective in the real world,” Buterin wrote in a recent blog. Celo Transitions to Ethereum L2 Celo’s transition to Ethereum Layer-2 stems from a July 2023 proposal by cLabs, the team behind core products and tools for the Celo blockchain. This shift aims to support a regenerative digital economy while preserving Celo’s key features: speed, low costs, and user-friendly design. Currently, Celo is operating two Layer-2 testnets. The…

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Filed under: News - @ September 25, 2024 6:22 pm