As a seasoned crypto investor with a knack for spotting promising opportunities, I find myself intrigued by the recent surge of Celo (CELO). The growth in daily active addresses and transfer sizes, coupled with the endorsement from Ethereum co-founder Vitalik Buterin, paints a compelling picture.
Artemis, a data platform for digital assets within institutions, pointed out that the layer-2 blockchain Celo (CELO) has recently surpassed Tron (TRX) in terms of daily active addresses. This surge can be attributed to the increasing adoption and utilization of stablecoins. This recent event emphasizes the growing positive trend towards easy-to-access financial services.
Top Celo performance boosters
As per Artemis, “the transfer amounts across all accounts are increasing, suggesting that it’s not just small, spam-like transactions clogging up the network.
Other actions have played a role in boosting the supply of stablecoins and the expansion of the Celo system. Specifically, the leading stablecoin producer, Tether, minted an extra $200 million worth of USDT on the Celo blockchain, suggesting a potential increase in future demand.
In a similar vein, apps such as Minipay and Valora have expanded Celo’s user base, playing a crucial role in its recent success. Other platforms have also contributed to this momentum. Notably, Ethereum co-founder Vitalik Buterin has observed the increasing popularity of L2 protocols in the crypto market. He specifically praised Celo for its innovative approach with stablecoins, suggesting that it could bring value to Ethereum as a whole.
It’s fantastic to witness this development. Enhancing global access to essential payment and financial services has always been one of Ethereum’s significant contributions to the world, and it’s heartening to note that Celo is gaining popularity in this regard. For more insights, check out their recent updates:
— vitalik.eth (@VitalikButerin) September 25, 2024
Regarding price performance, Celo seems to be outperforming Tronix (TRX). According to data from CoinMarketCap, Celo is currently priced at $0.6091, marking a 13.78% increase in the last 24 hours and a significant 508.83% surge in trading volume over the same period. Conversely, TRX has experienced a slight decrease of 1.18%, currently trading at $0.1504, with a relatively smaller 16.57% increase in trading volume.
Newcomers to stablecoin ecosystem
As a crypto enthusiast, I’ve noticed that the world of stablecoins has been garnering significant interest lately, with both seasoned investors and governing bodies taking a closer look at its potential uses.
Approximately a week past, the international neo-bank and fintech enterprise, Revolut, signaled the prospective unveiling of a US dollar-backed stablecoin. A representative from the company affirmed this step was aimed at addressing the escalating need for reliable digital assets.
Ripple Labs Inc., a company specializing in blockchain payments, is getting ready to release its RLUSD. On Tuesday, they announced via “Ripple Stablecoin Tracker” that the firm has issued two deposits of 485 RLUSD each, within an eight-hour span.
This minted token marks one of the latest as it intensifies its testing before full launch.
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2024-09-25 13:20