Vitalik Buterin, the co-founder of Ethereum, recently took to social media to praise Celo for its impressive growth in the stablecoin market. Buterin’s endorsement comes as Celo surpassed Tron in daily active addresses for stablecoin usage, marking a significant milestone for the blockchain network.
Expressing his enthusiasm for Celo’s achievements, Buterin emphasized the importance of improving worldwide access to basic payments and finance. He highlighted that this aligns with Ethereum’s mission to make a positive impact on the world, underscoring the value of Celo’s traction in the industry.
CoinGecko data indicated that the price of the CELO token surged by 22% following Buterin’s endorsement, making it the third-best performing cryptocurrency of the day. This positive market reaction reflects the growing interest and confidence in Celo’s potential as a leading player in the stablecoin space.
According to blockchain data provider Artemis.xyz, Celo outperformed Tron in daily active addresses for stablecoin transactions in September 2024. The analysts at Artemis also pointed out that Tether pre-minted an additional $200 million in USDT on the Celo network, signaling increased future demand for stablecoins on the platform.
Key applications like Minipay and Valora have been instrumental in driving stablecoin adoption on Celo. Since its launch in 2023, Minipay has reportedly garnered three million activated wallets, demonstrating its growing popularity among users. The stablecoin wallet has gained a foothold in four African countries, including Kenya, South Africa, Ghana, and Nigeria, leveraging Nigeria’s high crypto adoption rate to expand its user base.
In addition to its success in stablecoin adoption, Celo is undergoing a significant transition from a standalone Ethereum Virtual Machine (EVM)-compatible layer 1 (L1) blockchain to an Ethereum layer 2 (L2) solution. This strategic shift aims to enhance network capabilities and facilitate seamless integration with Ethereum, positioning Celo as a versatile and interoperable platform in the blockchain ecosystem.
While Celo garners praise for its achievements, controversies swirl around Ethereum as Cardano founder Charles Hoskinson criticizes the blockchain’s governance structure. During an interview at the Token2049 event in Singapore, Hoskinson reportedly likened Ethereum to a “dictatorship,” accusing Buterin of wielding excessive control over the network’s direction.
However, Hoskinson later disputed the accuracy of the report, claiming his views were misrepresented by the media. Expressing frustration over sensationalized headlines and misinterpreted statements, he vowed to disengage from certain crypto publications to avoid further misrepresentation of his opinions.
As the crypto landscape evolves and competition intensifies, the endorsement from industry leaders like Vitalik Buterin underscores Celo’s growing prominence in the stablecoin market. With a focus on enhancing financial inclusion and expanding access to basic financial services, Celo is poised to make a lasting impact on the global economy and drive innovation in the blockchain space.