Ethereum co-founder Vitalik Buterin has lately praised Celo for surpassing Tron in daily active addresses and attaining a noteworthy milestone in stablecoins transactions. Emphasizing the platform’s part in improving worldwide access to fundamental financial services, Buterin shared his enthusiasm about Celo’s development on social media.
Buterin pointed out that Celo is about to go from a Layer 1 Ethereum Virtual Machine-compatible Blockchain to an Ethereum Layer 2 solution, thereby undergoing a significant upgrade. The platform will change on September 26, therefore improving its capacity and strengthening its connection with the Ethereum ecosystem.
Celo’s change to Layer 2 presents many benefits that will help to provide better network speed and functionality. The core developer team cLabs suggested this action in July 2023, including the running of two Layer 2 testnets: Dango, which debuted in July, and Alfajores, which will soon change.
Celo sees the change as a major forward move that will help to deepen its ties to the Ethereum community and encourage invention. Celo’s fit with Ethereum’s more general objectives and technological developments has led others to compare it to a “cultural extension” of Ethereum.
Moreover, in 2024 big stablecoin businesses have adopted the platform remarkably more than in past years. Launched on Celo earlier this year, USD Coin is the second-largest stablecoin and already has a supply of $40 million. Likewise, in March Tether revealed the integration of its USDt stablecoin, which, as of late September had around $209 million in circulation on Celo.
Key uses like Minipay and Valora, which have helped stablecoins to be adopted, have helped Celo rise. Particularly Minipay became really popular and in only a year three million activated wallets were reached. Several African nations, including Nigeria, among the top countries for crypto adoption, show clearly its existence.
Buterin’s support, however, emphasizes Celo’s ability to extend financial access globally, therefore supporting the idea of a more equitable digital economy. Celo is positioned to become even more important in the blockchain scene as it gets ready for its Layer 2 mainnet release set for early November.
