Back to the list

Everything You Need To Know About Mobile-First DeFi Platform-Celo (CELO)

thenewscrypto.com 06 September 2021 07:38, UTC
Reading time: ~2 m

Celo stole the show after almost doubling in price in only 24 hours, defying the broader market downturn. But little is known about Celo. It is a mobile-first blockchain ecosystem aimed at boosting smartphone cryptocurrency usage. Thus, enabling crypto payments for everyone using a smartphone is the project’s goal.

Celo launched a consortium with open-source DeFi Protocol, together with other prominent Ethereum DeFi initiatives, to develop DeFi for the People.

DeFi for the People

This cooperation pushes the unbanked beyond the crypto industry’s efforts to reach them. DeFi for the People delivers DeFi to the world’s 6 billion smartphones.

Celo introduced its first stable community currency, cXOF, in August. The course, by CeloOrg’s Markus Franke, will take place and will provide the foundation for understanding current stablecoin research and activities. The date is September 2.

Celos network will now have Optics. Optics is a novel design for cheaper Celo cross-chain communication. Compared to a conventional header relay, it is projected to save 90% on gas. Although a release date is yet to be out.

CELO, the Celo ecosystem’s native token, is one of the week’s top gainers. CELO has increased by almost 102 percent in the past 30 days, from $2.73 to $5.30.

On August 30, CELO reached a high of $10.66. However, only days after a 92% increase, CELO sees a market reversal. According to CoinMarketCap, the Celo price today is $5.32 USD with a 24-hour trading volume of $263,536,158 USD. Celo is up 2.51% in the last 24 hours. Now, with a market value of $1.7 billion, it is the 75th biggest crypto.

Celo has grown almost unnoticed since its debut. But the initiative has a decent social media following, with over 40k Twitter followers (NYSE: TWTR). Furthermore, Celo is unusual in that it often answers queries from the community. Also, several community members have asked how DeFi for the People would work.

Back to the list