Ethereum co-founder Vitalik Buterin has backed the Celo blockchain. The project continues to gain popularity, striving to improve the digital economy, the programmer noted.
Celo recently overtook TRON in terms of the number of daily active addresses for stablecoins, which caught Buterin’s attention.
Vitalik Buterin supports Celo
The Ethereum co-founder praised Celo’s efforts to improve global access to basic payments and financial services. Buterin emphasized that this will have a positive impact on the entire Ethereum ecosystem.
This is how the programmer commented on the data from the analytical platform Artemis. Experts noted that the Celo blockchain has overtaken the TRON network in terms of the number of daily active addresses.
Stablecoin traffic on Celo. Source: Artemis
Artemis also pointed out that Tether recently issued $200 million worth of USDT on the Celo platform, indicating potential future demand.
The CELO token responded to Buterin’s praise by growing by more than 23%. According to CoinGeckoover the last 24 hours the asset price has risen from $0.546 to $0.678.
Celo transition to L2
The Celo blockchain is currently in the process of migrating to the second layer (L2) of the Ethereum network. The initiative suggested cLabs team, developing core products and tools for the project.
Celo is currently being tested in two L2 solutions. The first testnet, Dango, was launched in July, and the second, Alfajores, will be updated on September 26.
The transition process to L2 is expected to be completed in early November this year.
Vitalik Buterin recently warned that some L2 solutions could fail. He believes that L2 networks need to achieve a certain level of decentralization before they can be secure and reliable. Against this backdrop, his praise for Celo could be considered a good sign for the project.
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Source: Cryptocurrency
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