After receiving project support from Vitalik Buterin, CELO jumps 25%
Key receivers
Silo's transition to Ethereum L2 represents a significant network upgrade. Major stablecoins such as USDC and USDT have expanded their presence on Silo in 2024.
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CELO, Celo platform's native utility token, Vitalik Buterin, co-founder of Ethereum after 25% to $0.68, praised the recent success of the project in terms of daily active stablecoin addresses, CoinMarketCap data shows.
According to a new report from Artemis, a blockchain data science portal, the use of Celo Straticoin has recently seen a dramatic increase due to factors such as increased app adoption, growing stablecoin supply, and high demand in regions such as Africa.
@Celo recently passed @trondao daily active addresses for stable coin usage.
– What is behind this meteoric rise? – Is Africa losing its stable currency?
A 🧵 pic.twitter.com/6Xn8CF6DfO
— Artemis (@artemis__xyz) September 16, 2024
The growing number of users of apps like Minipay and Valora has contributed to this growth, Artemis said. Minipay is known as a stable coin-powered non-holder wallet built on the Celo blockchain and Valora is a Celo-based digital wallet that supports multiple currencies such as CELO, Celo Dollar (cUSD) and Celo Euro (cEUR).
Minipay has expanded its reach in various African countries including Nigeria, Kenya, Ghana and South Africa. Artemis suggests that stable coin adoption on Silo will push Kenya and South Africa to 10th place in crypto adoption by 2025.
Commenting on the Artemis report, Buterin said he was surprised by the progress Sello is making in improving basic payments and access to global finance. Ethereum's founder sees Ethereum as a key way to positively impact the world.
“This is amazing to see. Improving global access to basic payments and finance has been a key way Ethereum can be good for the world.”
He pointed to Silo's recent discussion about the transition to Ethereum's Layer 2 network and Ethereum's traditional values.
Cello is set to switch its Layer 1 blockchain to Ethereum Layer 2 on September 26, compatible with the Ethereum Virtual Machine (EVM). The move is expected to strengthen the integration between the Silo and Ethereum networks, providing new capabilities not previously available.
So far this year, key stablecoin players like Tether and Circle have brought their tokens to the Cello blockchain. In February, Circle announced the launch of a USDC stablecoin on Sello, followed by a similar move from Tether in March.
These developments will help improve the innovation and adoption of decentralized financial solutions on the Silo platform as well as the ecosystem.
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