$CELO, the native token of the Celo blockchain, saw a remarkable 19.6% surge today, climbing to $0.63.

The spike follows praise from Ethereum co-founder Vitalik Buterin, who acknowledged Celo’s growth and its ongoing transition from a Layer 1 (L1) to a Layer 2 (L2) blockchain.

In his recent tweet, Buterin emphasized how Celo’s shift toward Ethereum integration has propelled its ecosystem, even surpassing Tron in terms of active stablecoin addresses.

This transition from L1 to L2 could mark a significant trend for blockchain networks seeking tighter integration with Ethereum, one of the largest and most widely adopted ecosystems in the crypto space. Celo’s pivot could serve as a model for other blockchains aiming for increased scalability and user engagement.

Celo Stablecoin Market Cap Skyrockets 

Celo’s stablecoin market cap has also witnessed impressive growth over the past few months. Between February and late July 2024, its market cap steadily rose, peaking at over $300 million.

This upward trend reflects increasing adoption and confidence in the Celo ecosystem, particularly in emerging markets. However, the recent volatility in the stablecoin market highlights the need for caution in ensuring long-term stability.

One of the driving forces behind Celo’s recent success is the rising user base of MiniPay and Valora, two platforms that have significantly increased daily active stablecoin addresses in Africa. With Celo overtaking Tron in this metric, Buterin praised this milestone as an important step in expanding global access to finance and payments through Ethereum.

As Celo continues its evolution, it’s poised to play a key role in furthering financial inclusion and global adoption of blockchain-based payment solutions.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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