Blockchain data shows Celo’s growth was boosted by key applications like Minipay and Valora, particularly in markets like Nigeria and Kenya.
Vitalik Buterin, co-founder of Ethereum, took to social media platform X to commend Celo’s growth.
The blockchain network recently outpaced Tron in daily active addresses for stablecoin usage.
Celo’s Growth
In his post, Buterin expressed enthusiasm for the achievements, stating:
“This is amazing to see. Improving worldwide access to basic payments and finance has always been a key way that Ethereum can be good for the world, and it’s great to see Celo getting traction.”
At the time of writing, CoinGecko data showed that the price of the CELO token had jumped 22% as the market reacted to the endorsement. It was the third-best performance of the day after Sei (SEI) and Mythos (MYTH), which had risen 23.9% and 23.5%, respectively.
According to blockchain data provider Artemis.xyz, Celo outperformed Tron in daily active addresses for stablecoin transactions in September 2024. Artemis analysts also noted that Tether pre-minted an additional $200 million in USDT on the network, indicating a rise in future demand.
Furthermore, applications like Minipay and Valora have played an important role in driving stablecoin adoption on the platform. Between its launch in 2023 and the end of the first half of 2024, Minipay has reportedly amassed three million activated wallets.
The stablecoin wallet has built a presence in four African countries, namely Kenya, South Africa, Ghana, and Nigeria. Incidentally, Nigeria is ranked second globally in terms of crypto adoption, a factor that may have helped push up Minipay’s numbers.
In his post, Buterin also noted that Celo will transition from a standalone Ethereum Virtual Machine (EVM)-compatible layer 1 (L1) blockchain to an Ethereum layer 2 (L2) solution. This change marks a shift from a foundational blockchain protocol to a third-party protocol designed to enhance network capabilities and integrate functionality with Ethereum.
Cardano Founder Criticizes Media Coverage
In other developments, during an interview with Cointelegraph at the Token2049 event in Singapore, Cardano founder Charles Hoskinson allegedly likened Ethereum to a “dictatorship.”
According to the news outlet, Hoskinson claimed Buterin controls the blockchain’s “entire vision.” He explained that the 30-year-old holds too much sway over the direction of the decentralized network.
However, the Cardano leader seems displeased with the report, implying his views were misrepresented. Responding to an X post by the crypto publication, he disclosed his intention to stop engaging with them, expressing frustration over “dramatic headlines and wasted interviews.”
