Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Vitalik supports Celo's rise over Tron in stablecoin addresses

Vitalik supports Celo's rise over Tron in stablecoin addresses

GrafaGrafa2024/09/26 02:55
By:Isaac Francis

Ethereum (CRYPTO:ETH) co-founder Vitalik Buterin acknowledged a significant achievement for the Celo (CRYPTO:CELO) blockchain on September 25.

He noted that Celo has surpassed Tron (CRYPTO:TRX) in daily active addresses for stablecoin use.

“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,” Buterin stated.

Celo is set to upgrade its Alfajores testnet to Ethereum Layer 2 on September 26, marking a transition from its current Layer 1 status.

This upgrade, proposed by core developer cLabs, enhances Celo’s network capabilities and integrates more closely with Ethereum.

In a recent post, Celo referred to this evolution as a significant milestone in their relationship with the Ethereum ecosystem.

Celo expressed that becoming an L2 aligns it more closely with Ethereum’s expansive network, empowering innovation within the community.

On September 23, cLabs characterized Celo as a “cultural extension” of Ethereum.

Despite sharing code ancestry with Ethereum, Celo operates on its own independent blockchain, differing notably in areas such as blockchain wallets.

In 2024, major stablecoins have increasingly adopted Celo.

Circle launched its USD Coin (CRYPTO:USDC) on Celo in February, accumulating a supply of $40 million.

Tether integrated its USDT (CRYPTO:USDT) stablecoin on Celo in March, with $209 million in circulation as of September 25.

This amount constitutes about 0.18% of Tether's total USDT.

According to Artemis.xyz, Celo surpassed Tron in daily active addresses for stablecoin usage in September 2024, attributed to apps like Minipay and Valora.

Minipay, launched in 2023, alone activated 3 million wallets by July 2024.

The data reflects a growing trend in the use of stablecoins on the Celo blockchain.

At the time of reporting, the Celo price was $0.6397, and the TRON price was $0.1496.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Announcement of Bitget spot bot on adding 2 new trading pairs

We are pleased to announce that Bitget spot bot has now added: KOMA/USDT, AIXBT/USDT. Reference 1. Spot grid 2. Crash course on Spot Grid Disclaimer Despite high growth potential, cryptocurrencies still face high risks and volatility. You are strongly advised to do your own research as you invest a

Bitget Announcement2024/12/23 08:19