What is Celo ($CELO)?

The majority of Web3 users are on mobile devices, yet most blockchains are desktop-focused…

And that is why Celo has transformed into the ultimate mobile-focused Ethereum Layer 2 network ready to onboard the next wave of Web3 users…

CE beLOw for more…  🧵

What is Celo?

Celo, originally a Layer 1 blockchain is now a newly transitioned Layer 2 built with Optimism Stack and is on a mission to build the ultimate mobile-focused blockchain network that focuses on real-world problems and solutions.

This major transition into a Layer 2 built using Optimism Stack will enable Celo to maintain its unique features, yet will also bring additional upgrades to the entire network.

Say goodbye to Celo and say hello to CEL2, the latest network to join the Optimism Superchain.

Let’s take a closer look at Celo’s network features:

• Mobile Focused DeFi
• Send digital assets to a mobile number or email address
• ERC-20 Tokens as gas (e.g. $USDT/$USDC)
• $0.0005 avg. gas fee
• 1 block finality
• More!

Now, with the implementation of Optimism Stack we will see a decrease in block time from 5 to 2 seconds, a 50% increase in throughput and a major upgrade to the security of bridging to Ethereum. Celo will also be utilising EigenDA to enable off-chain data availability.

Celo Ecosystem

After four active years of the Celo mainnet, Celo has created a superior ecosystem with over 1,000 projects that share the same mission including, Google Cloud, Uniswap, T-Mobile, Rarible, Brave and many others spanning over 150 countries.

Over 22M users are exploring the Celo network, with over 375M transactions taking place. With its mobile-first focused network, Celo can easily welcome billions of users to access Web3 by providing smooth, easy and secure access through the power of their smartphones.

Celo Token ($CELO)

The native token $CELO is used to run and power the network but is also the governance token which enables $CELO holders to stake, earn rewards, secure the network and participate in the governance. Now it is time to compete amongst the other Layer2 tokens…

Conclusion

At the time of writing, $CELO is priced at $0.81 with a market cap of $433M… In the previous bull run of 2021, $CELO peaked at an ATH of $10.66. After years of development, maybe we will see $CELO creep up back to new highs in the coming bull run…

If you didn’t know, Celo is backed by the biggest and the best in the industry with huge names such as a16z, Coinbase Ventures, DragonFly Capital, Polychain Capital and many others who see a bright future for this Layer 2.

The question is, do you?

Celo Links

Celo Website

Celo X

Disclaimer

The content provided in this article is strictly intended for informational purposes. Nothing said in this 1article is financial advice. It is important to proceed with caution and diligence when using cryptocurrencies. Always invest what you are prepared to lose and remember that you are entirely responsible for your assets and investments. The author and the publication do not endorse or recommend any of the cryptocurrencies, protocols or strategies in this article.