Vitalik Buterin Lauds Recent Strides in Celo Network

Ethereum Vitalik Buterin

Author

Sujha Sundararajan

Author

Sujha Sundararajan

About Author

Sujha has been recognised as 🟣 Women In Crypto 2024 🟣 by BeInCrypto for her leadership in crypto journalism.

Author Profile

Share

Copied

Last updated: 

September 25, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Ethereum co-founder Vitalik Buterin has commended the recent development of Celo Network, a mobile-first blockchain platform.

He praised the network’s recent growth, surpassing Tron in daily active addresses due to stablecoin usage. Buterin said that the growth of the network is “amazing to see.”

“Improving worldwide access to basic payments/finance has always been a key way that Ethereum can be good for the world, and it’s great to see Celo getting traction.”

According to data from Artemis, Celo, the Ethereum Layer-2 network, carried more stablecoin transaction in a short time frame.

Celo increased its daily active users this year, seeing close to 700K daily active addresses, per Tokenterminal.

Artemis wrote that “transfer sizes across all buckets are growing, indicating that it is not addresses spamming the network making very small transactions.”

Last month, Buterin unveiled plans for cross-chain interoperability between Ethereum Layer-2 networks. Buterin discussed the most promising approaches to resolving cross-L2 interoperability challenges.

Besides Celo, Buterin has previously endorsed Optimism for supporting Ethereum’s ecosystem development. His support came after Optimism adopted the ERC-7683 standardisation protocol.

Celo to Transition Into an L2

Furthermore, Celo announced that it is evolving into an Ethereum Layer-2 from a standalone EVM-compatible Layer 1 blockchain.

The network announced that the shift will maintain a seamless user experience, including low costs and ease of use. The network is currently operating two Layer 2 tenets: Dango, which is already live, and Alfajores, which is due to be upgraded on September 26.

In 2020, Celo raised over $100M from a16z and Coinbase Ventures.

Following Buterin’s mention, the network’s native token, CELO, saw a small rally on Binance. The token’s price surged from $0.55 to $0.69. According to Coinmarketcap, it is currently trading at $0.66.