Vitalik Buterin recently gave his official support to Celo, an upcoming Ethereum layer 2 dedicated to mobile payments. He notably highlighted that Celo has just surpassed the Tron network in terms of active addresses for the use of stablecoins.
Vitalik Buterin publicly supports Celo's growth
Ethereum founder Vitalik Buterin has officially pledged on social network X to support Celo, a layer 1 blockchain for mobile payments that is compatible with the Ethereum Virtual Machine (EVM).
💡To go further – Discover our file on Celo
It’s incredible to see. Improving global access to payments and finance in general has always been a key way for Ethereum to benefit the world, and it’s great to see Celo gaining momentum.
This post follows a recent publication by on-chain data analytics firm Artemis, which published on X a graph showing the evolution of the number of active addresses for stablecoin usage on different blockchains.
Graph showing the evolution of the number of active addresses for stablecoins on different blockchains
Using this chart, we can identify several trends. First, we notice that the Arbitrum, Avalanche, Base, Solana, Ethereum, Optimism, TON, and Polygon blockchains are stagnating in terms of active addresses for stablecoins.
On this same metric, BNB Chain and Tron far outperform competing blockchains. Celo, the blockchain that is the subject of this article, caught up with BNB Chain during the month of April, still according to this same metric, to finally reach the same level as Tron in recent weeks..
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Celo, future layer 2 of Ethereum
In addition to his message of support for Celo's growth, Vitalik Buterin shares in the same post a link to the official Celo documentation. This contains information on the transition from Celo as an EVM compatible layer 1 to an Ethereum layer 2.
Indeed, according to the team behind Celo's development, the solution was initially intended to be deployed on the Ethereum mainnet. Faced with challenges, particularly regarding fees, in aligning the adoption goals of their mobile payment solution with Ethereum, they ultimately opted to create their own blockchain.
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Since then, technologies have progressed significantly and Celo is now moving towards a transition to become a layer 2 of Ethereum.
The price of the CELO token rose sharply following Vitalik Buterin's post, recording a 24% increase in the last 24 hours.
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Sources: Artemis, Vitalik Buterin's post on X
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Passionate about the blockchain ecosystem, I like to deepen my knowledge and share my discoveries. In a perpetual quest to learn more about cryptos, I recently joined the Cryptoast Research team where I provide weekly fundamental analysis.
Theo Zananiri
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