- The consensus technique used by Celo is based on Proof-of-Stake (PoS).
- Ubeswap is now the most popular token exchanging Dapp on Celo.
To make DeFi available to as many people as possible, Celo is a mobile-first blockchain dedicated to developing tools. More than $418 million worth of value has been locked up in the protocol’s farms and pools so far. Celo uses a mobile-first strategy for a global financial ecosystem to facilitate a user onboarding process that requires a mobile phone number.
The consensus technique used by Celo is based on Proof-of-Stake (PoS). Celo’s architecture minimizes the environmental effect of Proof-of-Work (PoW) systems like Bitcoin and Ethereum, allowing users to make cheaper and quicker transactions.
Firm Focuses on Financial Applications
Furthermore, Celo contains an Ethereum Virtual Machine (EVM)-compliant programmable smart contract platform that is already well-known to developers and has strong tool support. Allows Dapp developers to swiftly migrate current Ethereum Dapps into Celo and offer a wide range of useful features with the support of third-party apps and extensions.
DappRadar will initially keep tabs on a total of 19 Celo blockchain Dapps. Celo now has twelve apps in the DeFi and Exchange categories, which demonstrates the company’s concentration on financial applications.
Ubeswap is now the most popular token exchanging Dapp on Celo and is the blockchain’s counterpart of Uniswap, but with a mobile user emphasis. Celo has its own CryptoPunk NFT clones called CeloPunks, and Cyberbox is the network’s major NFT store. Developers are encouraged to submit their Dapps to DappRadar, increasing their exposure to The World’s Dapp Store. The Celo documentation website is a good place to start for developers who want to learn more about Celo.
