Celo stole the show in 24 hours after nearly tripling the price, defying the wider market slump. But Celo is poorly known. It is the first mobile blockchain ecosystem to promote the use of smartphones. Thus, the initiative is aimed at allowing crypto payments for everyone utilizing a smartphone.
Celo established a consortium using the DeFi Protocol open-source to build DeFi for the People in conjunction with other notable Ethereum DeFi projects.
DeFi For the People
This partnership pushes unbanked people beyond the efforts of the crypto sector to reach them. DeFi provides DeFi to 6 billion cellphones worldwide. In August, Celo launched its first stable currency, cXOF. The course is given by Markus Franke of CeloOrg and provides the basis for understanding current stable coin research and activity. The date is Sept. 2.
The network Celos is now going to have Optics. Optics is a new concept enabling cheaper Celo communication throughout the chain. It is expected to save 90 percent on gas compared to a traditional header relay. Although a release date has not yet been announced.
CELO, the native token of the Celo ecosystem, is one of the best winners of the week. Over the last 30 days, CELO has risen by nearly 102 percent from $2.73 to $5.53.
CELO hit a peak of $10.66 on August 30. Only days after a 92 percent gain, CELO faces a reversal of the market. The price of Celo today, according to CoinMarketCap, is $5.32 with a trading volume of $263,536,158 USD in 24 hours. Over the past 24 hours, Celo is up 2.51 percent. Now it’s the 75th largest crypto with a market value of 1,7 billion dollars.
Since its inception, Celo has grown virtually undetected. But the campaign has more than 40K Twitter followers in respectable social media (NYSE: TWTR). In addition, Celo is unique since it frequently answers community questions. Several community members also questioned how DeFi would function for the people.