- Celo is used for governance participation and related activities.
- Celo’s main USP is its focus on smartphone users.
A bull market is easy to trade, but remember that the crypto market is unpredictable and highly volatile, it takes the stairs up and the elevator down. Celo was the day’s biggest gainer among the top 200 cryptocurrencies, rising 18.18 percent. Moreover, Velas came in second with 13.51 percent gains.
Celo is a blockchain ecosystem aimed at increasing smartphone cryptocurrency adoption. Furthermore, it hopes to introduce cryptocurrency to the billions of smartphone users worldwide, including those without bank accounts. With the network, you can create smart contracts and decentralized applications.
Main USP of Celo
It has two native tokens. Celo, not just limited to transaction fees, moreover also used for governance participation and similar activities. Furthermore, the platform will eventually host stablecoins, with the Celo Dollar (CUSD) being already in use.
A consortium of DeFi entities announced on Aug. 30 that it would invest up to $100 million in grants and incentives to raise global awareness of decentralized finance. The news benefited Celo the most, as the Celo platform will be the initiative’s primary infrastructure. Therefore, the coin’s price soared immediately, gaining some 170 percent within the next 24 hours.
Celo’s main USP is its focus on smartphone users. This is due to the fact that while the number of smartphone users is growing at an exponential rate, the number of cryptocurrency users is growing at a much slower rate. Cryptocurrency, well suited to areas where a large population lacks access to banking services but has a smartphone.
Celo aims to bridge the two technologies and harness the benefits of DeFi by supporting Dapps and smart contracts. The Celo blockchain, optimized for mobile and allows users to pay transaction fees in any currency. It uses proof-of-stake for security and has a complex election process for validators.
According to CoinMarketCap, Celo price today is $5.68 USD with a 24-hour trading volume of $476,293,339 USD.