Ethereum co-founder Vitalik Buterin has endorsed Celo in its recent feat as it surpassed Tron in daily active addresses for stablecoins.
Buterin also hinted at a possible upgrade for Celo’s second Layer-2 testnet, Alfajores to Ethereum Layer-2 on September 26, 2024.
Celo Blockchain Surpassed Tron In Stablecoin Addresses
In an X post, Artemis, an institutional crypto data platform, mentioned that Celo, an Ethereum L2 Blockchain, recently surpassed Tron Blockchain in daily active addresses.
An increase in stablecoin adoption and usage triggers this significant growth. Celo’s performance underlines the positive trend toward accessible financial services.
To clarify that the increase in the metric is actual, Artemis stated that “transfer sizes across all buckets are growing,” which is an indication that the addresses were not spamming the Blockchain with “very small transactions.”
Recently, Tether preminted an additional $200M USDT on the Celo network. This indicated future demand and added to the increasing supply of stablecoin and the growth of the Celo Blockchain.
Currently, Celo holds over 292M USDT stablecoins and recorded over 68M transfers in the past three months. Also, apps like Valora and Minipay possibly added to Celo’s growing user base.
Vitalik Buterin Endorsed Celo For Surpassing Tron In Stablecoin Addresses
On Wednesday, September 25, Vitalik Buterin, who seems to have been closely following Celo Blockchain’s recent development, took to the X platform to acknowledge and praise Celo Blockchain for outshining Tron in stablecoins’ daily active addresses.
Buterin praised Celo for its involvement in “improving global access to basic finance and payments.”
In the X post, Buterin stated that Celo is preparing to upgrade from a standalone Ethereum Virtual Machine (EVM)-compatible Layer 1 network to an Ethereum Layer 2 network.
The upgrade would shift Celo from being a base blockchain protocol to a third-party protocol with improved network capabilities.
As part of the shift to the Layer 2 network, Celo is currently running two Layer 2 testnets – Dango and Alfajores. Dango was upgraded in July 2024, and Alfajores is expected to be upgraded to Layer 2 on September 26.
According to Celo, the upgrade will help “align Celo more closely with Ethereum’s expansive network.”
Celo Price Analysis
Shortly after Buterin posted his positive endorsement on the X platform, the price of CELO, the native token of Celo Blockchain, spiked. Currently, CELO is performing better than Tron (TRX).
According to data from Tradingview, CELO is trading at $0.6365 at press time, which represents an increase of 13.78% in the last 24 hours. CELO’s trading volume also rose by about 508% within the last 24 hours.
Tron TRX, on the other hand, dropped by about 1.2% from its initial market price. TRX is currently trading at $0.1506, with an increase in trading volume by 16.57%.
Recently, Tron founder Justin Sun significantly reduced transaction fees on the TRON network to boost transactions and activities on the network by attracting more users, but it seems this has not been so successful.
