Vitalik Buterin Praises Celo for Exceeding Tron in Stablecoin Use

Vitalik Buterin, one of the co-founders of Ethereum, recently took to the social media platform X to praise the advancements of Celo.

This blockchain network has recently surpassed Tron in terms of daily active addresses related to stablecoin use.

Growth of Celo

In his tweet, Buterin shared his excitement about the progress, saying:

“This is incredible to witness. Enhancing global access to fundamental payments and financial services has always been a significant way that Ethereum can positively impact the world, and it’s fantastic to see Celo gaining momentum.”

As of this writing, CoinGecko statistics indicate that the CELO token experienced a 22% increase, reflecting the market’s response to this endorsement. It ranks as the third-best performance of the day, behind Sei (SEI) and Mythos (MYTH), which rose by 23.9% and 23.5%, respectively.

According to data from blockchain analytics firm Artemis.xyz, Celo outperformed Tron in terms of daily active addresses for stablecoin transactions in September 2024. Additionally, Artemis analysts highlighted that Tether had pre-minted an extra $200 million in USDT on this network, suggesting an increase in anticipated demand.

Moreover, applications such as Minipay and Valora have significantly contributed to driving stablecoin adoption on the platform. Since its launch in 2023, Minipay has reportedly achieved three million activated wallets by mid-2024.

The stablecoin wallet has established itself in four African nations: Kenya, South Africa, Ghana, and Nigeria. Notably, Nigeria is ranked second globally for crypto adoption, a factor likely influencing Minipay’s success.

In his communication, Buterin also mentioned that Celo is set to transition from a standalone Ethereum Virtual Machine (EVM)-compatible layer 1 (L1) blockchain to an Ethereum layer 2 (L2) solution. This transition signifies a move from a foundational blockchain protocol to a third-party protocol crafted to enhance network capabilities and foster integration with Ethereum.

Cardano Founder Critiques Media Reporting

In other news, during a discussion with Cointelegraph at the Token2049 event in Singapore, Cardano’s founder Charles Hoskinson reportedly described Ethereum as a “dictatorship.”

As per the report from the news outlet, Hoskinson asserted that Buterin has control over the blockchain’s “entire vision.” He articulated that the 30-year-old has excessive influence over the trajectory of the decentralized network.

However, the Cardano founder seems dissatisfied with how this was reported, suggesting that his viewpoints were misinterpreted. In response to an X post from the crypto publication, he revealed his intention to cease interactions with them, expressing frustration about “sensational headlines and unproductive interviews.”