Artemis, an institutional data platform for digital assets, noted that Ethereum layer-2 blockchain Celo (CELO) recently outperformed Tron (TRX) in daily active addresses. This growth is fueled by stablecoin adoption and usage. This latest development underscores the positive trend toward accessible financial services.
Top Celo performance boosters
According to Artemis, “transfer sizes across all buckets are growing, indicating its not addresses spamming the network making very small transactions.”
Several other activities have contributed to the increasing stablecoin supply and the growth of the Celo ecosystem. The largest stablecoin issuer, Tether, preminted an additional $200 million USDT on the Celo blockchain, indicating future demand.
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Similarly, apps like Minipay and Valora have contributed to the network's growing user base. All these and more have been instrumental in Celo's performance this past month. Ethereum cofounder Vitalik Buterin acknowledged that the L2 protocol is gaining significant traction ion the crypto market. He said Celo's stablecoin pivot marks a unique way to bring value to Ethereum overall.
This is amazing to see. Improving worldwide access to basic payments/finance has always been a key way that ethereum can be good for the world, and it's great to see @Celo getting traction.See also their recent posts:* @Celo becoming an Ethereum L2: https://t.co/08U7G7q69s*… https://t.co/Qq7vcmZ6e3
— vitalik.eth (@VitalikButerin) September 25, 2024
In terms of price, CELO is also doing better than TRX. Per CoinMarketCap data, CELO is trading at $0.6091, corresponding with a 13.78% increase in the last 24 hours. Its trading volume has also soared by 508.83% within the same time frame. On the other hand, TRX has lost 1.18% of its previous market value and is currently trading at $0.1504, with trading volume up 16.57%.
Newcomers to stablecoin ecosystem
The stablecoin niche has received considerable attention recently as investors and even governments begin to explore its potential.
About a week ago, global neo-bank and financial technology company Revolut hinted at the potential launch of its USD-pegged stablecoin. A spokesperson for the firm confirmed that the move was to cater to the growing demand for stable digital assets.
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Blockchain payment firm Ripple Labs Inc. is also preparing to launch its RLUSD. On Tuesday, “Ripple Stablecoin Tracker” took to X to announce that the firm issued two stablecoin stashes, each containing 485 RLUSD, in the space of eight hours.
This minted token marks one of the latest as it intensifies its testing before full launch.
