Celo
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Information about Celo (CELO)
Celo is a decentralized blockchain network that allows anyone with just a single phone to access electronic financial services. Celo has not only built a currency system that allows users to pay on mobile faster at lower costs with 24/7 global access, but it also simplifies the payment process by allowing users to use their phone numbers as public keys.
Celo's mission is to become a decentralized platform developed, upgraded, and administered by a diverse community of individuals, organizations, and enterprises rather than controlled by a single person or entity.
Celo token (CELO) is a utility token in the Celo ecosystem. It allows users to pay for transactions on the network and participate in governance by voting on issues concerning the platform's future development.
News
CELO token declined by 7% as traders brace for 562 million tokens, valued at 204.65 million USD, unlocking soon. The projected selling pressure raises market concerns.
CELO’s trading volume fell by 4.91% to 14.53 million USD, indicating investor caution amid the impending token unlock.
On March 26, 2025, Celo completed its migration to Ethereum layer 2, improving block times to 1 second and retaining fees at 0.0005 USD. This change enhances security, interoperability, and allows Celo to tap into the extensive Ethereum developer community.
Rene Reinsberg, Celo co-founder, stated that this upgrade aims to create prosperity for all and strengthen the digital economy, while Marek Olszewski, CEO of cLabs, emphasized the benefits of returning to Ethereum.
Coinbase postpones CELO delisting: Coinbase, a MAJOR crypto exchange in the U.S., has decided not to proceed with the planned delisting of CELO (CELO) due to postponed migrations to a layer 2 blockchain. Users can continue to trade and hold CELO on the platform indefinitely.
Ongoing review and community impact: The initial delisting drew significant community backlash, leading Coinbase to reconsider its stance. While CELO remains tradable for now, Coinbase is still evaluating the coin’s future on its platform.
Celo upgrade hindered: Celo is scheduled to implement the Layer 2 upgrade on January 16, 2025. Coinbase has warned users to withdraw CGLD before January 13 to avoid losing access.
CEO’s disappointment: CEO Olszewski expressed disappointment in Coinbase’s decision and questioned why Celo is not supported when other EVM-compatible layers are benefiting. He is concerned about Ethereum’s expansion capabilities.
Diverse opinions within the community: Some opinions suggest Coinbase’s decision may be a communication error. Meanwhile, some former members argue that supporting a new chain is technically and regulatory complex.
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