This article is a complete guide on Celo crypto (CELO). The Decentralized Finance (DeFi) field has been all over in the news in 2021 and touched an estimated value of more than USD 11 Billion LOCKED in the DeFi lending market alone. The Celo could be one of the promising projects. In the last 90 days, the CELO price has increased by almost +90%. Let’s take a look at What is Celo crypto and is it a good investment?
Celo Crypto: What Is Celo (CELO)?
According to its whitepaper, Celo’s mission is to enable smartphone users anywhere in the world to have a way to use financial services. It includes sending money to phone numbers and pay traders. In this, it uses phone numbers as public keys for transacting in cryptocurrency.
The network also supports the formulation of smart contracts and decentralized applications (DApps) as a component of decentralized finance (DeFi). The mainnet was launched in April 2020.
Celo crypto is particularly a mobile solution that’s made of the following three components:
The above elements make a proof-of-stake smart contract platform. It is based on Ethereum. The Celo protocol is backed by a primary digital asset named Celo coin. It is a ERC-20 compliant and used to promote token delivery via decentralized exchanges.
The platform has two native tokens. The CELO is a proof-of-stake (PoS) token and it is utilized for transaction fees, governance assistance, and other necessary operations. In the future, the platform intends to receive different stablecoins. It already uses the Celo Dollar (CUSD) stablecoin.
How Many Celo crypto coins (CELO) Are in Circulation?
Both CELO crypto and CUSD works using the Celo platform. CELO comes with a capped supply of 1 billion tokens. Out of 1 billion tokens, 600 million were open when the mainnet launched in April 2020. The remaining supply will be delivered progressively via prices and awards, and many vesting programs are in place depending on how primary investors held their tokens.
Eventually, Celo wants to provide the most uncomplicated experience for end-users, who may have no experience with cryptocurrencies and maybe utilizing cheap devices with poor connectivity.
CELO/USD Weekly chart – TradingView
At the time of writing this, the Celo crypto price is USD 5.90. The 24-hour trading volume was 98,676,639 USD. The current market cap is USD 1,208,124,650 and the circulating supply is 204,757,368 CELO coins.
Where Can You Buy CELO Crypto?
CELO crypto coin is available on many major exchanges. When purchasing a cryptocurrency from an exchange, it is always necessary to pick a reliable one. In fact, we recommend using Binance to buy CELO.
