Vitalik Buterin Endorses Celo to Outpace Tron in Stablecoin Addresses

Ethereum co-founder Vitalik Buterin took to social media platform X to praise Celo’s growth.

The blockchain network recently surpassed Tron in daily active addresses for stablecoin usage.

The growth of Celo

In his post, Buterin expressed enthusiasm for the achievements, stating:

“This is amazing to see. Improving worldwide access to basic payments and finance has always been a key way Ethereum can be good for the world, and it’s great to see Celo gaining traction.”

At the time of writing, data from CoinGecko showed that the price of the CELO token had increased by 22% as the market reacted to the endorsement. It was the third-best performer of the day behind Sei (SEI) and Mythos (MYTH), which had risen 23.9% and 23.5%, respectively.

According to blockchain data provider Artemis.xyz, Celo surpassed Tron in daily active addresses for stablecoin transactions in September 2024. Artemis analysts also noted that Tether pre-mined an additional $200 million in USDT into the network, indicating an increase in future demand.

Additionally, apps like Minipay and Valora have played a major role in the adoption of stablecoins on the platform. Between its launch in 2023 and the end of the first half of 2024, Minipay has accumulated three million active wallets.

The stablecoin portfolio has built a presence in four African countries, namely Kenya, South Africa, Ghana and Nigeria. Incidentally, Nigeria ranks second in the world in terms of crypto adoption, a factor that may have helped boost Minipay’s numbers.

In his post, Buterin also noted that Celo will move from an Ethereum Virtual Machine (EVM) compatible Layer 1 (L1) blockchain to an Ethereum Layer 2 (L2) solution. This change marks a shift from a core blockchain protocol to a third-party protocol designed to improve network capabilities and integrate functionality with Ethereum.

Cardano founder criticizes media coverage

In other news, during an interview with Cointelegraph at the Token2049 event in Singapore, Cardano founder Charles Hoskinson allegedly compared Ethereum to a “dictatorship”.

According to the news outlet, Hoskinson claimed Buterin controls the “entire vision” of the blockchain. He explained that the 30-year-old has too much control over the direction of the decentralized network.

However, the leader of Cardano seems unhappy with the report, implying that his views were misrepresented. In response to a post by crypto publication X, he revealed his intention to no longer engage with them, expressing frustration over “dramatic headlines and wasted interviews.”

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