|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Celo Surpasses TRON in Daily Active Stablecoin Addresses, Signaling Africa's Stablecoin Breakout
Sep 20, 2024 at 05:42 pm
This week at @Token2049, the Celo Foundation and cLabs are making headlines as Celo's daily active stablecoin addresses recently surpassed those of @trondao.
Celo (CELO) has been making headlines at Token2049 this week, with the Celo Foundation and cLabs revealing that Celo's daily active stablecoin addresses recently surpassed those of Tron (TRX).
But what's fueling this impressive rise in Celo's stablecoin usage? While daily active addresses can be a limited metric, a deeper look into Celo's stablecoin transaction volumes reveals the true growth. Transfer sizes across all categories are increasing, suggesting that the network isn't being spammed with small, insignificant transactions. Instead, it reflects genuine activity and growing demand for stablecoin usage on the platform.
Celo's stablecoin supply has also seen a notable increase in the past year, with the total supply now surpassing $300 million. In a move that signals strong anticipation for future demand, Tether (USDT) has pre-minted an additional $200 million USDT on Celo.
Driving Factor For Growth Is The Rise In User Friendly Apps
A significant factor driving this growth is the rise of user-friendly apps like MiniPay and Valora. MiniPay, which launched in 2023, reached 1 million wallets within just five months. By July 2024, the app had over 3 million activated wallets. Following its successful launch in Nigeria, MiniPay has since expanded to Kenya, Ghana, and South Africa—markets with strong crypto potential.
Celo recently passed Tron in daily active addresses for stablecoin usage.
-What's behind this meteoric rise?-Is Africa undergoing a stablecoin breakout?
A 🧵 pic.twitter.com/6Xn8CF6DfO
— Artemis (@artemis__xyz) September 16, 2024
According to Chainalysis data, Nigeria ranks #2 globally in crypto adoption, which is further driving the growth in stablecoin usage. MiniPay's role in this growth is particularly evident, as the app is credited with driving a large portion of the stablecoin transactions in Nigeria.
With expanding user bases and increasing transaction volumes, Celo's stablecoin ecosystem appears poised for even more growth in the coming months, attracting attention from users and investors alike.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: itchaznong/123RF // Image Effects by Colorcinch
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- 5 Promising Cryptocurrencies That Experts Believe Could Experience Substantial Gains This Cycle
- Sep 20, 2024 at 08:25 pm
- The crypto world buzzes with anticipation as investors seek digital assets poised for a major upswing. With Kaspa drawing significant attention, curiosity grows around its potential for takeoff. This piece uncovers five promising cryptocurrencies that experts believe could experience substantial gains this cycle.
-
- Cat-Themed Memecoins Emerge as Preferred Risk-On Bets With 40% Surge in a Week
- Sep 20, 2024 at 08:25 pm
- Cat-themed tokens have emerged as a new cohort alongside dog-themed Dogecoin and Shiba Inu, among the biggest gainers in the 2020-2021 bull run.
-
- Meme Coins Rally as Spot Trading Volumes Pass $7B, Will STARS Be Next to Explode with New Meme Coin Staking App?
- Sep 20, 2024 at 08:25 pm
- Most established coins have posted gains this week as the broader crypto market flips bullish. Now, many investors are on the hunt for the next breakout star.
-
- Crypto All-Stars ($STARS) Presale Nears $1.5 Million as Meme Coin Market Cap Bounces Back to $41.5B
- Sep 20, 2024 at 08:25 pm
- The recent renewed fervor for meme coins has raised hopes among crypto investors for a bull run in the next quarter.
-
- Terraform Labs Receives Court Approval to Wind Down Operations After 2022 Ecosystem Collapse
- Sep 20, 2024 at 08:25 pm
- Terraform Labs, the company behind the infamous Terra (LUNA) token and TerraUSD (UST) stablecoin, has received court approval to wind down its operations.
-
- XRP, Kaspa, JetBolt: Three Coins, Three Opportunities
- Sep 20, 2024 at 08:25 pm
- XRP has shot up 8.4% in a week, Kaspa is up almost 250% in one year, and JetBolt just surged past $140,000 in presales in record timing.
-
- How Cryptocurrency Is Changing and Boosting the Sports Industry
- Sep 20, 2024 at 08:25 pm
- From betting to team sponsorship to fan tokens, cryptocurrency is making waves in the sports industry. Here's a look at the different ways crypto is changing
-
- Aethir Welcoming New GPU Cloud Hosts to Scale Global Compute
- Sep 20, 2024 at 08:25 pm
- During the last two years, Aethir has been focused on BUILDING its ecosystem. Now, we enter a new and exciting EXPANSION phase— reaching new horizons with
-
- Donald Trump's Impact on the Cryptocurrency Market
- Sep 20, 2024 at 08:25 pm
- The launch of World Liberty Financial, alongside Donald Trump's growing influence, has significantly impacted the cryptocurrency market.