Celo, a proof-of-stake layer 1 blockchain, skyrocketed yesterday as teams announced a new $20 million incentive campaign at the start of this week’s Celo Connect conference in Barcelona, Spain.
The price of the token has increased by 15% in the past 24 hours. CELO is trading at $4.78 at press time and is up more than 50% over the past 30 days.
At an event in Barcelona on Monday, the Celo Foundation announced “Connect the World,” a $20 million campaign to encourage the growth of high-quality Celo around the world. The Foundation also introduced “Fiat Connect,” an open-source application programming interface (API) specification for payment service providers that will make integration more scalable, according to the report. Post by Celo Foundation’s Medium.
Celo is currently ranked 19th among decentralized finance (DeFi) platforms in terms of total value locked (TVL), according to DeFi analytics firm Llama. The coin has a market capitalization of $1.8 billion.
Celo is a protocol that acts as a global payment infrastructure for cryptocurrencies by using a phone number as a public key and issuing a native stable value token, according to Messari. Celo allows native and non-native digital assets (cryptocurrency and central banks) to circulate freely between devices, service providers and countries, according to the website. team’s website.
Edward Moya, senior analyst at Oanda, said that Celo has been slowly attracting interest, as more investors are attracted by its cryptocurrency potential on smartphone technology and the opportunity. which could play an important role in central bank digital currencies, known as CBDCs.
“What also helps Celo is that it operates using proof-of-stake and carbon offsets, which makes it attractive to many climate-focused investors,” added Moya.
According to Lennard Neo, head of research at Stack Funds, Celo’s price action could be attributed to Monday’s Celo Connect event.
Neo added: “We think this could be an event-related bull run as traders speculate on positive surprises during the conference.”