Decentralized finance (DeFi) disrupted both the cryptocurrency sector and traditional financial markets in 2021. Thanks to the easy accessibility and security offered by blockchain-based protocols operating on smart contracts, DeFi has been a transformational force in the market.
One unique cryptocurrency that aims to bring DeFi to the masses by leveraging telecom networks today is Celo (CELO). Let us analyze whether Celo could be a millionaire-maker project for investors in 2022 and beyond.
The native token of the platform, CELO, embarked on a flash rally, recently generating almost a vertical line on its price chart. The project’s primary goal is to introduce the potential of DeFi to underbanked smartphone users across the globe. But is Celo a good buy now? Let us see.
What Is Celo?
Celo is one of the most potential DeFi cryptocurrencies to buy now in the market.
Celo is an open-source blockchain ecosystem whose central focus is on making decentralized finance systems and tools accessible to everyone with a smartphone. The CELO token utilizes a Proof-of-Stake consensus mechanism. In addition, the token is designed to facilitate transactions and governance processes on the platform.
The network uses a blockchain-based mobile payment software that deploys a stablecoin called Delo Dollar (CUSD). Moreover, Celo has a robust ecosystem with several new capabilities for DeFi protocols. For example, users can send cryptocurrencies on the Celo blockchain using just a phone number, without a wallet. Users can also text each other crypto payments using Celo.
With an extensive catalogue of decentralized applications (dApps), Celo aims to offer much-needed financial services to both the banked and unbanked sectors. This makes Celo one of the potential cryptocurrencies poised for future growth.
Is CELO A Millionaire-Maker Investment?
The CELO token’s bullish rally over the past few months makes Celo a cryptocurrency worth watching.
The founders of Celo identified a considerable gap between the number of smartphone users and cryptocurrency users in the market. Therefore, the team has focused on integrating smartphone numbers and their public keys to facilitate blockchain-based transfers of cryptocurrencies. Consequently, the purported goal of the team is to disrupt the smartphone industry and encourage the adoption of cryptocurrencies across a broader audience. By connecting billions of smartphones to the cryptocurrency arena, Celo will eventually make crypto a household name.
The digital asset is backed by leading investors, like A16Z, Naval Ravikant, and Coinbase Ventures. Celo has acquired over 1 million wallet addresses across 113 countries within a short period. To simplify cryptocurrency transactions using a phone number or email address as a public key, Celo uses an address-based encryption protocol.
Moreover, the network is also compatible with Ethereum Virtual Machine (EVM). The Celo blockchain is one of the fastest-growing cryptocurrencies in the market today. Its ecosystem consists of a decentralized Proof-of-Stake blockchain technology stack, a native token, CELO, stablecoins (cUSD, cEUR), and the Celo Alliance for Prosperity. Additionally, the ecosystem also expands across 150 organizations worldwide, including PayU, Opera, Andreessen Horowitz, Anchorage, Coinbase, GSMA, Grameen Foundation, Prosegur, Abra, and cLabs.
Therefore, the potential of its ecosystem is massive. Eventually, with more successful penetration of smartphone users over time, the network would see mass adoption, making CELO a millionaire-maker investment for investors today.
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Factors That Could Make Celo A Millionaire Maker
Apart from its fast-growing ecosystem, the price of the CELO token is also driven by numerous other factors.
1. The Launch Of The Donut Hardfork
The CELO token has experienced a massive rally in the past few months, with the interest and excitement surrounding its latest update, the Donut Hardfork. Celo’s Donut hard fork has introduced numerous noteworthy improvements to the mobile-centric blockchain. In addition, the hard fork also includes the launch of various Celo Improvement Proposals (CIPs).
A few notable proposals include adding interoperability with new blockchain networks, enhanced Proof-of-Stake validator experience, upgraded network security, compatibility with Ethereum tools like MetaMask, and cheaper encryption. In addition, the hard fork will further improve the network’s accessibility and usage, boosting its adoption rate.
2. Celo’s Partnership With Orbit Chain
Orbit Bridge, the advanced Proof-of-Stake consensus chain, has partnered with Celo blockchain integrating it as an organization chain on the Orbit Bridge. This partnership will create an opportunity for Celo users to bridge tokens directly from the Celo chain to other chains connected to the bridge.
The users and holders of CELO can now seamlessly access and leverage the benefits of the Orbit ecosystem. Moreover, the partnership is also an initiative to enhance interoperability and allow Orbit Bridge users to experience the economic benefits of Celo and all the assets based on the crypto token.
3. “DeFi For The People” On Celo
Announced on August 30, 2021, the ‘DeFi for the People’ initiative emerged out of Celo’s partnership with leading DeFi projects in the market. Under the program, multiple global crypto organizations are coming together to bring DeFi to the 6 billion smartphone users worldwide. The platform will be built on top of the Celo platform, making CELO a must-buy cryptocurrency now. The founding partners of the initiative include Aave, Curve, Sushi, PoolTogether, 0x, UMA, Valora, Ubeswap, and Moola Market. Moreover, this innovative program will offer over $100 million in educational incentives, grants, and other incentives. With more new real-world applications for DeFi within the pipeline, CELO could likely be a millionaire-maker investment for investors in the future.
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Could Celo Be A Millionaire-Maker Coin?
Invest in CELO now to generate massive returns in the long run.
Thanks to its focus on catering to smartphone users and its aim to make DeFi globally accessible and user-friendly, Celo is poised for growth. Moreover, CELO aims to increase utility to the marginalized regions of the sector where most people have no access to conventional banking services.
Through its arsenal of smart contracts and decentralized applications, smartphone users can now access several potential DeFi features seamlessly. Additionally, Celo has partnered with several established institutions like Deutsche Telekom to help the network build a global payment platform accessible to everyone. With more updates and partnerships, CELO seems to be a must-buy cryptocurrency now for doubling your investments in the long run.
Unlike other cryptocurrencies, Celo has a unique and real-world aim. It seeks to introduce billions of smartphone users to the cryptocurrency arena. The increasing adoption of the Celo platform will undoubtedly increase the token's price. Moreover, with DeFi in its infancy and interoperability rapidly rising as a necessary feature for blockchains, Celo could likely be a millionaire-maker coin for investors.