Celo

Celo (CELO) is a blockchain platform designed to make decentralized finance (DeFi) accessible to anyone with a smartphone. Launched as a mobile-first blockchain, Celo aims to build a global, inclusive financial ecosystem by reducing barriers to entry for financial services, especially in regions with limited banking infrastructure.

Initially deployed as a standalone Layer 1 blockchain compatible with the Ethereum Virtual Machine (EVM), Celo is now transitioning to an Ethereum Layer 2 (L2) solution. This shift is intended to leverage Ethereum’s robust security and vast ecosystem while maintaining Celo’s low costs and speed, offering seamless integration and interaction between the two networks. The L2 transition aims to improve transaction efficiency, enhance security, and enable native bridging between Celo and Ethereum, reducing reliance on external bridging solutions that have been prone to vulnerabilities​.

Celo's architecture is unique in its emphasis on a mobile-first approach, which includes ultralight clients that allow for fast transactions with low fees. The network also integrates multiple stablecoins, such as cUSD and cEUR, which are key to its mission of providing accessible and stable digital payments.

With over 1,000 projects spanning across 150+ countries, Celo’s ecosystem is vibrant, focusing on decentralized payments, mobile DeFi applications, and regenerative finance (ReFi) projects.