The network’s native token, Celo (CELO), surged the most of any of the top 100 crypto assets by market cap today before cutting some of its gains.
As of 16:32 UTC, CELO is up 8% over the past day and 43% over the last 7 days. The token traded at $4.65 after hitting a high of just over $5.2 earlier in the day. The price also increased by 62% in a month and by 5% in a year.
Today’s gain marks the peak of a period of sustained price growth that began around mid-March when the token was trading at just $2.40. However, CELO is still below its January peak and well below its all-time high of around $10 last August.
CELO price since the beginning of the year:
Today’s high results were achieved after the conference Celo Connect in Barcelona, Spain, opened its doors on Monday, with high-profile speakers such as Chris Dixon, partner at the venture firm Andreessen Horowitz (a16z).
Topics covered on the first day of the conference included payment systems in developing countries, carbon credits and the concept of regenerative finance. Celos’ insight into how decentralized finance (DeFi) solutions can have a positive impact on improvement.
Meanwhile, Monday also announced a new development campaign dubbed Connect the World within which Celo Foundation highlighted $20 million to incentivize the development of additional entrances and exits for Celo.
Plans include a new open-source Application Programming Interface (API) specification for fiat payment providers called FiatConnect, which is expected to ease integration.
In addition, a subsidy has been announced to make the Celo entrances more accessible to users. The subsidy is $100,000 and must be extended to all service providers.
Celo is a proof-of-stake blockchain network that positions itself as a greener alternative to other blockchains. He describes himself as an advocate for financial inclusion, making digital assets accessible to everyone.
The network currently supports three stablecoins CUSD, CEUR, and CREAL, which track the value of the US dollar, euro, and Brazilian real, respectively.
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