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Sep 21, 2021
by Sep. 21, 2021 Projects like Mento, Moola Market, UbeSwap, Poof Cash, and Mobius Money have accelerated the growth of Celo's DeFi ecosystem. Shutterstock cover by alberto clemares exposito Don't Miss Market Moving News Get daily crypto briefings and weekly Bitcoin market reports delivered right to your inbox. Sign Up Share this article A growing DeFi ecosystem and rising total value locked have helped the CELO crypto token jump in value. The Layer 1 blockchain’s crypto token is up 28.6% today, currently trading at $7.13. Celo is an EVM-compatible Proof-of-Stake network with a focus on providing decentralized applications to mobile users. Thanks to organic demand for the token, CELO has climbed in the last 24 hours amid a crypto market-wide sell-off. Many other digital assets, including the native tokens for the Layer 1 networks Bitcoin, Ethereum, Avalanche , Cosmos, and Dogecoin, are currently trading in the red. Celo’s upshot can likely be attributed to the burgeoning DeFi ecosystem and liquidity mining incentives for using various crypto dApps on the network. One of the core teams working on Celo has recently opened the Optics Bridge, which aims to help DeFi enthusiasts transfer their crypto assets to Celo from Ethereum and Polygon. As an increasing number of people have bridged ERC-20 tokens to the network, its total value locked has crossed $946 million, according to data from DeFi Llama. Last month, the team announced a liquidity mining program called DeFi4ThePeople, offering more than $100 million in rewards to support DeFi adoption. Since then, the incentives have helped the blockchain experience continuous growth in total value locked. Some of the top DeFi projects that have contributed to Celo’s growth include Mento, Moola Market, UbeSwap, Poof Cash, Mobius Money, Symmetric, and SushiSwap. Mobius Money, a stablecoin-focused decentralized exchange that shares some similarities with Curve Finance, is currently offering a 400% yield on USDC and ETH, which has spurred many DeFi investors to bridge their assets to the network. CELO isn’t the only Layer 1 coin to surge in recent weeks. In recent weeks, other assets like Solana’s SOL, Avalanche’s AVAX, and Cosmos’ ATOM have risen amid growing interest in burgeoning Layer 1 networks, though none of them have survived this week’s dip. CELO, meanwhile, has seen a sudden spike. After trading at around $5 for the last week, the bullish trend for the crypto is still in continuation. Disclosure: At the time of writing, the author of this feature owned CELO, ETH, and AVAX. Share this article DisclaimerRead MoreRead Less The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information. You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.