Decentralized Finance (DeFi) has emerged as a transformative force not only for the cryptocurrency market but for financial markets in general in 2021, thanks to the easy access and security that blockchain-based protocols provide for smart contracts.
One project that aims to take DeFi’s simplicity to the next level is Celo (CELO), an open blockchain ecosystem that makes financial instruments accessible to anyone with a mobile phone.
Data from Cointelegraph Markets Pro and TradingView show that the price of CELO rose 50% from a low of $ 4.29 on late May 16 to an intraday high of $ 6.70 on May 18, which is an 740% increase in 24-hour trading volume.
A quick scroll through the project’s Twitter feed reveals that the excitement in the Celo community has increased in recent weeks due to the upcoming “donut” hand fork slated for May 19th.
Donut is the first of many hard forks planned for Celo and the first hard fork of the new generation Layer 1 proof-of-stake networks like NEAR, Solana and Polkadot. We are very happy about this new milestone. #DonutIsComing pic.twitter.com/QMeIvesYzw
– Celo (@CeloOrg) May 10, 2021
According to the team’s documentation, the hard fork will bring Celo users numerous benefits, including greater gas efficiency, improved interoperability in demonstrating use, and the ability to connect to many of the Ethereum (ETH) tools available such as MetaMask.
Some of the other Layer-One protocols that Celo can use to work more smoothly are Cosmos (ATOM), NEAR, and Solana (SOL).
The positive development for CELO was picked up in the VORTECS ™ data from Cointelegraph Markets Pro, which noted a positive outlook for the token on May 13 before the recent price hike.
The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
As can be seen in the graph above, the VORTECS ™ Score rose to the green zone on May 13th and stayed elevated for two days. A high score of 73 came on May 14, about 67 hours before the CELO price rose 50%.
With DeFi still in its infancy and with interoperability an important part of any network with long-term ambitions, Celo appears to be well positioned to see further growth and token appreciation as it focuses on serving and on smartphone users Interaction with DeFi is globally accessible and user-friendly.
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