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 offered by blockchain-based smart contract protocols.
One project that wants to take the simplicity of DeFi to the next level is Celo (CELO), an open blockchain ecosystem that makes financial instruments available to anyone with a mobile phone.
Data from Cointelegraph Markets Pro and TradingView show that the CELO price rose 50% from a low of $ 4.29 at the end of May 16 to a high of $ 6.70 on May 18 amid a 740% increase in 24-hour trading volume. …
4-hour chart CELO / USDT. Source: TradingView
A quick glance at the project’s Twitter feed reveals that tensions in the Celo community have been building in recent weeks with the upcoming massive Donut promotion scheduled for May 19th.
According to the team’s documents, the hard fork will unlock several benefits for Celo users, including increased gas efficiency, improved proof of effort interactions, and the ability to connect to many of the Ethereum (ETH) tools available, such as MetaMask.
Some of the other Layer 1 protocols that Celo’s update helps to run smoother include Cosmos (ATOM), NEAR, and Solana (SOL).
Bullish CELO was captured in VORTECS ™ data from Cointelegraph Markets Pro, which began to show positive outlook for the coin on May 13 ahead of the recent rally.
The VORTECS score, excluding Cointelegraph, is an algorithmic comparison of historical and current market conditions taken from a number of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.
VORTECS ™ score (green) versus CELO price. Source: Cointelegraph Markets Pro
As shown in the chart above, VORTECS steg rallied to green on May 13 and remained high for two days with a high of 73 on May 14, which is almost 67 hours before the CELO price rose 50%.
As DeFi is still in its infancy and interoperability becomes a feature of any network with long-term ambition, Celo appears to be well positioned to further grow and understand tokens through its focus on meeting the needs of smartphone users and its commitment to interoperability with DeFi globally accessible and user-friendly. … …