Decentralized Finance (DeFi) has become a transformative force not only for the cryptocurrency market, but for the financial markets in general in 2021 thanks to the accessibility and security provided by blockchain-based protocols backed by smart contracts.
One project looking to take DeFi’s simplicity to the next level is Celo (CELO), an open blockchain ecosystem that makes financial tools available to anyone with a mobile phone.
Data from Cointelegraph Markets Pro and TradingView shows that CELO’s price rose 50% from the low of $ 4.29 at the end of May 16th 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 look at the project’s Twitter feed reveals that tensions in the Celo community have increased in recent weeks due to the upcoming Hard Fork Donut, which is scheduled for May 19.
According to the team’s documents, the hard fork will unlock many benefits for Celo users, including increased gas efficiency, improved voltage proof, and the ability to connect to several Ethereum (ETH) tools such as MetaMask.
Some of the other command protocols that will help Celo update run more smoothly include Cosmos (ATOM), NEAR, and Solana (SOL).
CELO’s bullish momentum was captured in the VORTECS ™ data from Cointelegraph Markets Pro, which began to show a positive outlook for the symbol on May 13th even before its recent rally.
Cointelegraph’s exclusive VORTECS Crude Score is a mathematical comparison of historical and current market conditions drawn from a range of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.
VORTECS ™ (green) indicates the price for CELO. Source: Cointelegraph Markets Pro
As shown in the chart above, the VORTECS steg entered the green on May 13 and remained high for two days with the highest level of 73 received on May 14, about 67 hours before the CELO price rose 50%.
With DeFi still in its infancy and interoperability a good feature of any network with long-term ambition, Celo appears to be well positioned to grow and grow more grateful with its focus on serving smartphone users and striving to interact with DeFi all the time. the world. And comfortable.