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About Celo
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Celo FAQ
Celo is a Layer 1 blockchain compatible with the Ethereum virtual machine (EVM). Its primary objective is to promote financial inclusivity and streamline the onboarding process for DeFi. Notably, Celo has a mobile-friendly design, prioritizing accessibility for users. Additionally, Celo offers a suite of stablecoins pegged to real-world assets, providing stability within its ecosystem.
Celo opens the world to financial inclusivity by making stablecoins accessible and less volatile. Plus, the ecosystem is carbon-negative and comes with a rich Decentralized Application (Dapp) ecosystem — allowing users to explore a world of possibilities.
Easily buy CELO tokens on the OKX cryptocurrency platform. Available trading pairs in the OKX spot trading terminal include CELO/USDT.
You can also buy CELO with over 99 fiat currencies by selecting the "Express buy" option. Other popular crypto tokens, such as Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and USD Coin (USDC), are also available.
You can also swap your existing cryptocurrencies, including XRP (XRP), Cardano (ADA), Solana (SOL), CELO with zero fees and no price slippage by using OKX Convert.
To view the estimated real-time conversion prices between fiat currencies, such as the USD, EUR, GBP, and others, into CELO, visit the OKX Crypto Converter Calculator. OKX's high-liquidity crypto exchange ensures the best prices for your crypto purchases.
Dive deeper into Celo
Celo (CELO) is a blockchain-powered financial ecosystem that focuses on creating an inclusive and scalable decentralized financial world. It is often referred to as a regenerative finance (ReFi) project because it aims to enable easy user onboarding and foster financial inclusivity. Additionally, Celo strongly emphasizes environmental sustainability through its carbon-negative approach.
What is Celo?
Celo is a Layer 1 blockchain that provides a comprehensive financial toolbox for users and developers involved in decentralized finance (DeFi). It offers a range of decentralized applications (Dapps) and operates on a transparent governance model. One notable feature of Celo is its ability to utilize real-world assets, such as cEUR and cUSD, as digital currencies through its stablecoin suite.
At the core of Celo's stablecoin suite is the Mento protocol, which efficiently manages the stablecoins. Additionally, Celo is designed with a mobile-first approach, prioritizing a user-friendly experience and enabling quick and seamless user onboarding.
The Celo team
Celo was founded in 2017 by Rene Reinsberg, the president of the Celo Foundation. The foundation is a non-profit organization that supports the growth and development of the Celo blockchain. Other founding team members include Sep Kamvar, a computer scientist, Marek Olszewski, the CTO of Celo Labs, and Isha Varshney, head of DeFi.
How does Celo work?
Celo is a decentralized financial blockchain that enables seamless asset transfers between blockchains. It utilizes an Ethereum Virtual Machine (EVM)-compatible chain secured by the Byzantine fault tolerance (BFT) consensus mechanism. The involvement of Proof of Stake (PoS) consensus provides staking incentives for CELO token holders, who also use CELO tokens for governance votes to influence protocol changes. Celo offers DeFi exposure through its ERC-20 compatible Mento stablecoins. These stable assets, powered by Mento, can be used for transaction fees alongside CELO tokens.
Celo’s native token: CELO
CELO is the native token of the Celo ecosystem, supporting the governance structure and covering network transaction fees. It also plays a crucial role in ensuring the stability of the Mento-powered stablecoins. With a hard supply cap of 1 billion, 50 percent of the CELO tokens are already in circulation.
How to stake CELO?
Staking CELO tokens involves locking them up in smart contracts with pre-defined annual percentage yields (APYs).
To stake CELO tokens, purchase them and transfer them to a Celo-compatible wallet. From there, you can stake your CELO tokens on Celo's native platform or utilize a compatible centralized exchange (CEX) or decentralized exchange (DEX) for staking. On Celo's native platform, staking involves delegating your CELO tokens to a validator or a validator group.
CELO distribution
CELO tokens follow a distribution structure that includes the following segments:
- Initial Coin Offering (ICO) sales pools: This segment includes tokens distributed during the initial coin offering or token sale event.
- Allocation to the community fund: A portion of CELO tokens is allocated to the community fund, intended to support various initiatives and projects within the Celo ecosystem.
- Tokens held by the Celo reserve: A certain percentage of CELO tokens are stored in the Celo reserve, which helps maintain stability and liquidity within the network.
- Allocation to the treasury: CELO tokens are allocated to the treasury to support future developments and incentivize network participants, ensuring the growth and sustainability of the Celo platform.
Celo and the future of carbon-negative blockchains
Celo is at the forefront of carbon-negative blockchains, emphasizing sustainability as a core focus. In addition to its commitment to being carbon-negative, Celo actively supports DeFi applications and has forged partnerships to enhance its ecosystem. A notable collaboration is with Chainlink, providing developers building on Celo with access to valuable data.
Furthermore, the Celo ecosystem is expanding its horizons by incorporating INX, the native token of the Insight Protocol, into its ecosystem. This expansion showcases Celo's commitment to fostering interoperability and embracing innovative projects within its network.
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