The CELO price increased by 50% ahead of the network’s ‘Donut’ hardfork on May 19, which would help improve interoperability and lower gas fees.
Decentralized finance (DeFi) has emerged as a transformative factor not only for the cryptocurrency industry, but for financial markets in general, in 2021, owing to the ease of connectivity and protection provided by blockchain-based protocols based on smart contracts.
Celo (CELO), an open blockchain ecosystem that makes financial resources available to anybody with a cell phone, is one initiative that is aiming to push the simplicity of DeFi to the next level.
Data from TradingView shows that the price of CELO rallied 50% from a low of $4.29 late on May 16 to an intraday high at $6.70 on May 18 on the back of a 740% surge in 24-hour trading volume.
A quick scroll through the project’s twitter feed shows that excitement in the Celo community has been building in recent weeks due to the upcoming ‘Donut’ hardfork that is scheduled for May 19.
Donut is the first of many hardforks that will be planned for Celo, and the first hardfork of the new generation layer-1 Proof-of-Stake networks such as NEAR, Solana, and Polkadot. We are very excited for this new milestone. #DonutIsComing pic.twitter.com/QMeIvesYzw
— Celo ? (@CeloOrg) May 10, 2021
According to the team’s documents, the hard fork would include various advantages to Celo users, such as enhanced gas performance, enhanced proof-of-stake interoperability, and the ability to communicate with several Ethereum (ETH) platforms, such as MetaMask.
Cosmos (ATOM), Close, and Solana are among the other layer-one protocols for which the update would improve Celo’s interoperability (SOL).
With DeFi still in its infancy and interoperability emerging as a must-have capability for any network with long-term ambitions, Celo seems well-positioned for more development and token appreciation due to its emphasis on catering to mobile users and striving to make communicating with DeFi internationally open and user friendly.