Celo (CELO)
Celo is an Ethereum Layer-2 and mobile-first blockchain network created to enable fast and low-cost global payments. Its ecosystem includes the Celo Platform, a proof-of-stake blockchain, the native CELO token, and gas currencies such as USDC and USDT. The platform supports localized stable assets like cUSD, cEUR, cREAL, and eXOF. Celo boasts integrations with infrastructure solutions like Uniswap V3, Curve, Chainlink, and Rarible. Launched on Earth Day in 2020, it has facilitated over 1,000 projects focused on global prosperity. The network was co-founded by Rene Reinsberg and Marek Olszewski, who are also associated with the Celo Foundation and cLabs.
| Ticker | CELO |
| Category | Smart Contract Platform |
| Website | https://celo.org/ |
| @celo | |
| Telegram | celoplatform |
| Contract Addresses | |
|---|---|
| celo | 0x47...38 Copied! |
Overview
Celo is designed to provide an accessible financial ecosystem for mobile users, requiring only a mobile number for entry. It features a Layer-1 protocol with EVM compatibility, proof-of-stake, a carbon-negative approach, and mobile-first identity. The network supports ultra-light clients and allows gas to be paid in multiple currencies. Celo uses a decentralized identity layer to map phone numbers to wallet addresses, simplifying payments. Mobile participants can earn rewards for maintaining system security. The network employs a unique address-based encryption algorithm and stable-value tokens pegged to fiat currencies.
Dango Testnet
The Dango Testnet, first proposed at EthCC 2023, serves as the initial public test network for Celo Layer 2, aimed at developers. Launched on July 7, 2024, it demonstrates successful state migration and lays a foundation for future developments. Running alongside the Alfajores testnet, Dango allows infrastructure providers to adapt to the L2 codebase before other testnets and the mainnet are upgraded. It retains most Celo features while introducing new capabilities like full Alfajores history, dual CELO token use, fee abstraction, and native bridging.
Architecture
Celo stack
Celo aims to deliver a simple user experience, particularly for those unfamiliar with cryptocurrencies and using low-cost devices. It employs a full-stack approach, designing each layer with the end-user in mind, while also considering stakeholders like network node operators.
Celo blockchain
Celo is an open cryptographic protocol that facilitates secure and decentralized transactions and smart contracts. It shares ancestry with Ethereum and is fully EVM compatible, yet it uses a Byzantine Fault Tolerant (BFT) consensus mechanism (Proof-of-Stake) instead of Proof-of-Work. The blockchain features unique block and transaction formats, client synchronization protocols, and gas payment mechanisms.
Core contracts
Celo Core Contracts are smart contracts that manage platform features like ERC-20 stable currencies, identity attestations, proof-of-stake, and governance. These upgradeable contracts are managed through a decentralized governance process. Applications like the Celo Wallet enable users to manage accounts and make payments via the Celo blockchain, interacting with the Core Contracts’ API.
Celo protocol
Celo's blockchain implementation is based on go-ethereum, the Go implementation of the Ethereum protocol. Celo employs a Byzantine Fault Tolerant (BFT) consensus protocol using validators to agree on new blocks. The software instances participating in this protocol are known as validators, with active or elected validators distinguished from registered ones. The consensus protocol is based on Istanbul (IBFT), developed by AMIS, which Celo has updated for scalability and security.
Validator elections
CELO holders can participate in Validator Elections to earn rewards. Rather than voting directly for validators, they vote for validator groups, moving their CELO balances into the Locked Gold smart contract. Locked Gold is used for voting in Validator Elections, maintaining a stake, and voting on governance proposals.
Ultralight sync
Celo supports an ultralight sync mode, allowing nodes to compute the validator set for the current epoch by downloading minimal data, which is significantly less than light nodes. This mode supports efficient synchronization with the Celo mainnet.
Governance
Celo uses on-chain governance to manage and upgrade the protocol. Changes to smart contracts, the addition of stable currencies, and modifications to reserve asset allocation require approval from CELO holders, with a quorum determining the number of votes needed for a proposal to pass.
Celo network
The Celo network consists of machines running the blockchain software. Validators collect transactions, execute smart contracts, and use a BFT consensus protocol to maintain network state. Full Nodes serve requests from light clients, while Light Clients connect to full nodes for data and transaction signing without storing the full blockchain.
Celo wallet
The Celo Wallet is an unmanaged application allowing users to self-custody their funds. It performs key functions like sending transactions using a peer-to-peer light client protocol. The wallet also uses centralized cloud services to enhance the user experience, such as for notifications and activity feeds.
Initiatives
Bloom
Bloom is an advisory program for ecosystem token generation events (TGEs), offering support in areas like launchpads, exchange support, marketing, and strategic advisory on token structure and distribution. It aims to assist projects in preparing for TGEs and developing long-term product strategies.
Connect the World
Launched in April 2022 by the Celo Foundation, the $20M "Connect the World" campaign promotes the development of high-quality on- and off-ramps for Celo globally. It includes FiatConnect, an open-source API for integration, and offers incentives for payment providers to meet integration standards.
Celo
CELO is the native asset of the Celo blockchain, supporting its development and growth. CELO holders can earn rewards, stake with validators, and vote on proposals influencing the ecosystem's future. The token has a maximum supply of 1 billion.
Mento
Mento manages the supply of Celo stable assets based on user demand. It allows users to create or redeem Celo Dollars by exchanging them for CELO, using an accurate oracle for currency exchange rates. Inspired by the Uniswap model, Mento employs virtual buckets to manage reserves.
Granda Mento
Granda Mento facilitates large exchanges of CELO for Celo stable tokens, addressing limitations in Mento and OTC transactions. It provides institutional-grade liquidity for minting or burning large volumes of stable tokens.
Stablecoins
Mento stablecoins like Celo Dollars (cUSD), Celo Euros (cEUR), and Celo Reals (cREAL) are designed for fast, low-cost mobile transactions, supporting remittances, cross-border payments, and other financial activities.
Partnerships
Celo has established partnerships with various organizations, including Safe, Chainlink, Animoca Brands, Google Cloud, Circle, Rarible API, Tether, Optimism, Brave, EthicHub, Toucan, ZeroSwap, and Minipay.