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Celo Overview
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About Celo
CELO is the native utility and governance token of the Celo blockchain. Initially launched as a native asset on Celo's Layer 1 blockchain, it now functions as both a native token and an ERC-20 token on the Layer 2 network. This token duality ensures compatibility across both Celo and Ethereum ecosystems without the need for token wrapping or conversion.
The CELO token has a fixed supply of 1 billion tokens, with a portion reserved for the Celo Foundation and community initiatives. The L2 migration introduces smart contract-based reward distribution, replacing epoch-based staking rewards.
- Transaction Fees: CELO is the primary asset for paying gas fees on the Celo blockchain. The Layer 2 transition introduced an EIP-1559 fee model, with a base fee floor of 25 Gwei on testnets. - Staking and Security: CELO can be staked to secure the network, with staking rewards distributed through smart contracts. Validators no longer produce blocks but continue to participate in governance and receive rewards. - Decentralised Governance: CELO powers the Celo Governance Smart Contract, which manages protocol changes and network upgrades. Governance involves: - Proposal Submission: Users submit proposals with a CELO deposit. - Approval Phase: Initial approval by a multi-sig controlled by the Celo Foundation. - Referendum: Token holders vote using locked CELO. - Execution: Approved proposals are executed by the governance contract. A hotfix process is available for critical issues requiring immediate action. - Gas Fee Abstraction: Users can pay transaction fees using multiple ERC-20 tokens, including cUSD, cEUR, cREAL, USDC, and USDT. - Bridging and Interoperability: CELO supports cross-chain transfers between Ethereum L1 and Celo L2 through a native bridge, maintaining compatibility across both chains. - Validator and Staking Rewards: Despite the removal of active validators in the consensus process, staking rewards remain available and are distributed via smart contracts.
Celo was created by cLabs, a blockchain technology company founded in 2017 by: - Rene Reinsberg – Entrepreneur and co-founder of GoDaddy’s domain marketplace. - Marek Olszewski – Former Google AI researcher and co-founder of Locu. - Sep Kamvar – Former MIT professor and decentralised systems expert. cLabs is supported by the Celo Foundation, a non-profit entity focused on promoting the development of the Celo ecosystem. The Foundation oversees grants, partnerships, and community initiatives aimed at expanding Celo's global adoption and financial inclusion mission.
The migration from L1 to L2 was initiated by cLabs and the Celo community through CGP-133, with continued collaboration between the Foundation, node operators, and ecosystem developers.
Celo Markets
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Celo Market Data
The live Celo price today is $0.08 USD with a 24-hour trading volume of $1,118,945.53 USD. We update our CELO to USD price in real-time. Celo is down 1.41% in the last 24 hours.
The current market cap is $48,904,511.01 USD, ranking #333 by market capitalization. The circulating supply is 597,552,519 CELO out of a max supply of 1,000,000,000 CELO.