Question 1

What is the Celo project?

Accepted Answer

Celo is a blockchain platform focused on enhancing financial inclusion by enabling fast, low-cost mobile payments and decentralised financial applications (DeFi). Originally launched as a Layer 1 (L1) blockchain, Celo is transitioning to an **Ethereum Layer 2 (L2)** using the **Optimism OP Stack**. This transition, initiated in **Celo Governance Proposal (CGP-133)**, enhances security, scalability, and interoperability with the Ethereum ecosystem while maintaining Celo's core features, such as mobile accessibility and low transaction costs.

Celo’s architecture includes:  
- **Execution Layer:** EVM-compatible, allowing Ethereum-based smart contracts and decentralised applications to be deployed directly on Celo.  
- **Data Availability Layer:** Utilising **EigenDA** for cost-efficient off-chain transaction data storage.  
- **Settlement Layer:** Transactions are finalised on **Ethereum L1**, leveraging its security guarantees.

Key changes introduced with the L2 upgrade include:  
- **Centralised Sequencer:** Replacing the former Byzantine Fault Tolerant (BFT) consensus mechanism. Validators no longer produce blocks but still participate in governance and receive staking rewards.  
- **Token Duality:** CELO functions as both a native token and an **ERC-20 token** across both L1 and L2.  
- **Native Bridge:** A direct bridge connecting Celo L2 and Ethereum for seamless cross-chain asset transfers without third-party services.  
- **Fee Abstraction:** Users can pay gas fees in various ERC-20 tokens, expanding accessibility beyond the native CELO token.

Celo maintains **decentralised governance**, where CELO token holders propose and vote on protocol changes. The migration process includes technical modifications, such as removing the BFT validator infrastructure and reducing block times from **5 seconds** to **1 second**.

Question 2

What is Celo (CELO)?

Accepted Answer

**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.

Question 3

What is Celo (CELO) used for?

Accepted Answer

- **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.

Question 4

Who created Celo (CELO)?

Accepted Answer

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.

#	Instrument	Exchange	Benchmark Score	Price	24h Change	24h Volume	24h Trades	24h Open	24h High
1	CELO-USDT CELOUSDT	binance	AA	0.08031USDT	-7.16%	4,929,966.70CELO	8,034	0.08650USDT	0.08710USDT
2	CELO-USDT CELO-USDT	okex	A	0.07990USDT	-7.67%	1,488,298.77CELO	1,261	0.08654USDT	0.08694USDT
3	CELO-USDT CELO_USDT	whitebit	BB	0.08018USDT	-7.34%	1,144,628.48CELO	5,056	0.08653USDT	0.08718USDT
4	CELO-USDT CELOUSDT	bybit	A	0.08030USDT	-7.55%	424,663.30CELO	704	0.08686USDT	0.08708USDT
5	CELO-USDT CELOUSDT_SPBL	bitget	BB	0.08011USDT	-7.52%	219,827.92CELO	374	0.08662USDT	0.08704USDT
6	CELO-USD CELOUSD	kraken	AA	0.08019USD	-7.60%	104,675.70CELO	42	0.08680USD	0.08680USD
7	CELO-USD CGLD-USD	coinbase	AA	0.07950USD	-8.20%	102,710.56CELO	184	0.08660USD	0.08700USD
8	CELO-TRY CELOTRY	binance	AA	3.98TRY	-7.36%	46,968.00CELO	67	4.29TRY	4.29TRY
9	CELO-USDT CELO_USDT	gateio	A	0.07978USDT	-7.98%	42,720.00CELO	50	0.08670USDT	0.08670USDT
10	CELO-USDT CELO-USDT	kucoin	BB	0.08000USDT	-7.73%	19,239.92CELO	103	0.08670USDT	0.08670USDT
11	CELO-USDT CELO:UST	bitfinex	BB	0.08065USDT	-6.86%	6,997.00CELO	62	0.08659USDT	0.08659USDT
12	CELO-EUR CELOEUR	kraken	AA	0.07370EUR	-4.16%	1,634.86CELO	2	0.07690EUR	0.07690EUR
13	CELO-EUR CELO-EUR	okex	A	0.07362EUR	1.74%	502.58CELO	1	0.07235EUR	0.07362EUR
14	CELO-USD CELOUSD	cexio	BB	0.08318USD	-2.33%	319.80CELO	1	0.08517USD	0.08517USD
15	CELO-USDC CELO-USDC	okex	A	0.08062USDC	-6.94%	269.25CELO	4	0.08664USDC	0.08664USDC
16	CELO-USDT CELOUSDT	cexio	BB	0.08307USDT	-2.67%	191.88CELO	1	0.08535USDT	0.08535USDT
17	CELO-USD CELO:USD	bitfinex	BB	0.08424USD	-3.28%	157.66CELO	1	0.08710USD	0.08710USD
18	CELO-KRW KRW-CELO	upbit	B	108.00KRW	-6.09%	3,852,948.49CELO	875	115.00KRW	116.00KRW
19	CELO-USDC CELOUSDC	bitrue	D	0.08200USDC	-6.82%	2,508,569.60CELO	36,058	0.08800USDC	0.08900USDC
20	CELO-USDT celo_usdt	lbank	C	0.08018USDT	-7.36%	1,272,709.00CELO	2,707	0.08655USDT	0.08706USDT
21	CELO-USDT CELO_USDT	bydfi	-	0.08030USDT	-7.17%	1,065,082.00CELO	2,064	0.08650USDT	0.08710USDT
22	CELO-USDT CELOUSDT	mexc	C	0.08031USDT	-7.27%	648,046.45CELO	2,988	0.08661USDT	0.08713USDT
23	CELO-USDT celo_usdt	xtpub	-	0.08033USDT	-7.13%	492,959.40CELO	2,466	0.08650USDT	0.08710USDT
24	CELO-USDT CELOUSDT	bitrue	D	0.08000USDT	-6.98%	309,643.30CELO	3,344	0.08600USDT	0.08700USDT
25	CELO-USDT celo_usdt	digifinex	D	0.08030USDT	-7.38%	222,238.70CELO	3,193	0.08670USDT	0.08710USDT
26	CELO-USDT celousdt	huobipro	C	0.08040USDT	-7.27%	186,582.25CELO	268	0.08670USDT	0.08810USDT
27	CELO-USDT CELOUSDT	latoken	D	0.08321USDT	-3.99%	176,095.10CELO	1,082	0.08667USDT	0.08716USDT
28	CELO-KRW CELO_KRW	bithumbkorea	-	107.00KRW	-6.14%	116,473.20CELO	94	114.00KRW	116.00KRW
29	CELO-EUR CELO-EUR	bitvavo	B	0.07185EUR	-6.50%	43,581.32CELO	24	0.07685EUR	0.07706EUR
30	CELO-USDT CELOUSDT	binanceusa	B	0.08042USDT	-6.60%	15,187.70CELO	11	0.08610USDT	0.08610USDT
31	CELO-KRW celo_krw	korbit	C	109.80KRW	-6.07%	2,330.82CELO	3	116.90KRW	116.90KRW
32	CELO-EUR CELOEUR	bit2me	B	0.07370EUR	-4.16%	1,634.86CELO	2	0.07690EUR	0.07690EUR
33	CELO-THB THB_CELO	bitkub	C	2.70THB	-6.25%	1,310.45CELO	5	2.88THB	2.95THB
34	CELO-BTC BTC-CELO	upbit	B	0.0₅1050BTC	0.00%	0CELO	0	0.0₅1050BTC	0.0₅1050BTC
35	CELO-INR CELOINR	coindcx	-	8.36INR	-2.90%	791.78CELO	11	8.61INR	8.84INR
36	CELO-USDC CELOUSDC	hitbtc	E	0.07829USDC	0.00%	0CELO	0	0.07829USDC	0.07829USDC
37	CELO-IDR celoidr	indodax	E	1,477.00IDR	-4.09%	415.07CELO	11	1,540.00IDR	1,540.00IDR
38	CELO-USDT CELO_USDT	cryptology	D	0.07450USDT	0.00%	0CELO	0	0.07450USDT	0.07450USDT
39	CELO-KRW CELO_KRW	coinone	C	108.20KRW	-4.84%	290.39CELO	2	113.70KRW	113.70KRW
40	CELO-CAD CELO_CAD	ndax	C	0.1120CAD	-5.08%	147.20CELO	7	0.1180CAD	0.1190CAD
41	CELO-USDT CELOUSDT	hitbtc	E	0.09099USDT	0.00%	0CELO	0	0.09099USDT	0.09099USDT
42	CELO-BTC CELOBTC	hitbtc	E	0.0₅1074BTC	0.00%	0CELO	0	0.0₅1074BTC	0.0₅1074BTC
43	CELO-BRL CELO-BRL	mercadobtc	C	0.4371BRL	0.00%	0CELO	0	0.4371BRL	0.4371BRL
44	CELO-GBP CGLD-GBP	coinbase	AA	0.1060GBP	0.00%	0CELO	0	0.1060GBP	0.1060GBP
45	CELO-EUR CGLD-EUR	coinbase	AA	0.1700EUR	0.00%	0CELO	0	0.1700EUR	0.1700EUR
46	CELO-INR CELO_INR	unocoin	-	32.00INR	0.00%	0CELO	0	32.00INR	32.00INR