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	0.08847USDT	0,69%	11.335.309,80CELO	20.686	0.08786USDT	0.08922USDT
2	CELO-USDT CELO-USDT	okex	A	0.08830USDT	0,71%	4.424.356,96CELO	3175	0.08768USDT	0.08922USDT
3	CELO-USDT CELO_USDT	whitebit	BB	0.08852USDT	0,82%	1.658.507,33CELO	6357	0.08780USDT	0.08926USDT
4	CELO-USDT CELOUSDT	bybit	A	0.08857USDT	0,76%	1.582.292,54CELO	2713	0.08790USDT	0.08921USDT
5	CELO-TRY CELOTRY	binance	AA	4,37TRY	1,30%	833.989,70CELO	794	4,31TRY	4,43TRY
6	CELO-USDT CELOUSDT_SPBL	bitget	BB	0.08840USDT	0,76%	615.848,81CELO	805	0.08773USDT	0.08919USDT
7	CELO-USD CELOUSD	kraken	AA	0.08850USD	1,61%	441.272,66CELO	202	0.08710USD	0.08900USD
8	CELO-USD CGLD-USD	coinbase	AA	0.08860USD	0,91%	396.325,33CELO	500	0.08780USD	0.08920USD
9	CELO-EUR CELOEUR	kraken	AA	0.07920EUR	1,28%	84.832,91CELO	30	0.07820EUR	0.07920EUR
10	CELO-USDT CELO_USDT	gateio	A	0.08904USDT	2,12%	83.725,00CELO	173	0.08719USDT	0.08912USDT
11	CELO-USDT CELO-USDT	kucoin	BB	0.08860USDT	1,14%	81.425,23CELO	511	0.08760USDT	0.08910USDT
12	CELO-USDC CELO-USDC	okex	A	0.08905USDC	1,35%	14.412,36CELO	21	0.08786USDC	0.08905USDC
13	CELO-USD CELO:USD	bitfinex	BB	0.08879USD	1,52%	4707,07CELO	21	0.08746USD	0.08879USD
14	CELO-USDT CELO:UST	bitfinex	BB	0.08846USDT	0,82%	2760,12CELO	22	0.08775USDT	0.08858USDT
15	CELO-USDT CELOUSDT	cexio	BB	0.08594USDT	-4,45%	1950,00CELO	2	0.08994USDT	0.08994USDT
16	CELO-USD CELOUSD	cexio	BB	0.08408USD	-7,11%	207,87CELO	1	0.09052USD	0.09052USD
17	CELO-EUR CELO-EUR	okex	A	0.07864EUR	-6,92%	221,73CELO	3	0.08449EUR	0.08449EUR
18	CELO-USDT celousdt	huobipro	C	0.08830USDT	0,34%	6.396.143,26CELO	9490	0.08800USDT	0.09210USDT
19	CELO-KRW KRW-CELO	upbit	B	120,00KRW	0,84%	5.855.916,75CELO	1112	119,00KRW	120,00KRW
20	CELO-USDC CELOUSDC	bitrue	D	0.09000USDC	3,45%	3.395.851,00CELO	37.164	0.08700USDC	0.09100USDC
21	CELO-USDT celo_usdt	lbank	C	0.08848USDT	0,88%	2.686.474,80CELO	5086	0.08771USDT	0.08915USDT
22	CELO-USDT CELO_USDT	bydfi	-	0.08850USDT	0,80%	2.382.035,90CELO	3327	0.08780USDT	0.08920USDT
23	CELO-USDT celo_usdt	xtpub	-	0.08844USDT	0,59%	2.088.514,50CELO	8051	0.08792USDT	0.08914USDT
24	CELO-USDT CELOUSDT	mexc	C	0.08846USDT	0,64%	860.467,80CELO	3276	0.08790USDT	0.09280USDT
25	CELO-USDT CELOUSDT	bitrue	D	0.08800USDT	1,15%	796.659,30CELO	8738	0.08700USDT	0.08900USDT
26	CELO-USDT celo_usdt	digifinex	D	0.08840USDT	0,57%	555.533,40CELO	6521	0.08790USDT	0.08920USDT
27	CELO-USDT CELOUSDT	latoken	D	0.08932USDT	1,58%	447.767,56CELO	2739	0.08793USDT	0.08932USDT
28	CELO-KRW CELO_KRW	bithumbkorea	-	119,00KRW	0,85%	282.589,19CELO	127	118,00KRW	120,00KRW
29	CELO-EUR CELO-EUR	bitvavo	B	0.07932EUR	1,48%	170.034,96CELO	117	0.07816EUR	0.07943EUR
30	CELO-EUR CELOEUR	bit2me	B	0.07920EUR	1,28%	84.832,91CELO	30	0.07820EUR	0.07920EUR
31	CELO-IDR celoidr	indodax	E	1538,00IDR	-2,23%	2406,24CELO	30	1573,00IDR	1683,00IDR
32	CELO-KRW CELO_KRW	coinone	C	112,70KRW	-8,15%	970,70CELO	1	122,70KRW	122,70KRW
33	CELO-INR CELOINR	coindcx	-	9,01INR	1,48%	942,82CELO	14	8,88INR	9,01INR
34	CELO-THB THB_CELO	bitkub	C	3,50THB	26,14%	932,11CELO	8	2,77THB	3,50THB
35	CELO-USDC CELOUSDC	hitbtc	E	0.07829USDC	0,00%	0CELO	0	0.07829USDC	0.07829USDC
36	CELO-BTC BTC-CELO	upbit	B	0.0₅1230BTC	0,00%	0CELO	0	0.0₅1230BTC	0.0₅1230BTC
37	CELO-USDT CELO_USDT	cryptology	D	0.07450USDT	0,00%	0CELO	0	0.07450USDT	0.07450USDT
38	CELO-KRW celo_krw	korbit	C	118,60KRW	-1,98%	144,38CELO	1	121,00KRW	121,00KRW
39	CELO-CAD CELO_CAD	ndax	C	0.1290CAD	1,57%	25.584,90CELO	11	0.1270CAD	0.1290CAD
40	CELO-USDT CELOUSDT	binanceusa	B	0.08577USDT	0,00%	0CELO	0	0.08577USDT	0.08577USDT
41	CELO-USDT CELOUSDT	coinex	C	0.08559USDT	0,00%	0CELO	0	0.08559USDT	0.08559USDT
42	CELO-USDT CELOUSDT	hitbtc	E	0.09099USDT	0,00%	0CELO	0	0.09099USDT	0.09099USDT
43	CELO-BTC CELOBTC	hitbtc	E	0.0₅1074BTC	0,00%	0CELO	0	0.0₅1074BTC	0.0₅1074BTC
44	CELO-BRL CELO-BRL	mercadobtc	C	0.5000BRL	0,00%	0CELO	0	0.5000BRL	0.5000BRL
45	CELO-GBP CGLD-GBP	coinbase	AA	0.1060GBP	0,00%	0CELO	0	0.1060GBP	0.1060GBP
46	CELO-EUR CGLD-EUR	coinbase	AA	0.1700EUR	0,00%	0CELO	0	0.1700EUR	0.1700EUR
47	CELO-INR CELO_INR	unocoin	-	32,00INR	0,00%	0CELO	0	32,00INR	32,00INR