Decentralized finance (DeFi) has become a transformative force not only for the cryptocurrency market but also for the financial markets in general in 2021, thanks to the ease of access and security offered by blockchain-based protocols operating in smart contracts.
One project that aims to take the simplicity of DeFi to the next level is Celo (CELO), the open blockchain ecosystem that makes financial instruments accessible to anyone with a mobile phone.
According to Cointelegraph Markets Pro and TradingView data, CELO rose 50 percent from $4.29 to $6.70 from May 16-18. CELO, with the latest correction in the crypto market, fell to $ 4.85 as of the time of translation release.
A glance at the project’s Twitter page shows that the Celo community is excited about the “Donut” hard fork 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 project team’s documentation, the hard fork will offer Celo users several benefits, such as gas efficiency, improved proof-of-stake interoperability, and connectivity to many of the existing Ethereum tools like MetaMask.