Wormhole Chains — Celo

Wormhole
3 min readJun 20, 2022

Welcome to the first edition of our new series “Wormhole Chains”, in which we present new chains that are now part of the Wormhole network.

Table of contents

  1. What is Celo?
  2. Markets
  3. Future
  4. Contact & Docs

1. What is Celo?

Celo is a mobile-first, fully EVM-compatible layer-1 blockchain that gives anyone with a mobile phone access to decentralized financial (DeFi) tools and services. It aims to break down barriers by bringing the powerful benefits of DeFi to the 6 billion smartphones in circulation today.

The Celo protocol consists of a decentralized, proof-of-stake blockchain technology stack (the Celo Protocol), the CELO token, and several Mento Protocol stable assets on Celo (cUSD, cEUR, cREAL) that make it easy to use crypto like cash.

Celo is supported by a community of organizations and individuals, including Jack Dorsey and a16z. Recent partnerships with Deutsche Telekom (German Telecommunications company), payU, and Kickstarter aim to build on Celo’s social mission and focus on global accessibility through mobile access to the blockchain.

Use cases

The Celo blockchain offers users fast, low-cost access to several DeFi solutions:

Features

  • Celo uses the Istanbul BFT (IBFT) consensus mechanism
  • Celo maps wallet addresses to phone numbers to make financial tools accessible to anyone with a smartphone
  • Celo also uses Plumo, a zk-SNARK based system that allows mobile and resource-constrained nodes on the Celo network to sync to the Celo blockchain faster and with less data
  • High throughput and low latency with 5s average block time
  • First carbon-negative blockchain with a carbon offset of 65.7 tons per month
  • Low transaction fees: average fee <$.01

Celo Ecosystem

An Ethereum-compatible technology capable of reaching global users at scale, Celo turns crypto into usable money. How? With a multi-asset system: a governance and staking asset (CELO) and a family of stablecoins. Since the Mainnet launched in 2020, Celo’s network now supports 1000+ projects from builders, developers, and artists who create new applications daily and issue digital currencies from over 100 countries around the world. Celo’s growing ecosystem of creators, founders, and builders are encouraged to build infrastructure, products, and services that empower people everywhere and foster the Celo Foundation’s mission to create a more accessible and inclusive global financial system.

2. Markets

A) Mobius

Mobius, a cross-chain DEX optimized for similarly priced pairs, will support portal-wrapped USDC originating from Ethereum in the USDCet (Portal)-cUSD pool.

B) Ubeswap

Ubeswap, a partner of Celo’s DeFi for the People initiative, is a decentralized exchange protocol for automated liquidity provision. Built on the mobile-first Celo blockchain, it enables anyone with a smartphone to exchange any two ERC20 tokens quickly and easily. Mento assets, such as CELO, cUSD, community assets (e.g., PACT, MOO and UBE), and bridged assets, such ETH, BTC, and SOL, are frequently traded on the platform. Liquidity providers can earn revenue that is paid for by traders who swap assets through the Ubeswap automated market maker. The CELO-ETH (Portal) Ubeswap liquidity pool is now live.

C) Moola.Market

Moola Market is a non-custodial lending and liquidity protocol. Depositors earn compound interest, which is paid for by borrowers who take over-collateralized loans, delegated loans, or flash loans.

3. Future

Wormhole is proud to be part of Celo’s mission to build a financial system in which everyone can prosper. By going cross-chain with Wormhole, Celo enables native and non-native digital assets (both cryptographic and Central Bank Digital Currencies (CBDCs)) to circulate freely across devices, carriers, and countries. Doing so makes money mobile, global, and more accessible than ever.

4. Contact & Docs

Stay up to date with Celo by following their social channels or dive into their Docs!

Website | Twitter | Medium | GitHub | Reddit | Telegram | YouTube

Join the ever-growing Wormhole community

If you have questions, need support, or just want to connect, join the Wormhole community, and keep up to date with our up-and-coming announcements. We’re always happy to hear feedback. Join our discord, and drop us a comment!

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