Celo defies the slump in the crypto market because the token increases by 28%

Projects such as mento, Moola Market, Ubeswap, Poof Cash and Mobius Money have accelerated the growth of the Celo defi ecosystem.

A growing defi ecosystem and an increasing blocked total value have helped the crypto token to a promotion.

Celo sees a quick growth of the ecosystem

Celo climbed up. The Layer 1 Blockchain crypto token rose by 28.6% yesterday and was traded at $ 7.13. Celo is an EVM-compatible proof-of-stake network with a focus on providing decentralized applications for mobile users.

Thanks to the organic demand for the token, Celo has increased in the last 24 hours in the middle of a cryptoma market width. Many other digital assets, including the native tokens for the Layer 1 networks ,,, and, currently act in the minus.

The result of Celo can probably be attributed to the burgeoning defi ecosystem and the incentives for liquidity mining for the use of various crypto dapps in the network.

One of the core teams working on Celo recently opened the Optics Bridge to help defi enthusiasts to transfer their crypto assets from Ethereum and Polygon to Celo. Since more and more people have bridged ERC-20 tokens with the network, the blocked total value has exceeded $ 946 million according to Defi Llama.

Last month, the team announced a liquidity mining program called Defi4thepeple, which offers more than $ 100 million in rewards to support the introduction of Defi. Since then, the incentives have contributed to the fact that the blockchain has continuous growth of the total value.

Some of the top defi projects that have contributed to this Celos growth belong to mento, moola market, ubeswap, poof cash, mobius money, symmetric and.

Mobius Money, a decentralized stock exchange focused on StableCoin, which has some similarities with curve finance, currently offers a return of 400% and ETH, which has caused many defi investors to connect their assets to the network.

Celo is not the only Layer 1 coin to rise in the past few weeks. In the past few weeks, other assets such as Solanas, Avax from Avalanche and Atom of Cosmos have risen to the growing interest to burgeoning Layer 1 networks, although none of them have survived the slump this week. Meanwhile, Celo has seen a sudden increase. After being traded at around $ 5 in the last week, the upward trend for the crypto is still.