Deep Dive
1. Network Upgrade Support (1 September 2025)
Overview:
CoinEx suspended CELO deposits/withdrawals on 10 September 2025 to facilitate the EigenDA v2 upgrade, part of Celo’s roadmap to enhance scalability and data availability. The upgrade aims to reduce transaction costs and improve throughput for stablecoin-focused DeFi activity.
What this means:
This is neutral for CELO in the short term due to temporary exchange disruptions, but bullish long-term if EigenDA v2 strengthens Celo’s position as a low-cost Ethereum L2. Node operators must upgrade clients to avoid downtime.
(CoinEx)
2. Leadership Shakeup (20 August 2025)
Overview:
Elizabeth Peng, former Head of Marketing at Celo Foundation, became COO to oversee execution of "Vision 2030", targeting mobile-first financial inclusion. The move follows Celo’s post-L2 migration growth, including 600K+ daily users and $1B+ monthly stablecoin volume.
What this means:
This is bullish for CELO, signaling strategic focus on scaling real-world applications. Peng’s promotion aligns with Celo’s emphasis on partnerships (e.g., MiniPay’s 8M+ wallets) and institutional adoption.
(Celo)
3. Stablecoin Interoperability Boost (24 July 2025)
Overview:
The Legacy Mesh integration allowed seamless USDT transfers between Celo and 13+ chains (Ethereum, Tron, etc.), expanding access to Celo’s DeFi ecosystem. USDT now accounts for ~50% of Celo gas fees, reflecting its utility in payments and savings apps like MiniPay.
What this means:
This is bullish for CELO, deepening liquidity and use cases for USDT holders. Cross-chain interoperability could drive volume in Celo-native pools like Velodrome’s 2,909% APY USDT/cEUR LPs.
(Celo)
Conclusion
Celo’s recent upgrades and leadership changes underscore its dual focus on technical robustness and ecosystem growth, particularly in stablecoin infrastructure. With USDT now deeply integrated and governance prioritizing mobile adoption, can Celo’s L2 pivot translate into sustained user growth post-upgrade?