Celo

Celo is a Layer 2 network built on top of Ethereum, intended to make blockchain applications accessible to a global audience, including people in regions with limited financial infrastructure. It claims to address the problem of high transaction costs and technical complexity that have historically kept everyday users away from decentralised applications. The CELO token is the native asset of this network.

Celo operates as an Ethereum Layer 2 within the Optimism Superchain ecosystem, meaning transactions are processed on Celo and their validity is ultimately anchored to Ethereum. The network uses a Proof of Stake consensus model, and CELO is used to pay for transaction fees on the chain. Blocks on Celo are produced extremely quickly, with a block time recorded as effectively zero minutes in the stored data, reflecting near-instant finality.

Fees on Celo are paid by users to execute transactions on the network; the median transaction fee on the most recent full day recorded was 0.003685 USD, making individual transactions very inexpensive. Over the trailing 24 hours fees totalled 2,744 USD, over the trailing 7 days 6,867 USD, and over the trailing 30 days 61,205 USD, with fee growth of 2.85 percent over that 30-day period. Annualised from the trailing 30 days, fees project to 744,660.83 USD. Crucially, the protocol recorded zero revenue over both the trailing 30 days and the trailing 12 months, meaning the protocol itself retains none of the fees collected — all fee revenue goes to validators or is otherwise not captured at the protocol level.