Activity on Celo, the Layer 1 blockchain transitioning to become an Ethereum Layer 2, is surging, driven by the growing use of stablecoins.

The network hit a million monthly active addresses in September, representing a 23% gain from August's 925,000 users, according to Artemis data.

Celo’s growth is tied to the use of stablecoins, particularly Celo USD (cUSD), which accounts for 43% of the stablecoin market on the network. Tether (USDT) makes up 30%, while USD Coin (USDC) holds 27% market share.

To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io