WHAT IS THE CELO BLOCKCHAIN?
"DeFi for smartphone"
We will see on this page how to use the Celo blockchain and its DeFi part.
It is important to understand the difference between investing on a centralized exchange platform (CEX), and direct investing on a blockchain.
Presentation of the Celo token
1) The Wallet
2) The Deposit
Presentation of the Celo network
Celo is a blockchain ecosystem focused on increasing the adoption of cryptocurrencies for smartphone users.
By using phone numbers as public keys, Celo hopes to introduce the billions of smartphone owners around the world, including those without bank access, to cryptocurrency transactions.
The network also makes it possible to create smart contracts and decentralized applications (DApps) within the framework of decentralized finance ( DeFi ). Its mainnet was launched in April 2020 and the platform has several native tokens.
CELO is a proof-of-stake (PoS) token used for transaction costs, participation in governance and related activities. In the future, the platform aims to host various stable currencies, such as the Celo Dollar (CUSD), or the Celo Euro (CEUR).
The fees are very advantageous and the speed of execution of transactions is astounding.
1) The Wallet
How to access Celo's services?
Using a 3.0 wallet with Celo
Before you can use the Celo blockchain, you will need to own a web 3.0 wallet. You can use a wallet like MataMask, Trust Wallet etc. MetaMask is very practical and the app has just celebrated its 5 million users.
MetaMask allows you to store tokens on blockchains.
If handling seems complicated to you, you can invest
on Celo more easily from Coinbase or Binance.
2) The Deposit
How to deposit funds on Celo?
Deposit from a Centralized Exchange (CEX)
On centralized exchanges like Binance, the button to move funds to another network address is often indicated by "Withdraw" or Withdraw ".
Once this button is found, click and double-check the information for the future withdrawal. If the information is correct, validate the transaction and in a few minutes the funds will be in your 3.0 wallet.
⚠️Be careful, however, any address error could result in the loss of funds.
⚠️Some exchanges charge high fees when withdrawing and exiting assets from your account to an external wallet.
✅ Binance allows free withdrawal to the Celo blockchain.
The operations performed below are on the Blockchain. You will need to have
governance token, to use it as Gas and carry out transactions.
Bridging funds from another blockchain to Celo
What is a Bridge Crosschain?
The Bridge allows funds to be transferred from one Blockchain to another. For example if you have USDC on Binance Smart Smart , you can send your funds in USDC to the Celo blockchain. This operation will generally waste you a few tens of seconds.
The principle is based on liquidity pools that guarantee the currency on each side of the network.
I selected 2 fully crosschain bridges to send funds to Celo.
First, connect your wallet to the protocol of your choice. Choose the source blockchain of the funds and the destination blockchain. Check the currency and fees, then bridge your funds.
3) The DEX
Celo's biggest decentralized exchanges
Swap from a Decentralized Exchange (DEX)
Sooner or later you will have to use a cryptocurrency swap service, it will be the best alternative to exchange your funds with another currency, almost no transaction fees. The biggest swap service on Solana is Raydium, followed by Orca. Initially, it is an AMM, a protocol allowing users to deposit crypto into liquidity pools and be paid for it.
Use the explorer to verify transactions
Celo's Scan Explorer is explorer.celo.org
Like any blockchain, all transactions are visible on the explorer. Go to the site with your transaction ID to check its status, you can also check your funds or the number of holders on a contract. Enter what you are looking for in the explorer.celo.org search bar to get results.