CELO Price Rallies 40% After Launch of $20 Million Incentive Program

Key Insights:

• In tandem with the announcement of the Incentive Program, the protocol’s native token saw a rally.
• CELO’s price was up 40% in two days.
• Celo also introduced an open-source API specification for payment providers called FiatConnect.

On April 4, the Celo Foundation announced the launch of ‘Connect the World,’ a $20 million campaign to incentivize the development of ‘high-quality Celo on- and off-ramps around the globe.’

Pumping the Ecosystem

Celo, a proof-of-stake layer 1 blockchain, announced a new $20 million incentive campaign at the start of the Celo Connect conference this week in Barcelona, Spain. The campaign called ‘Connect the World,’ aims to incentivize the development of high-quality Celo on- and off-ramps worldwide.

At the same event, the Foundation also introduced ‘Fiat Connect,’ an open-source application programming interface (API) specification for payment providers to make integrations more scalable.

According to Celo Foundation’s Medium post, the campaign begins with an offer of $50K to the first payment provider in each country to integrate FiatConnect and demonstrate an on- and off-ramp that meets the quality bar. The Foundation will also subsidize on-ramp fees of up to $100K for all providers, making it affordable for users to access Celo assets.

CELO’s price went up by more than 60% since the start of April to its highest point in over three months. This comes amid the project’s latest initiative that plans to spend $20 million to incentivize the development of Celo on- and off-ramps.

The new initiative will work with Celo Foundation’s stablecoins – cUSD, cEuro, and cREAL.

CELO Reaches 3-Month ATH

After the launch of Celo’s new incentive program, the project’s native token price began to rally. The coin surged above $5.5 on some exchanges.

Celo is ranked 19th among decentralized finance (DeFi) platforms in terms of total value locked (TVL), as per analytics firm DeFi Llama. The coin had a market capitalization of over $1.8 billion at press time.

At the time of writing, the coin had corrected to some extent and traded at $4.41. However, on a daily time frame, CELO was still up by 4.30%, while on the weekly, the asset had gained 29.80%

Celo’s recent gains on the back of ecosystem-centric developments have pushed the coin to its highest price level since mid-January.