Celo is a new Blockchain. She is compatible with the Ethereum virtual machine and therefore allows the use of the same wallet addresses on the Wallet Metamask.
Indeed as for the Binance Smart Chain or Polygon (Matic) it is possible to add the Celo Blockchain in your Metamask.
The advantage of the Celo Blockchain is that its fees are extremely low (less than 0.01 cents). This tutorial will guide you through integrate the Celo ecosystem.
Presentation of CELO
Celo is a recent blockchain (May 2020), its official website is available at this address https://celo.org
The token used is the CELO as well as two StableCoins like Heart and Cusd.
Stablecoins are backed by CELO and not fiat currencies like Euro and Dollars.
This is very important data since if the CELO encounters a problem the price of the Euro and the Dollars will no longer be good.
The CELO is therefore the central token of the ecosystem, it allows you to pay the costs of your transactions.
The first step is to create a wallet to store the CELO token.
CELO is compatible with METAMASK, I invite you to add the CELO blockchain using ChainList
The manipulation is simple once on https://chainlist.org/ you search for CELO then you add it
Of course, it is strongly recommended to secure MetaMask with a Ledger to avoid the loss of your cryptocurrencies.
You should see the CELO network in your Metamask portfolio
The simplest with Binance
To use the blockchain you have to use the CELO token, the simplest solution in my opinion is to go through BINANCE
Registration on Binance now requires the identity verification, even if it is a rather cumbersome procedure Binance remains a essential market place.
But thanks to Binance you can convert various cryptocurrencies into CELO !
The pick-up address is the one created with your Metamask.
Another solution is to use Bridges. So you can transfer your cryptocurrencies between different Blockchains.
Do you have USDC on the Ethereum network? You can transfer them to the CELO blockchain using Bridges.
To switch from Ethereum to Celo: https://bridge.moss.earth/
Another solution for the Matic Blockchain: https://optics.app/
The disadvantage of bridges is the treatment time sometimes several hours! But the advantage is that you don’t have to create an account.
Now that you have CELO you will be able to deposit them in decentralized finance platforms.
There are different decentralized finance platforms. The goal of this platform is to make grow your cryptocurrencies thanks to high returns.
The platforms offer different solutions such as:
- Deposit CELOs to borrow other cryptocurrencies
- Deposit liquidity (e.g. CELO and WETH)
- Exchange cryptocurrency (e.g. CELO for WETH)
Blockchain being young the fees are low, the network is fast and the interest rates are attractive !
The SUSHISWAP platform
Sushiswap is a recognized platform which is open to different protocols such as Ethereum, Binance Smart Chain or MATIC. She is among the first to join CELO.
Sushiswap allows you to trade and farm cryptocurrency. The rewards are CELO and SUSHI.
The address of the platform: https://app.sushi.com/fr
Beefy the Yield Optimizer
Beefy allows you to optimize your farming, in fact it allows you to automatically reinvest farming rewards to improve your returns.
The application exists on different protocols and now allows the use of the CELO blockchain.
To use the Beefy platform on the Celo network, follow this link: https://app.beefy.finance/#/celo
In the example below Beefy uses the SushiSwap platform.
The ecosystem is developing and we can also mention the following platforms:
Ubeswap: https://ubeswap.org/ (allows to trade and farm)
MoolaMarket: https://app.moola.market/ (it allows you to deposit CELO to borrow other cryptocurrencies)
Obviously do research and analyze the platforms well, decentralized finance involves risks.
Cryptofarmeur is a French YouTuber specialized in decentralized finance. Below is his video: