The ecosystem behind Celo was launched in 2020 and has the goal of promoting the adoption of cryptocurrencies among users of smartphones. The Proof of Stake (PoS) project is optimised for mobile use and wants to encourage smartphone users living in areas that have no access to banks to use crypto for their transactions. The project has not only set out to harness DeFi; users can also access DApps and smart contracts on the network. Celo’s two native tokens are CELO, which can be used for governance purposes and to pay transaction fees, and the Celo Dollar, the network’s first stablecoin, with the hosting of further stablecoins also in the pipeline.