Celo Network’s Funds Are Safe But It Stalls Again: Analysis

Celo Network’s funds are safe but the platform stalls again after being halted at block 14,035 only recently so let’s read more today in our latest cryptocurrency news.

According to the tweet by the blockchain payments infrastrcuture, the network validators were working to resolve the issue and asserted that no funds were compromised. The Celo block production didn’t resume after stalling once again and the downtime doesn’t seem to have affected the native CELO token which is in the green on a daily scale. The Celo Network tweeted:

“Validators are working to restart the network. Block production resumed briefly, however, stalled again. Validators, please join the validators-operators channel on Discord and follow the posted instructions to update your node. As previously stated, all funds are secure.”

While the team behind Celo hasn’t mentioned the deployemnt of the Uniswap v3 can be a factor, the downtime occurred after the update happened. The Celo Foundation announced the launch of Uniswap v3 and the green asset pools after the community approved the v3 deployment on the blockchain. The main goal is to advance a regenerative financial system as well as currencies supported by the natural capital on Celo. The initiative called dEfi for people by the Celo FOundation pledged a sum of $10 milion to support the ReFi Liquditiy and the idea is to develop other products and services that promote regeneratively rather than the extractive economy.

Celo launched an incentive program worth $20 million for a new campaign that seeks to invest in teams and other projects that are looking to develop high-quality Celo around the globe while keeping Celo’s network strong.

As recently reported, CELO surged to a 3-month high and went up by 60% since April started and this is the highest point in over three months which came amid the project’s latest initiative which plans to spend up to $20 million and incentivize the development of on-off ramps for CELO.  The announcement from earlier this week informed that the Celo Foundation allocated $20 million for the new Connect the World campaign with the main focus being to invest in projects and in new teams to develop high-quality CELO on/off ramps around the globe.