HomeLatest NewsCelo Mainnet Goes Live Following $10 Million Dutch Auction

Celo Mainnet Goes Live Following $10 Million Dutch Auction

May 19, 2020 By Benson Toti

Decentralised blockchain platform, Celo Gold, has launched its mainnet, meaning investors can now transfer their tokens on-chain.

The Celo Foundation has announced its mainnet is live, almost two and a half years since the team began working on the project. The launch of the mainnet means users who participated in the network’s $10-million auction can now transfer their cGLD tokens on-chain.

On May 19, the Celo announced via a Medium blog post that its blockchain platform was now live, so exchanges can begin to trade ERC-20 tokens.

According to the company, the launch was possible thanks to a group of over 100 validators that have shown great “commitment, passion, [and] expertise.” 

It’s these independent validators spread across the globe that made the Celo Gold (cGLD) network happen”, the company noted in the blog post.

According to Celo its testnet, dubbed the Celo Release Candidate (RC1), was successfully launched on April 22, 2020. The RC1 reportedly ran without any major bugs, and three weeks after launch, the group released the mainnet.

The company raised $10 million through an auction, with the tokens selling out in less than 12 hours at $1 per unit.

After the auction, the company released a blog statement and claimed that although the sale was oversubscribed and that people are willing to pay more, the firm wanted to ensure a fair process. 

There were a total of 3,996 registrations and 761 bids from 132 countries, with an average bid price of $5.02 and over 50 percent of the bids were above $3, while over 25 percent of the bids were above $9.”

Prior to the auction, Celo raised an additional  $30 million in 2019, which puts total funds raised so far to $40 million. Importantly though, the latest step in Celo Gold’s development means that cGLD holders are now able to send and receive the crypto asset.

Celo has further plans, hoping to launch Celo Dollars (cUSD) in the future and release a wallet for its mainnet. The team also plans to use oracles to make it possible for off-chain Celo Gold (cGLD) prices to move on-chain, which will give the stablecoin’s holders more options in the market.

The Celo blockchain is a Proof-of-Stake (PoS) platform that the company says will facilitate fast and secure crypto payments.