I did some archaeological research on Celo The previous OG chain raised 66M from a16z, Coinbase, and Polychain, which can be considered a project with high expectations. This cycle is still waiting for DeFi project personnel to notice it. It has been continuously subsidized and incentivized on Aave for several months, and the previous easy double-digit APR still has a high return rate. I started to pay attention to this ecosystem again from here. Celo can be considered as crossing the bull and bear market, running online from the main network for about 5 years. In this round, it completely transformed from L1 hard fork to ETH L2, joining the OP Stack camp and vertically locking in DeFi and mobile payments. DeFi is currently mainly focused on Aave and Uniswap, with 25 stablecoins (possibly related to the payment business on the other side), including USDT and USDC, subsidizing native USDT and WETH on Aave, which belongs to the category of extremely low risk. USDT borrowing even maintains negative interest rates, but few people talk about it. However, WETH's pool is full, and those who have already deposited can earn high returns if they put on several layers of revolving loans. The overall capacity is not large because the TVL of the ecosystem is currently not high. We will see if the quota will be increased in the future. Mobile payment has not received much attention in the market, but Celo continues to focus on this business and clearly defines itself as not a universal L2 positioning. Currently, its core application is MiniPay, which is being promoted in collaboration with the old browser Opera and integrated into Opera mini. It supports extremely low transaction fees for payment functions. According to official data, this business has far surpassed the development of DeFi on the chain, with a monthly stable coin trading volume of 3.2B. I haven't used it yet, I plan to try it out in the future.