Why Celo Is A Top-Performing Cryptocurrency Today, Surging 12%

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What happened

Today, one of the best-performing mid-cap cryptocurrencies is Celo (CRYPTO: CELO). As of 11:30 a.m. ET, this token with a $2 billion market cap surged 12.1% higher on some rather intriguing news.

Namely, the Celo Foundation has announced a rather large incentive program to entice developers to its network. Developers can receive $50,000 for being the first to establish an on- and off-ramp in a given country. Additionally, the foundation has committed to subsidizing up to $100,000 in fees per country, to improve the network's global reach.

Person looking at a chart on a smartphone.

Image source: Getty Images.

So what

Like other large-scale projects, incentives are often an important piece of the development road map. In this case, a $20 million campaign is nothing to sneeze at, and investors are taking notice today.

Celo has gained interest among investors due to its network's mission, which is to increase crypto adoption among smartphone users. This layer-1 blockchain's Connect the World campaign is one aimed at shifting developer focus to various global markets that may not be targeted by other blockchains as of yet. In doing so, Celo aims to become a truly global decentralized smart contract network. That's something many investors can get behind.

Now what

Smartphone usage continues to increase globally, with most countries seeing massive adoption take place. For developing nations, this growth rate is even more impressive, supporting Celo's mission of becoming a truly global blockchain ecosystem.

Currently in the top 60 among cryptocurrencies ranked by market capitalization, Celo is a project that's picking up steam right now. Today's rapid rise higher signals significant investor interest in how this incentive program will boost development across the network.

For now, this is a cryptocurrency that's found its way onto my watch list. I'll be following how this token performs from here and provide updates as they arise.