cNGN goes live on Celo, and $440k lands in four days

$440,363

Celo, first four days

already cNGN's fifth chain

110

Transfers

averaging $3,732 each

$185

cNGN average transfer

across all chains this week

9

Chains carrying cNGN

Celo is the newest

Convexity's cNGN has deployed to Celo, its ninth chain alongside Base, BSC, Ethereum, Polygon, Asset Chain, Lisk, Solana and Bantu. It is in our coverage from this week, and its volume is included in every cNGN figure we publish here — including the $2.62M weekly total.

It arrived loudly. $440,363 in four days, which already makes Celo cNGN's fifth-largest chain by all-time volume.

We would not read that as demand yet, and the transfer count is why.

$440k across 110 transfers

Two days carried effectively everything. The average transfer was $3,732, against a cNGN network-wide average of $185 this week.

That is the shape of liquidity being placed on a new chain — treasury movement, market-maker positioning, initial pool funding — not of people using a stablecoin. A retail deployment looks like Base, which moved $29,604 across 2,180 transfers on 9 August: a hundredth the average size, fifty times the count.

Both are legitimate. They are just not the same event, and only one of them is a demand signal.

Why we're reporting it anyway

A ninth deployment is a distribution decision. Whether it becomes usage is a separate question, answered over months rather than days.

Of cNGN's eight existing chains, three carry effectively nothing — Solana, Lisk and Polygon have moved under $250 combined across their entire histories. Chain count has never been a good guide to where a token is actually used, and a large first week does not change that on its own.

What would change our reading: transfer counts climbing while average size falls. That is what adoption looks like from the outside, and it is what we will be watching for.

One thing worth separating

There has been a cNGN on Celo since May 2025, and it is not this one.

That token is Mento Labs' cNGN, a separate issuance which we track under its own symbol. It moved effectively nothing this week — under $50 across a few hundred transfers.

Two different issuers, two different contracts, the same ticker on the same chain. We keep them as separate rows rather than summing them, because a naira stablecoin issued by Convexity under SEC Nigeria registration and one issued by Mento are not interchangeable, whatever the ticker says.

If you see a cNGN-on-Celo figure quoted somewhere that doesn't distinguish the two, that is worth checking before citing.