Beforehand launched as a layer 1 blockchain community, Celo has now joined the Ethereum ecosystem with it transiting right into a layer 2 community. With the transition, Celo will broaden its utility far past to quite a few dApps.
The proposal to make Celo a layer 2 community was printed way back in July 2023 and it has now lastly come to motion with the blockchain now changing into part of Ethereum’s huge ecosystem, which is valued over $455 billion with a whole bunch of dApps and tasks.
Within the announcement put up, Celo stated that it has now joined Ethereum’s shared roadmap which is now extra centered on rollups & modular scalability. This migration has additionally helped Celo in increasing its presence within the crypto area.
“This migration was made attainable by the cLabs engineers who labored tirelessly over 20+ months to protect the state of the community whereas driving Celo into its successful period,” stated Celo crew, “ L1 validators getting ready & upgrading their shoppers had been important to minimizing community downtime.”
Following the information, the worth of CELO token has exhibits first rate response whereas it has surged over 12% prior to now 7 days. CELO worth is at the moment buying and selling close to $0.4 – as per Coinmarketcap information.
The event of Celo’s layer 2 infrastructure is predicated on Optimism’s OP stack and it has additionally used EigenDA. This progressive strategy will lead Celo to attain practically 1 second block time whereas enabling customers to pay fuel charges utilizing tokens like USDT and USDC.
“Celo’s “return residence to Ethereum” bridges the perfect of each worlds: Celo’s concentrate on real-world adoption and Ethereum’s unbelievable safety, neighborhood, and community results,” stated Celo in an official release.
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