Key Takeaways
- Celo has switched to Ethereum layer 2 after virtually two years of labor.
- The improve has lowered block occasions and built-in native bridging with Ethereum.
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Celo has efficiently transitioned from a standalone layer 1 blockchain to an Ethereum layer 2 platform utilizing Optimism’s OP Stack and EigenDA for information availability.
The migration was finalized on March 26, with the activation of the Celo L2 Mainnet at block top 31056500, in response to an replace from celol2countdown.xyz. The Forno node service is now operational and able to assist the brand new L2 community.
In an announcement celebrating the milestone, the Celo workforce famous that the transfer strengthens Celo’s technical capabilities, enhances interoperability with the Ethereum ecosystem, and maintains its hallmark options comparable to low transaction charges and quick processing occasions.
“Celo’s improve to an Ethereum layer 2 is a pure development in the direction of our Day 1 mission––to create the circumstances of prosperity for all––and platforming a strong onchain economic system for the long run,” Rene Reinsberg, Celo co-founder and Celo Basis President, mentioned in an announcement. “Leveraging Ethereum’s community infrastructure, Celo is enhancing safety and interoperability for thousands and thousands of each day customers.”
The transition follows 20 months of planning, testing, and group governance since its preliminary proposal by cLabs in July 2023. The choice was pushed by the necessity to simplify liquidity alternate with Ethereum, enhance safety, and enhance developer compatibility.
“Migrating to a layer 2 marks an thrilling return residence for Celo, combining the most effective of the networks’ benefits to scale Web3 with world attain and continued impression,” mentioned Marek Olszewski, CEO and co-founder of cLabs, the core developer of the Celo blockchain.
The improve brings Celo’s ecosystem of over 1,000 initiatives to the Ethereum community, signaling an inflow of exercise and innovation to the community. Regardless of the transfer, Celo retains its ultra-low charges of $0.0005 and speedy transaction speeds.
Key technical upgrades accompanying the migration embody a 5-fold enchancment in block occasions, dropping from 5 seconds to 1, and the implementation of native bridging with Ethereum. This bridge is touted as a important safety enhancement, decreasing reliance on exterior bridging options which have confirmed weak to exploits.
The platform maintains its core options, together with SocialConnect for cellphone number-based funds and price abstraction permitting customers to pay transaction charges with ERC-20 tokens. The CELO token now exists natively on Ethereum, with layer 2 CELO representing bridged tokens.
Celo’s transfer to Ethereum may very well be a key driver in increasing the capabilities and adoption of its current purposes, together with Opera’s MiniPay, Valora, and GainForest.
“Celo has performed lots for crypto’s world adoption, and I’m excited to see Celo totally embracing the Ethereum household,” Ethereum co-founder Vitalik Buterin commented.
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