Key takeout
- Celo switched to Ethereum Layer 2 after practically two years of labor.
- The improve reduces block time and integrates native bridging with Ethereum.
CELO efficiently migrated from standalone layer 1 blockchain to the Ethereum Layer 2 platform Use the OP stack of optimism Eigenda for knowledge availability.
The transfer was confirmed on March twenty sixth, with the CELO L2 mainnet being activated at block top of 31056500. celol2countdown.xyz. The Forno Node Service is at present operating and able to assist a brand new L2 community.
In a press release celebrating the milestone, the CELO group famous that the transfer will improve CELO's technical capabilities, enhance interoperability with the Ethereum ecosystem, and preserve distinctive options similar to low transaction charges and quicker processing occasions.
“Cero's improve to Ethereum Layer 2 is a pure development in the direction of its first day mission, creating all of the situations for prosperity and platforming a sturdy on-chain economic system for the long run.” “CELO, leveraging Ethereum's community infrastructure, is bettering safety and interoperability for tens of millions of day by day customers.”
The transition follows 20 months of preliminary planning, testing and group governance suggestion By CLABS in July 2023. This choice was pushed by the necessity to simplify liquidity change with Ethereum, enhance safety and enhance developer compatibility.
“Transferring to Layer 2 there may be an thrilling return to Cello, combining one of the best advantages of the community to develop Web3 international attain and continued impression, stated CEO and co-founder Marek Olszewski.
This improve brings an ecosystem of Celo's over 1,000 initiatives to the Ethereum Community, displaying the community an inflow of exercise and innovation. Regardless of the motion, CELO holds an ultra-low price of $0.0005 and a fast buying and selling velocity.
Main technical upgrades related to the migration embody a five-fold enchancment in block time, a drop from 5 seconds to 1, and implementation of native bridging with Ethereum. The bridge is touted as a crucial safety enhancement, lowering reliance on exterior bridging options which have confirmed susceptible to exploits.
The platform maintains core capabilities that mean you can pay transaction charges with ERC-20 tokens, together with SocialConnect for phone-based funds and price abstractions. Cello tokens at present exist natively in Ethereum, with Layer 2 Cello representing bridged tokens.
Celo's migration to Ethereum may very well be a key driver in increasing the capabilities and adoption of current purposes, similar to Opera's Minipay, Valora, and Gaineforest.
“Celo has carried out rather a lot for Crypto's international adoption and we’re excited to see Celo totally embrace the Ethereum household,” commented Vitalik Buterin, co-founder of Ethereum.
