Key takeout
- Celo switched to Ethereum Layer 2 after nearly two years of work.
- The upgrade reduces block time and integrates native bridging with Ethereum.
CELO successfully migrated from standalone layer 1 blockchain to Ethereum Layer 2 platform Use the OP stack of optimism Eigenda for data availability.
The move was confirmed on March 26th, with the CELO L2 mainnet being activated at block height of 31056500. celol2countdown.xyz. The Forno Node Service is currently running and ready to support a new L2 network.
In a statement celebrating the milestone, the CELO team noted that the move will enhance CELO’s technical capabilities, improve interoperability with the Ethereum ecosystem, and maintain distinctive features such as low transaction fees and faster processing times.
“Cero’s upgrade to Ethereum Layer 2 is a natural progression towards the first day mission, creating all the conditions for prosperity and platforming a robust on-chain economy for the future.” “CELO, leveraging Ethereum’s network infrastructure, improves security and interoperability for millions of daily users.”
The transition follows 20 months of initial planning, testing and community governance suggestion By CLABS in July 2023. This decision was driven by the need to simplify liquidity exchange with Ethereum, improve security and improve developer compatibility.
“Moving to Layer 2 there is an exciting return to Cello, combining the best benefits of the network to expand Web3 global reach and continued impact, said CEO and co-founder Marek Olszewski.
This upgrade brings an ecosystem of Celo’s over 1,000 projects to the Ethereum Network, showing the network an influx of activity and innovation. Despite the movement, CELO holds an ultra-low rate of $0.0005 and a quick trading speed.
Major technical upgrades associated with the migration include a five-fold improvement in block time, a drop from 5 seconds to 1, and implementation of native bridging with Ethereum. The bridge is touted as a critical security enhancement, reducing reliance on external bridging solutions that have proven vulnerable to exploits.
The platform maintains core capabilities that allow you to pay transaction fees with ERC-20 tokens, including SocialConnect for phone-based payments and fee abstractions. Cello tokens currently exist natively in Ethereum, with Layer 2 Cello representing bridged tokens.
Celo’s migration to Ethereum could be a key driver in expanding the capabilities and adoption of existing applications, such as Opera’s Minipay, Valora, and Gaineforest.
“Celo has done a lot for Crypto’s global adoption and we are excited to see Celo fully embrace the Ethereum family,” commented Vitalik Buterin, co-founder of Ethereum.
