Coinbase has announced support for the transition from SELO’s standalone layer-1 blockchain to the Ethereum Layer-2 network.
The transition will begin on March 25th, with Coinbase temporarily halting sediment and withdrawal of CELO’s native token CGLD during the upgrade. になったんです。 English: The first thing you can do is to find the best one to do.
Celo’s move to Layer-2 aims to preserve distinctive features such as low transaction fees and fast payment times, while taking advantage of Ethereum (ETH)’s robust security and vast ecosystem.
This strategic shift is expected to improve scalability, reduce costs and improve interoperability with Ethereum-based applications.
CELO is moving from Layer 1 blockchain to Ethereum Layer 2. Coinbase will be performing this upgrade today from PDT at 8pm. During the upgrade, CGLD sending/receiving will be temporarily disabled.
What do you expect 🧵
– Coinbase Assets
Coinbase guarantees users that CGLD tokens will be automatically converted during migration, with no action required. However, it is recommended that exchanges refrain from depositing CGLDs during the migration window to avoid delays in processing.
Email notifications are sent to notify users when the service is disabled and restarted.
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Migration Process
The migration process involves significant technological changes, such as block verification and the introduction of native bridging between Cello and Ethereum, increasing the security and efficiency of asset transfers.
Despite these changes, the token tickers in CELO’s Layer 2 network remain CGLD.
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