Ethereum

Celo Finally Becomes Ethereum L2 After Two Years of Hustling

5 days ago
Bitcoin Ethereum News

Key Notes

  • Celo has become a layer-2 network on the Ethereum blockchain.
  • The migration comes nearly two years after the initial proposal.
  • Celo’s native token gains bullish momentum
    .

Celo, which was first launched as a proof-of-stake layer-1 blockchain in April 2020, has officially become an Ethereum layer-2 network after its long-awaited hard fork. 

The successful migration was completed nearly two years after Celo’s initial proposal in July 2023. In April 2024, cLabs, the developer behind Celo, proposed to utilize Optimism’s OP Stack, an open-source framework for building L2 networks, for developing the new L2 blockchain.

And they did it.

Earlier today, Celo started its transition by halting its L1 block production. At around 04:10 UTC, cLabs announced that the “block production has officially resumed on Celo L2,” hinting at a successful migration.

Celo claims that the transition to L2 came as its ecosystem grew to over 1,000 projects in over 150 countries. According to the X post, the network has around 11 million active addresses and has processed more than 720 million transactions in its nearly five-year journey.

Thanks to the OP Stack framework, the new Celo L2 has decreased its block times from 5 seconds to 1 second. The L2 network benefits from Ethereum’s security and Optimism’s speed.

Celo now supports the Ethereum-native cross-chain bridging and users can also use various tokens like USDT and USDC to cover gas fees.

Celo Rising

Celo (CELO), the native token of the newly transitioned blockchain, saw a notable price hike following the migration announcement.

Celo is up 4.1% in the past 24 hours and is currently trading at $0.404. Its market cap is hovering close to the $230 million mark with a daily trading volume of $18.6 million.

Despite the recent price surge, Celo is still down by 96.2% from its all-time high of $10.66 on August 30, 2021. The token had a market cap of around $2.4 billion, making it one of the leading 100 crypto assets in the market.

Celo currently ranks as the 183rd-largest digital currency.

 

next

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Blockchain News, Cryptocurrency News

Wahid Pessarlay

Wahid has been analyzing and reporting on the latest trends in the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.

Wahid Pessarlay on X

Source: https://www.coinspeaker.com/celo-finally-becomes-ethereum-l2-after-two-years-of-hustling/