2023-7-17 16:00 |
Celo, a mobile-first and EVM-compatible blockchain network, has announced a proposal for an upgraded that could see the Layer 1 platform transition into an Ethereum Layer 2 protocol.
The proposal by cLabs, the core developer of Celo blockchain, will go through a governance vote and adoption will pave the way for migration from an independent EVM-compatible network to an L2 on the world’s largest proof-of-stake network.
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Get ready to vote 🗳️
Following the governance call, an indicative on-chain governance proposal (or “temperature check”) will be released for the community to vote on as early as Saturday, July 22.
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As an Ethereum L2, Celo will initially leverage the OP Stack, a modular open-source software that allows for the building of highly scalable and interoperable layer 2 blockchains. While the L2 solution will tap into Optimism’s modular software, it will have some key differentiators.
These will include a decentralised sequencer powered by Celo blockchain’s existing validator set; off-chain data availability and a design that retains the 1-block finality currently in use. The migration will integrate EigenLayer, a restaking provider.
According to Celo, the upgrade ties into the network’s Web3 vision and will benefit from greater security by inheriting Ethereum’s security features. The transition will also further Celo’s adoption via increased cross-community collaboration, enhanced compatibility and low gas fees as a result of off-chain data availability.
Celo will also benefit from more real-world use cases across thousands of dApps in the Ethereum ecosystem. Currently, the blockchain supports Uniswap, Sushiswap and UbeSwap among other decentralized applications.
No impact on CELO token holdersThe proposed technical upgrade will not impact CELO holders, the team noted. This means native CELO will remain the governance tool for the ecosystem and holders will control both core contracts and validator set via governance vote, staking and election.
CELO traded at $0.57 on Monday morning, about 10% up in the past 24 hours and 18% in the past week. Year-to-date highs near $0.90 was reached in February. However, the token’s price remains more than 94% from its all-time high of $9.82 reached in August 2021.
The post Celo proposes upgrade to transition network to an Ethereum L2 appeared first on Invezz.
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