The Celo Blockchain is currently looking to transition from a standalone Layer 1 blockchain to an Ethereum Layer 2 solution.
CLabs, the developer behind the Celo blockchain, is currently considering a transition to the Ethereum ecosystem. The team proposed this via a Twitter announcement where it said the decision comes after “months of research and initial discussions with members of the Celo and Ethereum community.”
According to the announcement, the proposal sees the Celo blockchain transition from a standalone Layer 1 blockchain to an Ethereum Layer 2 solution. However, a final decision will only be reached after the community votes on Saturday, July 22.
Blockchain Celo to See Massive Gains From Move, Experts Say
The Celo team seems to be in high spirits for the early migration. According to a technical analysis of the proposed migration to the Ethereum ecosystem, the blockchain can reap many benefits. That includes improved security, increased liquidity, as well as more compatibility, among other things.
In the meantime, the migration is expected to initially be based on Optimism’s OP Stack. And as it was appreciated in a mail in the Celo Forum:
“Migrating Celo to use the OP stack removes the need for compatibility monitoring, making it easier for Celo developers to use the full range of Ethereum tools/libraries.”
Also, Celo already works fine with Ethereum Virtual Machine or EVM. So when it comes to compatibility, Ethereum developers can just move their existing apps. And if they want to create new ones, they can easily do so, using many of the same tools they’re already familiar with.
Waves of CELO tokens
Meanwhile, CELO, the native token of the blockchain, has reacted positively to the announcement. Though that’s not exactly unexpected. Token surges are common when major updates like this are about to take place. And as of press, CELO is up almost 9.96% in the last week to reach $0.545. According to CoinMarketCap datathe token has gained more than 35% over the last month.
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Mayowa is a crypto enthusiast/writer whose conversational nature is quite evident in his writing style. He strongly believes in the potential of digital assets and takes every opportunity to reiterate it. He is a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from cryptocurrency, however, Mayowa’s imagined distractions include soccer or discussions of world politics.
