Mobile blockchain platform Celo (CELO) Celo (CELO) plans to abandon its own blockchain and migrate to Ethereum (ETH) layer-2 (L2).
Supported by Andreessen Horowitz (a16z) Celo developer team CLabs A social media post he made on July 16 in sharingsuggested a remarkable proposition. To the Ethereum Community Conference In a statement made in parallel, Celo’s EVM (Ethereum Virtual Machine) from the compatible layer-1 network Ethereum to layer-2 The idea of moving was presented to the community.
At the end of the day, the proposal to abandon the existing independent blockchain more helpful to the project stating that there will be a team, for this transition From Optimism’s OP Stack technology stressed that they could use
In the statement made by the developers, this migration, which is planned to be made to the Ethereum layer-2 network, is between Ethereum and Celo. can simplify liquidity sharing. And can take the developer experience to a different dimension. specified. However, it was stated that if the transition can be achieved, Ethereum’s open source tools and libraries will be made available to Celo developers.
The team believes that Celo’s long-term goal is to have a recently popular and EVM compatible, zero-knowledge a layer-2 chain based on evidence of to zkEVM included the upgrade.
Rising in CELO price
Following the announcements, the project’s native token CELO 20% rose. After the announcement, the rise was seen by the community. received positively interpreted towards.
According to CoinGecko data, the latest 1 week in 11.5% rising CELO, at the time of writing from $ 0.554 is being traded.