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Key Notes
- Celo has develop into a layer-2 community on the Ethereum blockchain.
- The migration comes almost two years after the preliminary proposal.
- Celo’s native token positive aspects bullish momentum
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Celo, which was first launched as a proof-of-stake layer-1 blockchain in April 2020, has formally develop into an Ethereum layer-2 community after its long-awaited arduous fork.
🏡 @Ethereum, we’re dwelling!
Following a profitable “arduous arduous fork” led by core contributors at @cLabs & L1 validators, Celo is formally an Ethereum Layer 2 🪨 🪨 🍴
What does that imply for the varied, international decentralized ecosystem? Maintain studying to seek out out ↓ pic.twitter.com/slW1W5oRmP
— Celo.eth 🦇 🌳 (@Celo) March 26, 2025
The profitable migration was accomplished almost two years after Celo’s preliminary proposal in July 2023. In April 2024, cLabs, the developer behind Celo, proposed to utilize Optimism’s OP Stack, an open-source framework for constructing L2 networks, for growing the brand new L2 blockchain.
And so they did it.
Earlier as we speak, Celo began its transition by halting its L1 block manufacturing. At round 04:10 UTC, cLabs introduced that the “block manufacturing has formally resumed on Celo L2,” hinting at a profitable migration.
✅ Block manufacturing has formally resumed on Celo L2.
Subsequent up: Public RPC (Forno) and indexers coming on-line — keep tuned.
— cLabs | ⋐•𝕃 (@cLabs) March 26, 2025
Celo claims that the transition to L2 got here as its ecosystem grew to over 1,000 tasks in over 150 nations. In accordance with the X publish, the community has round 11 million lively addresses and has processed greater than 720 million transactions in its almost five-year journey.
Because of the OP Stack framework, the brand new Celo L2 has decreased its block instances from 5 seconds to 1 second. The L2 community advantages from Ethereum’s safety and Optimism’s velocity.
Celo now helps the Ethereum-native cross-chain bridging and customers can even use varied tokens like USDT and USDC to cowl gasoline charges.
Celo Rising
Celo (CELO), the native token of the newly transitioned blockchain, noticed a notable value hike following the migration announcement.
Celo is up 4.1% up to now 24 hours and is at the moment buying and selling at $0.404. Its market cap is hovering near the $230 million mark with a every day buying and selling quantity of $18.6 million.
Regardless of the current value surge, Celo remains to be down by 96.2% from its all-time excessive of $10.66 on August 30, 2021. The token had a market cap of round $2.4 billion, making it one of many main 100 crypto belongings out there.
Celo at the moment ranks because the 183rd-largest digital foreign money.
Disclaimer: Coinspeaker is dedicated to offering unbiased and clear reporting. This text goals to ship correct and well timed data however shouldn’t be taken as monetary or funding recommendation. Since market circumstances can change quickly, we encourage you to confirm data by yourself and seek the advice of with an expert earlier than making any selections primarily based on this content material.
Wahid has been analyzing and reporting on the newest tendencies within the decentralized ecosystem since 2019. He has over 4,000 articles to his identify and his work has been featured on a number of the main shops together with Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Apart from reporting, Wahid likes to attach the dots between DeFi and macro on his e-newsletter, On-chain Monk.
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