Celo Embraces Ethereum! Celo's transition to Ethereum L2 earns praise from Vitalik, CELO surges over 15% in a single day

As early as 2020, the blockchain Celo, supported by many well-known institutions, made its debut. Despite its significant reputation, since its release, neither its public chain nor stablecoin has felt its influence. Recently, because a certain stablecoin active address data on Celo has surpassed that of Tron, it has sparked new discussions.

Exclusive interview with cLabs CEO: The chain with the highest number of active stablecoin users is no longer Tron.

Vitalik praised: "This is great news. Improving global access to basic payments/finance has always been a key way Ethereum benefits the world, and I am glad to see Celo gaining attention." This seems to be partly due to Celo's shift in direction, declaring itself as an Ethereum L2. The CELO token also saw an increase of over 15% in a short period of time.

Celo's Strategic Shift towards Ethereum L2: Alfajores Upgrade to L2 on 9/26

Celo is undergoing a transformation from being a standalone EVM-compatible L1 blockchain to an Ethereum L2 solution.

This transition was first proposed by the development company cLabs in July 2023 with the aim of integrating Ethereum's robust security infrastructure and vast ecosystem while retaining Celo's core advantages of speed, low transaction costs, and user-friendliness. This transformation will be accompanied by the launch of two L2 testnets: Dango is already live, and Alfajores will upgrade to L2 on September 26, 2024.

Impact on the Celo Ecosystem: Deeper Integration with Ethereum

For developers and protocols in the Celo ecosystem, this shift means greater exposure to Ethereum tools and resources. Open-source contributions, joint initiatives, and the development of public products will further synchronize Celo with the larger Ethereum network, expanding Celo's influence in the blockchain space.

Celo's Technological Advantages: Native Cross-Chain Bridge and Security

One key technological advantage of this transition is the introduction of a native cross-chain bridge between Celo and Ethereum. Previously, token transfers between the two chains relied on external bridges, which were often susceptible to security attacks. By becoming an Ethereum L2 solution, Celo will be able to offer a native cross-chain bridge, significantly enhancing the security and efficiency of token transfers.

Celo L2 Mainnet to Launch in Early November, Embracing Ethereum for the Future

The official L2 mainnet is expected to launch in early November 2024.

Celo's transition to Ethereum L2 is a crucial step in its ongoing development and commitment to scalability, security, and innovation. This shift not only strengthens the integration between Celo and the Ethereum ecosystem but also enhances the security and user experience for its community.