Celo Completes Transition to Ethereum Layer-2 Network After Hard Fork
Celo has transitioned from a proof-of-stake layer-1 blockchain to an Ethereum layer-2 network following a successful hard fork. Key points include:
- The migration was completed nearly two years after its initial proposal in July 2023.
- cLabs, the developer behind Celo, utilized Optimism’s OP Stack for this transition.
- Block production resumed on Celo L2 at around 04:10 UTC.
- The Celo ecosystem boasts over 1,000 projects across 150 countries with approximately 11 million active addresses and over 720 million processed transactions.
- Block times have decreased from 5 seconds to 1 second.
- The new layer supports Ethereum-native cross-chain bridging and allows users to pay gas fees with tokens like USDT and USDC.
Celo Token Performance
The native token, Celo (CELO), increased by 4.1% in the past 24 hours, trading at $0.404 with a market cap near $230 million. Despite this rise, it remains down 96.2% from its all-time high of $10.66 observed on August 30, 2021, ranking as the 183rd-largest digital currency.