Cryptocurrency markets are sideways, except for one altcoin on Binance that surged in price. The reason for the price increase is unknown, so it’s difficult to say what investors can expect in the future.
CELO Surges, What’s Next?
cLabs intends to migrate Celo from an independent EVM-compatible Layer 1 to Ethereum Layer 2, utilizing the OP Stack architecture, operated by Ethereum node operators, and secured with restructured ETH. They are planning a governance call on July 21st to discuss the transition from Celo to L2.
Following the news, CELO’s price surged to $0.526 on July 14th. As the expectation of heightened demand for the project nears the July 21st date, there is a possibility that the price may rise further.
CELO Coin
Celo was founded in 2018 with the mission of making cryptocurrency accessible and affordable to everyone. The team initially planned to build on Ethereum, but they eventually decided to launch their own blockchain due to scalability and consensus issues. Celo mainnet launched in 2020 and is the first carbon-negative, EVM-compatible proof-of-stake blockchain.
Although Celo launched its own blockchain, the community is still monitoring Ethereum’s progress and preparing for the next stage of ETH2 milestones. The community is also discussing how Ethereum’s advancements could lead to improvement on the Celo mainnet.
Celo and Ethereum: A Partnership in Progress
Celo’s technology is closely related to Ethereum, sharing a vision of building an inclusive financial system using decentralized technology. As L2 research progressed, bringing Celo closer to Ethereum became a feasible path. Two key developments support this belief:
1. Off-chain data usability solutions, such as EigenDA, enable Celo to contribute to Ethereum and accommodate Ethereum validators who prefer EigenLayer, all without requiring substantial transaction fee increases.
2. The OP Stack presents an exceptional, open reference architecture for optimistic rollups and chains.
cLabs views these advancements in the Ethereum-based L2 stack as crucial components that will significantly enhance the mission of transitioning to Celo L2.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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