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This is a significant moment for the blockchain world, as the Celo Layer-2 shift has officially transitioned Celo from an EVM-compatible Layer-1 (L1) blockchain to an Ethereum Layer-2 (L2) blockchain. People are calling it a big step forward for the whole Celo Layer-2 ecosystem.
The network first suggested this step almost two years ago. The main goal was to make Ethereum more secure, more useful in real-life situations, and easier and more helpful for developers.
Why Celo Chose Ethereum and How It Switched Smoothly
Celo finished moving to an Ethereum Layer-2 network on Wednesday. They used EigenDA to keep the data available and added Optimism’s OP Stack to make sure the data stays simple to access.
The upgrade, which was completed at block height 31,056,500, makes Celo’s security stronger. It also improves interoperability with Ethereum and keeps its main features, like low transaction fees and rapid processing times.
The official Celo countdown website confirmed the change and said that Celo is now live as an Ethereum Layer 2. cLabs first gave the idea in July 2023, and after about 20 months of nonstop planning, testing, and talks on who should handle what, they took this step.
The announcement said, “Celo L2 migration is now complete, and Celo is presently officially live as an Ethereum Layer 2.”
It said that the Celo L2 hard fork had started. Validators intentionally paused Celo L1 block production to begin the Layer 2 switch. After less than two hours, Celo L2 started making blocks again, and soon after, the public RPC (Forno) and indexers went online.
What It Means For Users And Builders
Using Ethereum’s infrastructure makes both the network and security stronger. That’s why switching to Ethereum Layer-2 has many benefits. Plus, blocks are now created in just one second, which speeds up transactions a lot earlier; it used to take around five seconds.
Celo keeps its ultra-low transaction fee at around $0.0005, making it super affordable. Native Ethereum bridging makes it less necessary to use external bridging solutions, which have been hacked in the past.
With this change, Ethereum developers can build on Celo without making many changes, which makes it easier for builders to work together. Marek Olszewski, CEO and co-founder of cLabs, said that the move was an exciting return home for Celo because it would combine the best parts of both networks to make Web3 bigger and reach more people around the world.
After the news came out, CELO’s price went up almost four percent, showing that the market was optimistic about the move.
Why the Shift to Ethereum Layer-2 Matters Now
But for Layer 2 networks, this change is happening at an intriguing time. Recently, Anatoly Yakovenko, co-founder of Solana (SOL), asked if Layer 2 solutions are needed, saying that Solana’s single Layer 1 architecture is enough.
Furthermore, Changpeng Zhao, the founder of Binance, recently started a new debate about whether AI projects should be built on Layer 1 or Layer 2 networks. This incident brings to light the ongoing debates about the best ways to scale blockchain.
Currently, Layer 2 solutions are becoming quite popular, which is why Ethereum’s transaction fee revenue has declined by 95%. It’s being seen that more people are adopting these because they are cheaper and also work faster for them.
Users and developers can expect improved liquidity, more seamless transactions, and stronger security as Celo completely connects the Ethereum ecosystem.
Ethereum’s co-founder Vitalik Buterin said, “Celo helped make crypto famous around the world, and I’m very happy that Celo is now joining the Ethereum family.” However, the network must also be ready if Ethereum’s primary chain removes transaction fees.
