Celo will join Optimism's 'Superchain' ecosystem of Ethereum Layer 2 networks rather than remain as an EVM-compatible Layer 1 blockchain.
Celo , the mobile-first Layer 1 blockchain, has launched its Dango Layer 2 testnet in a first major step towards its plan to join the Ethereum ecosystem. Celo , which is EVM-compatible, voted last July to convert its Layer 1 network into an Ethereum Layer 2 chain.
Following eight months of evaluation, the Celo community decided to build the Layer 2 network using Optimism's OP Stack, joining Optimism's so-called "Superchain" ecosystem alongside Base, Zora, Mode, and other Ethereum Layer 2 networks. While Celo users can continue to use native USDT and USDC stablecoins for gas costs on the new network, bridging tokens between Ethereum and Celo will soon be easier. Transactions will also be faster, with a 50% increase in throughput and a decrease in block time from 5 seconds to 2 seconds, according to Celo's announcement. “For most EVM-compatible chains, it's increasingly hard to justify a standalone positioning in a market where the Ethereum scaling roadmap is proving itself,” Celo core developer cLabs CTO Marek Olszewski told The Block last year. The Celo team anticipates a mainnet launch in "early winter 2024," according to the announcement. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Layer 1S Layer 2S And Scaling Celo Ethereum Layer 2S Optimism Optimism Superchain
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