Keynote
- CELO is now a Layer 2 community on the Ethereum blockchain.
- The migration takes place nearly two years after the preliminary proposal.
- Cello’s native tokens acquire bullish momentum.
First launched as Shoof-of-Stake’s Layer-1 blockchain in April 2020, Celo has formally turn out to be the Ethereum Layer 2 community after the much-anticipated onerous fork.
🏡 @ethereumwe’re at house!
After profitable “onerous onerous fork” led by core contributors @clabs &l1 validator, CELO, is formally Ethereum tier 2.
What does that imply for a various and globally decentralized ecosystem? Proceed studying and discover under pic.twitter.com/slw1w5ormp
– celo.eth🦇 (@celo) March 26, 2025
The success of the transition was accomplished nearly two years after CELO’s preliminary proposal in July 2023. In April 2024, the developer behind CELO proposed to make the most of Optilism’s OP Stack, an open supply framework for constructing L2 networks to develop new L2 blockchains.
And so they did that.
Right this moment, CELO started its transition by halting manufacturing of L1 blocks. Round 4:10, Clabs introduced that “block manufacturing has formally resumed with the CELO L2,” suggesting a profitable transition.
Block manufacturing has formally resumed on the celo L2.
Subsequent up is Public RPC (FORNO) and indexers that will likely be showing on-line – keep tuned.
– Membership | ⋐•𝕃 (@clabs) March 26, 2025
CELO claims that the transition to L2 has been born as ecosystems have grown in over 1,000 tasks in over 150 nations. Based on X Put up, the community has round 11 million energetic addresses, and has processed greater than 720 million transactions in practically 5 years of journey.
Because of the OP stack framework, the brand new CELO L2 has decreased block time from 5 seconds to 1 second. The L2 community advantages from Ethereum’s velocity of safety and optimism.
CELO at the moment helps Ethereum-Native cross-chain bridging, permitting customers to additionally use a wide range of tokens akin to USDT and USDC to cowl their gasoline costs.
Celosizing
CELO (CELO), the brand new migrated blockchain native token, noticed a notable worth hike following the announcement of the transition.
CELO has grown 4.1% over the previous 24 hours and is at the moment buying and selling at $0.404. Its market capitalization is hovered close to the $230 million mark, with each day buying and selling volumes of $18.6 million.
Regardless of the current worth surge, Cello has fallen 96.2% from its all-time excessive of $10.66 on August 30, 2021. The token has a market capitalization of roughly $2.4 billion, making it one of many 100 main crypto property out there.
CELO is at the moment ranked because the 183rd largest digital foreign money.
Subsequent
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WAHID has analyzed and reported the most recent tendencies within the distributed ecosystem since 2019. He has over 4,000 articles in his title. His work has been featured in main shops akin to Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Aside from reporting, Wahid prefers to attach the dots between Defi and Macro together with his on-chain monk within the publication.
