Celo, successful transition to Ethereum Layer 2: A milestone for interoperability and financial inclusion in the blockchain ecosystem
<p> <strong> Celo, successful transition to Ethereum Layer 2: A milestone for interoperability and financial inclusion in the blockchain ecosystem </strong> </p>
Celo: Migration to Ethereum Layer 2 opens up new possibilities
Celo has successfully completed the migration from an independent Layer 1 platform to an Ethereum Layer-2-Blockchain. This transition marks a significant milestone in the development of the Celo ecosystem and brings significant improvements to interoperability, security and overall efficiency. At the same time, it promotes sustainability and accessibility.
The countdown platform documented the end of the migration on March 26, whereby the Celo Layer-2 Mainset was activated at a block height of 31.056,500. The proposal for this transit was introduced in July 2023 by Clabs, the developer of the project, to promote financial inclusion and web3 innovations. Celo plans to promote financially including a community through these changes and to openly develop in the spirit of Web3, whereby real application cases are integrated into the Ethereum ecosystem.
Advantages of migration for the Celo Community
Migration offers the Celo community and developers numerous advantages. The new blockchain layer will use Ethereum's skills to improve efficiency and scalability while the transaction fees are reduced at the same time. In addition, Celo gives access to a strong developer community, which ensures continuous innovations and the acceptance of decentralized applications (DAPPS).
Before the migration, Celo was an independent EVM-compatible layer 1 network. Although this guaranteed flexibility, the developers had to maintain the consensus models and the safety of the platform independently. As an Ethereum Layer 2, Celo now benefits from the robust security infrastructure from Ethereum.
The further updates when switching to Layer 2 includes reducing the block times from five to just a second and implementing a native bridge to the second largest blockchain after market capitalization. This bridge aims to increase security by reducing the dependence on external solutions that were susceptible to attacks.
Outlook: What's next for Celo?
After the migration has been completed, Celo will prioritize the strengthening of acceptance and the developer community as well as strategic cooperation. The increased interactions with ether-based projects and the implementation of cross-chain transactions will significantly improve the user experience. This turnover marks the beginning of a new era for Celo and strengthens its position as an important player in the blockchain and Ethereum ecosystem.
In view of the constantly developing blockchain landscape, Celo positions itself with the change to a Layer 2 solution for long-term stability and growth. Developers and users who want to try the updated platform can benefit from the improved functions, including defi options and smart contract functions.Celo price view
In the last 24 hours, the Altcoin has recorded an increase of 2.57 % and noted at $ 0.3961. After an increase of over 10 % last week, the course shows a positive trend. Despite the prevailing upward dynamics, a decline in the 24-hour trading volume of 14 % is concerned about a lower activity of the dealers.
At the same time, the general performance of the cryptom market could influence the short-term movements of the Celo Prize. Bitcoin notes over $ 87,000 and could approach the decisive mark of 90,000 USD. Analyst Michael van de Poppe expects the upward trend. Celo enthusiasts should keep an eye on the market mood, impending developments in the Celo ecosystem and general crypto trends in order to better assess the possible direction of the old coin.
This migration positions Celo as a relevant player in the blockchain area and offers exciting perspectives for the future.