Developer behind the Celo blockchain, cLabs put forward a proposal to migrate Celo from Layer 1 network to a new Layer 2 solution built on Optimism’s OP Stack.
Celo highlighted that leveraging the OP Stack provides a straightforward path to deploy a Layer 2 solution without compromising the Celo community’s requirements.
Having the chance to build the Celo Layer 2 network on the OP Stack will uphold Celo’s distinctive attributes, such as maintaining the 1-block finality, low gas fees, and the utilization of ERC-20 tokens, such as Celo-native USDT and USDC, as gas currencies. Moreover, functionalities like sending money to a phone number or email address via SocialConnect will also be retained.
The decision to transition Celo from its existing Layer 1 network to an Ethereum Layer 2 was confirmed after obtaining community approval through a governance vote in the previous year. Subsequently, cLabs has been assessing and experimenting with various solutions such as Polygon CDK, Arbitrum Orbit, ZK Stack, and OP Stack.
It's time to CELOBRATE: #CEL2 & 4 Years of Celo Mainnet Today is the 4th anniversary of Celo mainnet's launch on Earth Day 2020! To mark the occasion, @cLabs shares its stack suggestion for Celo's transition → an Ethereum L2Hello, @Celo x @Optimism ↓ pic.twitter.com/MpoM24i7Dl
— Celo (@Celo) April 22, 2024
Celo is a mobile-first, blockchain compatible with the Ethereum Virtual Machine (EVM). The project raised $30 million in funding in 2019 from leading venture capital firms such as a16z and Polychain Capital. Subsequently, it concluded another funding round of $20 million in 2021.
OP Labs Prepares For Celo Layer 2 Testnet Deployment
The primary contributor to the Optimism ecosystem, OP Labs provides developers with a development software stack called the OP Stack, facilitating the launch of their Layer 2 blockchains. The firm intends to deploy a testnet for the Celo Layer 2 during the summer of 2024, following another round of community voting.
This migration to the Optimism ecosystem represents a move towards integrating Celo into Optimism’s broader Superchain ecosystem, which includes OP Mainnet, Base, Zora, Mode, and other components.
OP Mainnet and other chains within the Optimism ecosystem utilize a scaling solution known as optimistic rollups for their operations. This technology aggregates Ethereum transactions on a secondary off-chain layer, enabling more cost-effective transaction processing to tackle scalability challenges on the Ethereum network.
The post Celo Developer cLabs Proposes Launch Of Its Ethereum Layer 2 Solution On Optimism’s OP Stack appeared first on Metaverse Post.
