Celo, the blockchain network introduced in 2020, has officially crossed a layer of 1 chain to an Ethereum Layer-2 protocol.
Celo announced the successful transition to a post on March 26 and explained that “Celo is officially a protocol of Ethereum Layer 2”. In the thread, the organization claimed that the brand new protocol comprises blocks, sub-cent transaction costs and Tether's USDT (USDT) and USDC (USDC) as gas.
Celo proposed this transition in the summertime of 2023 for the primary time and is now accomplished after the block production on the old platform of the Layer 1 platform and continued in the brand new network. The latest platform is predicated on the OP technology stack and optimistic rollups implementation.
Source: even
Optimism-based architecture
Blockchain-rollups are a layer 2 scaling solutions with which several transactions from the important blockchain bundle, which reduces the traffic jams and the transaction fees are reduced. Optimistic rollups owe their name to their assumption that Offchain transactions are valid by default and only use fraud proof of fraud during a challenge period if deviations are present in the important chain.
Marek Olszewski, CEO of Celo Developer Clabs, told CoinTelegraph: “Migration in an Ethereum L2 improves the safety and scalability of Celo.” He added:
“Celo transactions at the moment are anchored to Ethereum and inherit his catte-tested economic security and decentralization. Celo L2 also offers confirmations in a second block times and almost easy to.”
Use of the network effects of Ethereum
Irfan Shaik, founding father of the Rollup protocol Interstate, also recognized the change as positive for the protocol. He emphasized that Ethereum “has the most important network effects of each chain” and added:
“Shift 1S with liquidity fragmentation can as an alternative use the most important liquidity pool, the ETH layer 1S.”
Olszewski also informed his enthusiasm for the transition to the op-tech stack and said that it enables “a deeper composition with Ethereum native apps and protocols”. The latest system can also be significantly simplified, with 365,000 code lines less code lines decrease and, in response to it, result in a neater, cleaner and faster code base.
He also emphasized that the upgrade Celos preserved almost five -year chain history and was carried out in a scarcity of trust. The token was also moved to the Ethereum blockchain, to which Olszewski identified that he should increase his liquidity properly. He explained:
“This implies that Celo becomes a totally aligned Ethereum layer 2 through architecture, through ecosystem and mission.”
