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Celo Proposal to Migrate to Ethereum Layer 2 Passes
The change seeks to simplify liquidity sharing between Celo and Ethereum while boosting security.
Updated Jul 31, 2023, 1:41 p.m. Published Jul 31, 2023, 1:41 p.m.
CLabs, the developer behind the Celo blockchain, has seen its proposal to transition Celo from an independent layer-1 blockchain to an Ethereum layer-2 solution pass on Monday morning.
According to the proposal page, there were 131 votes in total with 128 of those voting in favor of the transition, two voting against and one abstaining.
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The cLabs team announced the proposed move to the community on July 16 in a Twitter thread, saying it followed "months of research and initial discussions with Celo and Ethereum community members."
The change aims to simplify liquidity sharing between Celo and Ethereum while boosting security and facilitating a seamless developer experience, according to the proposal post. Celo is already compatible with the Ethereum Virtual Machine or EVM, meaning Ethereum developers can easily port over their existing apps, or develop new ones using many of the same tools.
Celo said in the proposal that the benefits of the move will include “further Ethereum alignment and EVM compatibility, a stronger security assurances than Celo provides individually and a trustless bridge to Ethereum, simplifying liquidity sharing between Celo and Ethereum.”
CELO, the native token of the blockchain, was trading 4% higher on Monday. CELO is up 10% over the last seven days.
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