Celo, a blockchain platform that allows users to generate public keys from phone numbers, has announced plans to migrate to an Ethereum layer-2 network using OP Stack, a modular tooling provided by Optimism.
Celo is a blockchain platform that facilitates fast, secure, low-cost mobile phone payments.
Celo’s distinctive feature is its ability to generate public keys from unique phone numbers, making it easy for users to send and receive crypto without complicated addresses.
Additionally, Celo supports various decentralized applications, such as Uniswap, Sushiswap, Valora, Mento, and UbeSwap.
Celo’s migration to Ethereum layer-2
Celo is migrating to Ethereum layer-2 to leverage the existing Ethereum blockchain infrastructure and benefit from its security and decentralization.
By using OP Stack, a modular tooling provided by Optimism, Celo will be able to customize its layer-2 solution to suit its needs and retain its distinctive features.
The migration will also improve the scalability and functionality of Celo, as well as the user experience for both users and developers.
Celo’s migration to Ethereum layer-2 will be based on a comprehensive architecture proposal published on July 15 after extensive research and discussions within the Celo community.
The proposal outlines the steps and components involved in the migration, such as:
- A decentralized sequencer that will use Celo’sCelo’s existing validator set to order transactions and publish them to the Ethereum mainnet.
- EigenLayer, a middleware that enables protocols to leverage Ethereum’s security and decentralization without compromising their features or performance.
- EigenDA is a solution built on EigenLayer that enhances data availability and reduces storage fees for the network.
- The proposal also describes how Celo will maintain its relationship with Ethereum through collaborative initiatives and the introduction of new proposals. The migration will be a technical upgrade that will maintain the existing Celo ecosystem of applications.
The Impact of Celo’s Migration
Celo’s migration to Ethereum layer-2 will significantly affect the blockchain industry and the crypto community. By becoming an Ethereum layer-2 network, Celo will join the ranks of other prominent layer-2 solutions, such as Arbitrum, Optimism, and Polygon.
This will expand the options and opportunities for developers seeking scalable and secure platforms to build their applications.
According to L2Beat, Arbitrum currently holds the highest total value locked (TVL) at $6.12 billion among layer-2 networks.
Celo’s migration will also align with its mission of fostering global prosperity through inclusive financial opportunities.
By enhancing its security, scalability, and user experience, Celo will be able to reach more users around the world who can benefit from its innovative features and services.
Celo’s migration will also demonstrate its commitment to continuous innovation and improvement within the blockchain space.
