Bittime - Celo,fast-growing blockchain , announced significant migration plans. Celo is moving from a standalone layer-1 blockchain towards an Ethereum layer-2 solution. This announcement was made by the Celo team via Twitter at the end of last week, after "months of research and initial discussions with the Celo and Ethereum communities."
Looking for Improvement: Security, Developers, and Liquidity
This migration was planned using Optimism's OP Stack as the initial foundation. OP Stack is a toolkit that allows developers to build their own layer-2 networks. It is believed that this decision will produce a number of strategic benefits for Celo, including:
- Increased Security: By leveraging the well-established Ethereum network, the migration has the potential to significantly improve the security of Celo transactions.
- Better Developer Experience: This migration will make it easier for Celo developers to take advantage of the various tools and libraries already available in the vast Ethereum ecosystem. This has the potential to accelerate the development of decentralized applications (dApps) on Celo.
- Smoother Liquidity: The transition to Ethereum layer-2 will facilitate the movement of digital assets between Celo and Ethereum more easily, thereby increasing overall liquidity.
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Towards Broader Compatibility with the Ethereum Ecosystem
Celo is now compatible with the Ethereum Virtual Machine (EVM), which means Ethereum developers can easily move their existing applications to Celo or build new applications using the same tool.
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Furthermore, the migration to Ethereum layer-2 opens up opportunities for Celo to "improve its scalability to validium-based zkEVM in the future," according to a post on the Celo forum. zkEVM is a currently trending layer-2 technology, which offers high scalability and EVM compatibility.
Off-Chain Data Storage Solution and Support from Ethereum Founders
In the meantime, Celo's proposed off-chain data storage solution will use EigenLayer and EigenDA. The system is operated by Ethereum node managers and secured by re-staking ETH.
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Celo's decision to migrate was welcomed by Vitalik Buterin, founder of Ethereum. Via the Celo forum, Buterin expressed his enthusiasm and offered several technical suggestions to consider.
"It's great to see the Celo ecosystem getting closer to Ethereum," Buterin wrote.
CELO Price Rally and Transaction Activity
The price of the CELO token, the native crypto asset of the Celo blockchain, surged nearly 10% on Monday, hitting a two-week high of $0.59. This token has seen an increase of almost 45% over the past month.
Although Celo's transaction activity has increased rapidly in recent months, it is still well below the levels achieved in 2021 and 2022.
Migrating to Ethereum layer-2 is a strategic move that has the potential to take Celo to a higher level. Stronger security, better developer experience, and smoother liquidity can attract more users and developers to the Celo ecosystem.
How to Buy Celo (CELO) on Bittime
You can buy and sell Celo (CELO) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Celo (CELO) is available on Bittime with the market pair CELO/IDR . To be able to buy CELO IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Celo (CELO) on Bittime .
Monitor price chart movements for Celo (CELO) , Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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