Celo Foundation’s Post

The Celo Foundation is proud to share that following a successful hardfork, led by core contributors cLabs and Layer 1 validators, Celo is officially an Ethereum Layer 2! Since launching on mainnet Earth Day 2020 as an EVM-compatible, Proof-of-Stake Layer 1 blockchain and Geth fork, the Celo ecosystem has grown to more than 1,000 projects in over 150 countries. As a Layer 2 built on OP Labs PBC's OP Stack and leveraging Eigen Labs EigenDA, Celo maintains core features including sub-cent transaction costs, fee abstraction (enabling ERC-20 tokens including USDT and USDC as gas currency), Ultragreen Money, and more. With this migration, block time decreases to just one second (from five seconds), the network gains Ethereum security and native bridging, and deflationary tokenomics through the “Great Celo Halvening” are currently in flight. Celo also joins a shared roadmap focused on rollups and modular scalability, deepens composability with Ethereum-native apps and protocols, and unlocks access to Ethereum’s full suite of developer libraries and tools while expanding liquidity and presence across the blockchain ecosystem. Over 100 Day One partners, including Uniswap Labs, Curve, Chainlink Labs, RedStone Oracles, Hyperlane, LayerZero Labs, Wormhole, Axelar Network, Rarible, Infura, QuickNode, Alchemy, thirdweb, and AAVE, committed to supporting within just two hours to ensure their applications and infrastructure are ready for users immediately following the hardfork. “Celo’s upgrade to an Ethereum Layer 2 is a natural progression towards our Day 1 mission––to create the conditions of prosperity for all––and platforming a robust onchain economy for the future. Leveraging Ethereum’s network infrastructure, Celo is enhancing security and interoperability for millions of daily users,” said Rene Reinsberg, Celo Co-Founder and Celo Foundation President, “a transformative milestone in Celo’s five-year journey.” “Since launch, Celo has maintained close alignment with Ethereum, and we’ve always seen ourselves as a cultural extension of the community with a rich Regen culture and focus on mobile DeFi applications,” said Marek Olszewski, Celo Co-Founder and cLabs CEO. “Migrating to a Layer 2 marks an exciting return home for Celo, combining the best of the networks’ advantages to scale Web3 with global reach and continued impact.” To read cLabs’ forum post, visit: bit.ly/42hpa3t  To read the founders’ letter to the community, visit: https://bit.ly/3QNBoKJ