The CELO launched as Layer 1 Blockchain Community has now joined the Etreum EcoSystem with converting into Layer 2 Community. With this transition, the utility of CELO will increase even more, because it Ethereum Has become part of the large ecosystem of K, which is worth more than $ 455 billion and includes hundreds of Dapps and projects.
Celo’s association with Etreum
CELO proposed to become Layer 2 Community in July 2023 and now it has finally been implemented. CELO’s association with Etreum will eliminate the boundaries between the two networks and start new opportunities in the world of DApps. CELO Group appreciated the hard work of Clabs engineers and the support of L1 validators in achieving this milestone.
CELO Token price increase
After this transition of CELO, the price of CELO Token has also been seen to be a good jump. In the last seven days, the price of CELO has increased by 12%. Currently, the price of CELO Token is trading around $ 0.4.
New layer 2 infrastructure characteristics
The new Layer 2 of CELO is based on OP stack and eigenda of infrastructure optimism. With this, CELO will get a block time of close to 1 second and users now pay gas fees usDT and USDC Like you will be able to do it with token too.
CELO’s “return to Ethereum” combines the bestness of both worlds, with the focus of CELO to adopt in the real world, while the incredible security of Ethereum, strong community and network effects make it a powerful combination mixture. This combination gives the CELO a powerful platform, which can increase its usefulness and impact not only in Crypto length but also all over the world.
Conclusion
CELO has replaced its identity from Layer 1 to Layer 2 Community with Ethereum. This will increase the utility of CELO and will become part of the large ecosystem of Ethereum. The price of CELO Token has increased by 12%. CELO’s new Layer 2 infrastructure is based on optimism and eigenda, which will reduce fast transactions and gas fees.
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