ChainCatcher news, according to The Block, Celo, originally an independent layer one blockchain, has officially launched its transition to an Ethereum layer two network. This transition began today on the mainnet, with Celo L1 block production paused and the network officially migrating to a layer two architecture.The core development team of the project, CLabs, first proposed the transition of Celo from a layer one to a layer two chain in July 2023. This transformation aims to integrate more closely with Ethereum, benefiting from its security and large developer ecosystem, while addressing challenges such as scalability and interoperability that Celo faced as an independent chain.The layer two development utilizes the customizable toolkit OP Stack from Optimism, which means Celo now operates as an optimistic rollup. After the transition, Celo has gained native Ethereum bridging capabilities, and block time has been reduced from 5 seconds to 1 second.

ChainCatcher message, OKX official announcement states that in response to the official upgrade requirements of the Celo network, the OKX Web3 wallet will suspend services related to the Celo network. During the upgrade, users will not be able to perform operations on Celo assets, and all functions will be restored after the upgrade is completed.

ChainCatcher message, Binance announces support for the Celo (CELO) network upgrade and hard fork. To this end, the platform will suspend the deposit and withdrawal operations of Celo network-related tokens starting from March 26, 2025, at 09:00 Beijing time. This network upgrade and hard fork is expected to take place on March 26, 2025, at 11:00 Beijing time at block height 31,056,500.

ChainCatcher message, according to the official announcement, Binance will adjust the collateral rates of certain assets in the unified account on March 14, 2025, at 14:00 (UTC+8). This update will be completed in about one hour.CELO collateral rate will be adjusted from 80% to 70%;IOTX collateral rate will be adjusted from 80% to 70%;LRC collateral rate will be adjusted from 80% to 65%;ALICE collateral rate will be adjusted from 80% to 65%;AUDIO collateral rate will be adjusted from 70% to 55%;ICX collateral rate will be adjusted from 70% to 55%.

ChainCatcher news, Celo announced that the mainnet activation date for its transition to Ethereum L2 is March 26, 2025, at 11:00, with a hard fork block height of 31057000. After the upgrade, Celo L2 will reduce the block time from 5 seconds to just 1 second. Celo's complete history and block height remain unchanged, allowing users to look up past transactions.Previous news, Coinbase's announcement of not supporting the Celo blockchain migration has caused dissatisfaction in the community.

ChainCatcher news, according to Cointelegraph, the blockchain infrastructure protocols Celo, Chainlink, Hyperlane, and Velodrome have launched a cross-chain version of USDT called "Super USDT" on the OP Superchain.This stablecoin will be fully backed by an equivalent USDT reserve locked in the Ethereum scaling solution Celo, enabling its cross-chain functionality through Chainlink's cross-chain interoperability protocol and another open interoperability framework, Hyperlane.

ChainCatcher news, Coinbase stated that the Celo L1 blockchain (Coinbase code: CGLD) will migrate to Celo L2 on January 16, 2025. Coinbase will not support the migration, and customers must withdraw CGLD from Coinbase by January 13, 2025, to prevent their funds from becoming inaccessible.This move has sparked dissatisfaction within the community. cLabs CEO Marek Olszewski stated, "This feels like a hindrance to the Ethereum-centric Layer 2 scaling roadmap. Has the hard fork caused controversy? How should the Celo community respond? Celo Layer 1 validators can choose to retain the current Layer 1 chain and rename it to Celo Gold (CGLD) to make life easier for Coinbase and its users. Fortunately, Coinbase is already using this code, so CGLD could become a Memecoin."

ChainCatcher message, Coinbase Assets announced on platform X that the Celo L1 blockchain (Coinbase code: CGLD) will migrate to Celo L2 on January 16, 2025. Coinbase will not support the migration, and customers must withdraw CGLD from Coinbase by January 13, 2025, to prevent their funds from becoming inaccessible. After the hard fork is executed, the Celo L1 network will stop producing blocks, and customers will no longer be able to send or receive assets on the Celo L1 network; all remaining funds on Coinbase will become inaccessible.

ChainCatcher news, Coinbase Assets announced that Coinbase will not support the Celo blockchain migration. Due to the hard fork migration, users need to withdraw CGLD from Coinbase by January 13, 2025.After the hard fork is executed, the Celo L1 network (Coinbase code: CGLD) will stop generating blocks, and users will no longer be able to send or receive assets on the Celo L1 network. Previously, Celo stated that its L1 blockchain will migrate to Celo L2 on January 16, 2025.

ChainCatcher message, in response to Ethereum co-founder Vitalik's high praise for Celo, on-chain detective ZachXBT commented: "I have yet to see a real user of Celo; it is a 'ghost chain' integrated into the Optimism stack."Additionally, he expressed agreement with the views mentioned in the comments regarding Metal DAO and Celo utilizing the superchain mechanism to obtain OP ecosystem incentives.

ChainCatcher message, Ethereum co-founder Vitalik Buterin responded to the statement "Celo recently surpassed TRON DAO in daily active addresses for stablecoin usage" by saying: "Improving global access to basic payments/finance has always been a key way Ethereum brings benefits to the world, and I'm glad to see Celo getting attention. My impression is that Celo is clearly focused on developing countries. This is a good thing for them, as that's where many important challenges and opportunities lie."Vitalik also referenced two articles in his tweet: "Celo Becomes an Ethereum L2" and "Ethereum Cultural Consistency."

ChainCatcher news, according to Artemis data, Celo recently surpassed Tron in daily active addresses due to stablecoin usage.Vitalik Buterin commented: "Improving global access to basic payments/finance has always been a key way Ethereum brings benefits to the world, and I'm glad to see Celo getting attention. My impression is that Celo is clearly focused on developing countries. This is a good thing for them, as it is where many important challenges and opportunities lie."

ChainCatcher news, according to official sources, Gitcoin Grants 21 has officially launched and will run until August 22, 7:59 AM Beijing time. The theme of this round of grants is to collaborate with partners and enhance the capabilities of external communities.It is reported that this round includes Celo and Arbitrum ecosystem rounds as well as 9 community rounds. Users no longer need to collect Passport stamps, as Gitcoin Grants Stack provides technical support.

ChainCatcher news, according to Tether's official transparency page, the total authorized amount of Tether on the Celo chain has exceeded 470 million USD, of which 269 million USD is authorized but not yet issued Tether on the Celo chain, and 200 million USD is authorized and issued Tether on the Celo chain, with a net circulation surpassing Omni.

ChainCatcher news, the Celo Foundation has launched Celo's L2 testnet Dango, which is a key step for core contributor cLabs to bring an EVM-compatible blockchain to Ethereum. The plan was first proposed during EthCC 2023, intending to fork the Alfajores test network to Dango, allowing ecosystem developers to start transitioning their projects to the latest version of the blockchain built for the real world, aimed at achieving fast and low-cost payments.

ChainCatcher news, according to official sources, the Eigen Foundation has allocated the first strategic grant to the Celo Foundation to support the use of EigenDA in Celo Layer 2.It is reported that cLabs first proposed the migration of Celo from EVM-compatible L1 at EthCC last July, suggesting the use of EigenDA. Migrating to L2 with EigenDA helps avoid the high costs associated with native Ethereum storage, maintaining Celo's extremely low transaction fees.