The current market value of Ethereum in USD is $1,593.72, Over the past 24 hours, Ethereum has experienced a slight decrease of 0.71%.
It currently holds the #2 ranking on CoinMarketCap with a market cap of $191,609,329,985 USD and has a circulating supply of 120,228,095 ETH/USD coins. The maximum supply is currently unknown.
Celo, a blockchain platform, is considering a possible transition from its standalone blockchain to an Ethereum (ETH) Layer-2 (L2) network. Initially, Celo had intended to use Optimism’s OP Stack, a toolkit that can be customized and is similar to Polygon (MATIC) but based on Optimism’s technology.
However, Sandeep Nailwal, co-founder of Polygon Labs, has proposed another solution to the Celo community. Nailwal has suggested that they take advantage of Polygon’s Chain Development Kit (CDK) which is an open-source toolset that can create customizable Layer-2 chains powered by zero-knowledge (ZK) technology.
Celo, a blockchain platform, is exploring migrating from its standalone blockchain to an Ethereum (ETH) Layer-2 (L2) network. Originally, Celo had planned to utilize Optimism’s OP Stack, a customizable toolkit similar to Polygon (MATIC) but based on Optimism’s… #MATIC pic.twitter.com/O6Gpl9dIbx
— Juan Manuel Chávez ₿ Ξ #Bitcoin 🇲🇽 (@JuanChavMaci) September 22, 2023
Celo Teams Up with Polygon to Explore Ethereum Layer-2 Migration
Polygon Labs has recommended that Celo should explore the possibility of implementing an Ethereum Layer-2 solution with the help of Polygon CDK. Nailwal, the co-founder of Polygon Labs, has suggested that this approach would enable Celo to enjoy the benefits of being an Ethereum Layer-2 platform while retaining the characteristics that have contributed to its success.
The proposal highlights the benefits of adopting Polygon CDK, including enhanced cross-community collaboration by integrating with a range of Layer-2 solutions that are powered by zero-knowledge technology.
— Celo Nigeria 🇳🇬 (@CeloNigeria) September 19, 2023
The compatibility between Polygon CDK and Ethereum has been enhanced to provide an environment similar to the Ethereum Virtual Machine (EVM). This ensures a smooth transition for Celo and aligns closely with the technical infrastructure and tooling of Ethereum.
In addition, deploying with the CDK protocol offers increased security for Celo by leveraging Ethereum’s proven consensus layer and zero-knowledge proofs. With the zkEVM valium architecture and off-chain data availability supported by Polygon CDK, Celo can benefit from low fees and cost-efficient transactions while enabling network scalability.
Incorporating itself into the Polygon ecosystem allows Celo to tap into a unified Layer-2 economy, as it combines Ethereum’s mainnet with Polygon’s ecosystem. This integration results in a smoother experience for both developers and users, enabling them to easily interact with both networks.
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Celo users can benefit from fast withdrawals, quicker finality times, and immediate cross-chain interaction thanks to zero-knowledge technology. These features improve transaction efficiency, speed, and security, making for a better user experience.
By using Polygon CDK, chains can achieve secure and interconnected networks through ZK proofs, allowing for almost instant cross-chain interaction with Ethereum. The proposed move to Polygon CDK gives Celo the opportunity to transition to an Ethereum Layer-2 solution while taking advantage of Polygon’s ZK-powered technology.
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The proposal is intended to initiate talks between the Celo and Polygon communities to explore the potential benefits for all stakeholders. It’s worth noting that no final decision has been made yet, and that the proposal marks the beginning of discussions between the two communities.
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