Celo Unveils Revolutionary Ethereum L2 Chain to Unleash Scalability

cLabs proposes building an Ethereum Layer 2 (L2) chain using the OP stack to enhance the scalability and efficiency of the Ethereum ecosystem, leveraging Optimistic and zkRollups to address key scalability challenges.

Celo Unveils Groundbreaking Ethereum Layer 2 Chain to Revolutionize Scalability

Zug, Switzerland – July 14, 2023 – cLabs, the visionary team behind the Celo blockchain, has proposed the creation of an Ethereum (ETH) Layer 2 (L2) chain utilizing the OP stack. This transformative initiative marks a significant milestone in the pursuit of enhanced scalability and efficiency within the Ethereum ecosystem.

Following a rigorous eight-month evaluation process, cLabs has identified the OP stack, featuring Optimistic Rollups and zkRollups, as the optimal solution to address Ethereum's scalability challenges. The proposed Layer 2 chain will be meticulously tailored to meet the unique needs of the Ethereum community, offering seamless interoperability and support for smart contracts.

Empowering Developers and Enhancing User Experience

Developers will have the flexibility to build Decentralized Applications (dApps) on the L2 chain, leveraging the scalability advantages without sacrificing the security and reliability of Ethereum. Moreover, users will benefit from faster transaction finality and reduced latency, resulting in an elevated user experience.

The upcoming enhancements will further optimize the chain's performance, reducing block time from 5 seconds to 2 seconds and increasing throughput by 50%. These advancements will empower developers to create innovative dApps with enhanced efficiency and user-friendliness.

Expanding Celo's Ecosystem

The deployment of the Celo Layer 2 testnet is scheduled for later this summer, following another round of community voting. This integration marks a strategic move towards incorporating Celo into the Optimism Superchain ecosystem, alongside other prominent players such as OP Mainnet, Mode, Base, and Zora.

cLabs' commitment to the Ethereum ecosystem extends beyond the technical realm. The organization has forged a partnership with Google Cloud services to provide support for projects within Celo's blockchain ecosystem and promote the adoption of Google Cloud services.

Collaboration with Opera to Enhance Financial Inclusion

In another significant development, Opera, the renowned web services provider, has announced plans to integrate a non-custodial stablecoin wallet built on the Celo blockchain into its mobile web browser. This integration will empower Opera's extensive user base in Africa with an accessible and secure platform to access and manage stablecoins.

Celo's collaboration with Opera's MiniPay wallet aligns with its mission to foster financial inclusion in Africa. With Celo's established African user base, the partnership will broaden MiniPay's utility, offering users expanded access to decentralized services and applications.

Conclusion

cLabs' proposed Ethereum Layer 2 chain, coupled with its strategic partnerships with Google Cloud services and Opera, represents a transformative leap forward in the evolution of the Celo blockchain. This comprehensive ecosystem of solutions will empower developers, enhance user experience, and contribute to the growth and prosperity of the Ethereum community. As the blockchain industry continues to evolve, Celo remains at the forefront of innovation, shaping the future of blockchain technology and unlocking its full potential.