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Market News On the Verge of Determining the Ethereum Layer-2 Network Migration, Celo Blockchain

On the Verge of Determining the Ethereum Layer-2 Network Migration, Celo Blockchain

Celo is nearing a decision regarding which Ethereum layer-2 network to migrate to, having taken into account technical and non-technical considerations posed by a number of competitors eager to expand their platforms and influence in the blockchain industry.

TOP1 Markets Analyst
2024-01-26
6478

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The Celo blockchain is reportedly nearing a decision regarding which layer-2 network to migrate to atop Ethereum, as reported by CoinDesk. Technical proposals from prominent blockchain industry participants, including Optimism, Polygon, zkSync, and Arbitrum, have been evaluated by developers. These corporations are enthusiastic about imparting their technological designs to prospective chain builders in order to increase the critical mass of their "stacks," which are miniature ecosystems and software solutions. Tim Moreton, chief executive officer of cLabs, the principal developer of Celo, announced that the organization is currently assessing the framework's non-technical dimensions.

 

Layer-2 network constructors may find the specifics of concepts such as revenue sharing to be critical. The terms of use for the 'Expansion Program' of Arbitrum, the largest layer-2 network by total value locked (TVL), stipulate that users must transmit 10% of the protocol's net revenue to the Arbitrum Foundation. This information was disclosed last week. Although Moreton did not specify when a final recommendation might be issued, they stated that they are putting forth every effort to develop a thorough proposal.

 

At present, Celo holds the 26th position in terms of TVL, a critical metric, with a value of $116 million, in contrast to Ethereum's $30.6 billion. Nevertheless, the quest for Celo by prominent Ethereum layer-2 networks has acquired considerable marketing significance, as they vie to position themselves as early pioneers in the rapidly evolving industry. Moreton underscored their objective of identifying the optimal stack tailored to Celo's specific requirements, rather than necessarily the optimal stack in its entirety. In their pursuit of securing the partnership, the diverse teams competing for Celo have been diligently supplying access to senior executives, technical support, and test networks.

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