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cLabs, the company behind Layer1 blockchain Celo, proposed a major upgrade for Celo to migrate it from an EVM compatible Layer1 to an Ethereum Layer2 based on OP Stack. The upgrade aimed to further Celo's EVM compatibility, enhance its security, and bring more real-world use cases to Ethereum.
According to cLabs, the proposed Layer2 will use an off-chain data availability layer powered by EigenLayer, operated by Ethereum node operators, and protected by restaked $ETH. Celo's existing validator set will power the decentralized sequencer. Celo's 1-block finality will be retained, and the gas fees will be maintained at a low level. cLabs said that the gas cost of the new Celo will be lower than other Layer2 networks like Optimism and zkSync Era.
The upgrade will not affect end users and the $CELO token. $CELO will still be used for governance and gas payment. cLabs will release an indicative on-chain governance proposal on July 22 for the community to vote.
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