Celo Foundation’s Post

Four years ago today, Celo mainnet launched on Earth Day 2020. Now, with 370M+ transactions and over 1,000 projects in more than 150 countries, the Celo ecosystem is thriving––as Web3’s home of regenerative finance (ReFi) and a leader in real-world assets (RWAs), notably stablecoins such as Celo-native USDC, USDT, and various Mento local currencies––and building for the real world. To mark the network’s milestone occasion, core contributors at @cLabs propose migrating Celo from a mobile-first, EVM-compatible Layer 1 to an Ethereum Layer 2 (“CEL2”) leveraging OP Stack, following a unanimous community vote in favor of the transition last year. By building on the OP Stack, Celo’s Ethereum L2 will maintain key features of Celo’s L1 including the ability to send money to a phone number, email address, or other social identifier via SocialConnect, and maintaining low gas fees to ensure greater accessibility and adoption of crypto around the world. cLabs will aim to build CEL2 with the OP Stack following a forthcoming community vote, with testnet deployment anticipated as early as Summer 2024. But that’s not all! To celebrate Earth Day, Celo’s mainnet anniversary, and the historic CEL2 proposal, there will be a series of NFT drops on the Celosphere marketplace, built by @Rarible, starting with a free, limited-edition CEL2 NFT on https://celosphere.xyz/ To learn more about cLabs’ proposal and this week’s activations and events, visit our blog post below:  https://lnkd.in/e6bb3kkR