Celo's Co-Founder Shares Plans for Ethereum Comeback
Date: 2023-11-16 Author: Dima Zakharov Categories: IN WORLD
Unlocking Opportunities: Celo's Return to Ethereum
Launched with the aim of creating a simple mobile Ethereum wallet, Celo evolved into a first-level EVM-compatible network. Now, Marek Olszewski sees a great opportunity for Celo to "return home" by leveraging Ethereum's scalability through Layer 2 solutions.
According to Olszewski, the main developer, cLabs, plans to upgrade Celo to a highly scalable EVM based on zero-knowledge proofs. The project aims to retain unique features, such as paying transaction fees with ERC-20 tokens, made possible by zk-SNARK validation.
As Ethereum's scaling plan proves effective, Olszewski notes the increasing challenge for independent positioning in the market among EVM-compatible blockchains.
In July, cLabs considered deploying Celo as an L2 network, exploring options like Optimism's OP Stack, Polygon's CDK, and Matter Labs' ZK Stack. Olszewski emphasizes that the final decision awaits community evaluation.
Celo recently joined the ReFi ecosystem, aligning with a commitment to sustainable and inclusive financial practices. The blockchain project "Green Money" demonstrates sustainability by burning tokens, directing 20% of transaction fees to a carbon offset fund, making the CELO token deflationary.
Recall that in April 2023, Google Cloud and Celo collaborated to enhance blockchain infrastructure. In July 2022, developers deployed Uniswap v3 smart contracts on the Celo network, envisioning liquidity pools for "green assets" like tokenized carbon credits.
