Celo's L2 Network Launch Shifted to 2024

The anticipated launch of Celo's L2 network faces a delay, with cLabs, the primary developer, pushing the rollout to 2024. As part of their project roadmap, cLabs aims to transition towards a scalable EVM based on zero-knowledge proofs. However, the team has opted to defer the technology provider selection for the L2 network until January 2024.

In a recent forum statement, cLabs proposed that the community select "codebases and projects as key building blocks for the new platform." They've devised a framework to evaluate various L2 technological stacks before arriving at a final decision. Notably, they urge the community not to assess stacks based on metrics like total value locked (TVL), transaction volume, or user count.

cLabs emphasized their focus on finding a solution tailored to the specific technical and foundational needs of the Celo L2 project rather than merely acquiring the best L2 stack available. Developers hope to reach a consensus on this matter by mid-December 2023, following which cLabs will independently evaluate each stack's suitability for the platform, a process expected to continue until mid-January 2024.

Previously, in July, cLabs announced plans to deploy Celo as an L2 network using Optimism's OP Stack. This stack forms the foundation of the second-tier Base network launched by the cryptocurrency exchange Coinbase. Later, Polygon proposed their CDK for cLabs to consider, and Matter Labs representatives presented their ZK Stack for deliberation.

According to DeFiLlama, an analytical platform for decentralized finance (DeFi) projects, Celo holds the 27th position in terms of total value locked (TVL) among DeFi projects. As of the latest data, the TVL stands at $102.89 million, reflecting its current standing within the broader DeFi landscape.