Coinbase Backs CeloS Move too Ethereum Layer-2
Coinbase has announced its support for Celo’s transition from a standalone Layer-1 blockchain to an Ethereum Layer-2 network.This shift is set to start on March 25. during this time, Coinbase will pause Celo’s native token, CGLD, deposits and withdrawals.
Celo’s move to Layer-2 aims to tap into Ethereum’s (ETH) strong security and wide ecosystem. It will keep its low fees and fast transactions. This change shoudl boost scalability, cut costs, and improve compatibility with Ethereum apps.
Coinbase assures users that their CGLD tokens will automatically convert during the migration. No action is needed from users. However, it’s best not to deposit CGLD during the upgrade to avoid delays.
Emails will notify users when services are down and back up. The migration includes faster block confirmations and native bridging between Celo and Ethereum. This will make asset transfers more secure and efficient.
Despite these changes, the CGLD ticker on Coinbase will stay the same.This transition is a meaningful step for Celo, aiming to enhance its capabilities while staying user-friendly.
