Celo Proposes to Ditch Own Standalone Blockchain for Layer-2 Network on Ethereum

The development team behind the independent Celo blockchain says benefits could accrue from transitioning to the Ethereum ecosystem, in terms of greater liquidity, improved security and more compatibility.

Timeline of Celo, Ethereum

Ethena, a crypto start-up, has achieved a significant milestone by securing an impressive $6 million in seed funding, according to a report from Axios. The funding round, led by prominent investment firm Dragonfly, demonstrates growing interest in Ethena's cutting-edge stablecoin project.

Unstoppable Domains, a digital identity platform, is expanding its Web3 offerings by introducing support for Ethereum Name Service (ENS) domain endings. This move will allow holders to establish their digital identity on the Ethereum (CRYPTO: ETH) blockchain using .eth domain endings, Coindesk reported.

Ethereum price wobbles 0.8% while exchanging hands at $1,915 on Monday. The second-largest crypto battled an aggressive take-profit drive over the weekend, with ETH sliding from almost a three-month high achieved last week at $2,015.

The Ethereum 2 Layer will enable the creation of new opportunities for integration and collaboration with the Ethereum network. The proposal discussion is set to take place at a management call scheduled for the 21st of July.

Celo, a mobile-first and EVM-compatible blockchain network, has announced a proposal for an upgraded that could see the Layer 1 platform transition into an Ethereum Layer 2 protocol.

Blockchain network Gnosis, a sidechain to Ethereum (CRYPTO: ETH), has announced the launch of Gnosis Pay and Gnosis Card, marking a significant step towards integrating cryptocurrency with traditional payment systems. Gnosis Pay is the first decentralized payment network that allows web3 developers to integrate with various traditional payment schemes, including Visa, Gnosis said Monday.

The Ethsubscriptions protocol, a groundbreaking initiative allowing users to create and share digital objects on the Ethereum blockchain, has encountered a significant setback due to a recent hack on its main marketplace. Launched just last month by Tom Lehman, co-founder and former CEO of Genius.

In its bid to double down on its overall performance and efficiency, Ethereum Layer 2 scaling solution zkSync has unveiled its next mega upgrade. Dubbed Boojum, the upgrade will help usher in a STARK-powered proof system, providing world-class performance on consumer-grade hardware.

Mantle's team said the modular design will allow for quick future upgrades, making it simple to onboard Ethereum updates. The design which splits blockchain activity across separate layers also offers users cheap transactions on a high-performance blockchain, the team said.

Over 3.46 million Ethereum (CRYPTO: ETH), valued at $6.68 billion, has been reduced to ashes since the London hard fork's enforcement. What Happened: Data from Dune Analytics shows that Ethereum witnessed an average monthly destruction of over 146,000 ETH.