Celo proposes upgrade to transition network to an Ethereum L2

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.

Timeline of Celo, Ethereum

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.

Matter Labs, the core developer of Ethereum Layer-2 scaling solution zkSync Era, has announced the launch of Boojum, a revolutionary proof system designed to enhance performance and accessibility. Boojum is built on a new Rust-based cryptographic library developed by zkSync, utilizing STARK technology to power the upgraded Zero-Knowledge (ZK) circuits.

The introduction of the messaging feature adds another layer of functionality to the wallet, enhancing the user experience and providing a convenient means of communication within the crypto community.

According to its creator, a new protocol which enables people to create and share digital objects on Ethereum and makes use of transaction "calldata" to write non-financial data to the network's blockchain has encountered a major setback.

Ethereum Price Analysis: On July 13, the Ethereum coin price breached a weekly resistance of $1966 as a signal of uptrend continuation. However, the coin price faced immediate supply pressure at $$2000 psychological resistance and plunged below 1966.

Drawing upon recent data, the Ethereum network has incinerated close to 3.46 million ether, translating to a staggering $6.68 billion in value burned since the London hard fork's implementation on August 5, 2023.