ECNETNews reports that Coinbase has announced its support for Celo’s migration from a standalone Layer-1 blockchain to an Ethereum Layer-2 network.
The transition is set to commence on March 25, during which Coinbase will temporarily suspend all deposits and withdrawals of Celo’s native token, CGLD, to facilitate the upgrade.
Celo’s shift to Layer-2 aims to capitalize on Ethereum’s strong security and extensive ecosystem while maintaining its signature features, including low transaction fees and rapid settlement times.
This strategic move is expected to significantly enhance scalability, lower operational costs, and improve interoperability with Ethereum-based applications.
Coinbase has confirmed that all CGLD tokens will be automatically converted during the migration, requiring no action from users. However, it is advisable for users to avoid depositing CGLD during the migration period to prevent any processing delays.
Email notifications will be dispatched to users to inform them when services are disabled and when they are back online.
Migration Process
The migration will involve substantial technical updates, including faster block confirmations and native bridging capabilities between Celo and Ethereum, enhancing the security and efficiency of asset transfers.
Importantly, the token ticker for Celo’s Layer-2 network on Coinbase will remain as CGLD.
