On Monday CLabs, the company that created the Celo blockchain, saw their proposal to change Celo from an independent layer-1 blockchain to an Ethereum layer-2 solution succeed.
According to the proposal page, 131 votes were cast overall, with 128 votes in favour of the transfer, two votes against, and one abstention.
On July 16, the cLabs team disclosed the intended shift to the community in a Twitter thread, stating that it was the result of “months of research and initial discussions with Celo and Ethereum community members.”
According to the proposal post, the modification intends to streamline the exchange of liquidity between Celo and Ethereum while enhancing security and providing a seamless developer experience. The Ethereum Virtual Machine, or EVM, and Celo are currently compatible, so Ethereum developers may easily move their existing apps over or create new ones using many of the same tools.
A trustless bridge to Ethereum will make it easier to share liquidity between Celo and Ethereum, according to Celo, which stated in the proposal that the benefits of the change will include “further Ethereum alignment and EVM compatibility, a stronger security assurances than Celo provides individually, and a trustless bridge to Ethereum.”
Monday saw a 4% increase in the price of CELO, the blockchain’s native coin. In the past week, CELO has increased10%.