cyrpto Celos, Coinbase, Ethereum, layer2, supporting, transition Mark March 25, 2025 0 Comments

Coinbase supporting Celo’s transition to Ethereum Layer-2

Coinbase announced his support for the migration of Celo from an autonomous layer 1 blockchain to an Ethereum Layer-2 network.

The transition should start on March 25 with Jamming temporarily suspend the deposits and withdrawals of Celo’s native token, CGLD, during upgrade.

Celo’s move to layer 2 aims to take advantage of that of Ethereum (Ethn) Robust safety and vast ecosystem while retaining its characteristic characteristics, such as low transaction costs and fast settlement times.

This strategic change should improve scalability, reduce costs and improve interoperability with applications based on Ethereum.

Celo goes from a layer 1 blockchain to an Ethereum 2. Coinbase will lead this upgrade today from 8 p.m. PDT. During upgrade, Send / Receive for CGLD will be temporarily disabled.

Here is what to expect 🧵

– Coinbase assets 🛡️ (@coinbaseasets) March 25, 2025

Coinbase assured users that their CGLD tokens will be automatically converted during migration, requiring any action on their part. However, the exchange advises to refrain from depositing CGLD during the migration window to avoid delays in treatment.

E-mail notifications will be sent to inform users when the services are disabled and when they have taken over.

Migration process

The migration process includes significant technical changes, such as faster block confirmations and the introduction of native puncture between Celo and Ethereum, improving the safety and efficiency of active transfers.

Despite these changes, the token ticker for the layer 2 network of Celo on Coinbase will remain CGLD.