Close Menu
Cryprovideos
    What's Hot

    $USD1 Stablecoin Begins Minting on TRON

    June 13, 2025

    RBI's Crypto Squeeze: A 2025 Actuality Verify

    June 13, 2025

    Passport Prime: A New Safety Machine For A New Technology

    June 13, 2025
    Facebook X (Twitter) Instagram
    Cryprovideos
    • Home
    • Crypto News
    • Bitcoin
    • Altcoins
    • Markets
    Cryprovideos
    Home»Crypto News»Celo's token drops as Coinbase skips Layer-2 migration help
    Celo's token drops as Coinbase skips Layer-2 migration help
    Crypto News

    Celo's token drops as Coinbase skips Layer-2 migration help

    By Crypto EditorNovember 28, 2024No Comments2 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email



    Celo's token drops as Coinbase skips Layer-2 migration help

    Celo, a outstanding Layer-1 blockchain, has seen its native token dump 5% after its upcoming transition to an Ethereum Layer-2 community inside Optimism’s Superchain ecosystem turned “contentious.”

    On Nov. 27, Coinbase, the biggest US-based crypto trade, introduced that it will not help Celo’s migration right into a Layer 2 community. In distinction, Tether’s CEO Paolo Ardoino confirmed the stablecoin issuer’s continued help for the community post-transition into the Ethereum ecosystem.

    Information from CryptoSlate confirmed that this uncertainty negatively impacted the community’s CELO token, which fell 5% to $0.81039 at press time.

    Neighborhood response

    These diverging views sparked combined reactions inside the neighborhood, with many criticizing Coinbase’s choice.

    Marek Olszewski, CEO of Celo’s developer cLabs, expressed disappointment with Coinbase’s stance. He questioned whether or not this choice may deter different Ethereum Digital Machine (EVM)-compatible Layer-1 chains from embracing Ethereum’s Layer-2 scaling options.

    In the meantime, the founding father of Kraken’s Inkchain, Andrew Koller, assured that his trade would help the migration into an L2. He said:

    “Kraken and Ink [loves] the superchain and are absolutely dedicated to Ethereum scaling and making Kraken work for Celo customers. we’ve requested the related groups to discover this to see if we are able to hit every thing in time for Jan. sixteenth.”

    Regardless of the setback, Olszewski instructed the Celo neighborhood might contemplate renaming its present Layer-1 chain to “Celo Gold (CGLD)” to accommodate Coinbase’s present help framework. He hinted that this may simplify future adoption if Coinbase helps the Layer-2 improve.

    Neighborhood urges Coinbase to rethink

    EigenLayer founder Sreeram Kannan speculated that Coinbase’s choice might stem from “an oversight” reasonably than outright opposition. He inspired the trade to revisit its stance, emphasizing the potential advantages of supporting Celo’s integration into the OP Stack.

    Kannan said:

    “I feel that is probably an oversight internally in Coinbase. There is no such thing as a probability the corporate constructing the main Ethereum L2 in customers and a core contributor to OP public items will select to discontinue supporting Celo after it turns into an OP stack based mostly L2.”

    Alternatively, Nass Eddequiouaq, the CEO of a16z-funded crypto startup Bastion, highlighted the operational and regulatory complexities exchanges face when including help for brand new chains, significantly within the US. He added:

    “Exchanges and custodian have often been ready to see which department of the fork picks up the exercise earlier than including help for it and deprecating the opposite one.”

    Talked about on this article



    Supply hyperlink

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    RBI's Crypto Squeeze: A 2025 Actuality Verify

    June 13, 2025

    Nigeria SEC Reaffirms Ban On CBEX Amid Withdrawal Charge Considerations on Bitcoin Holdings | UseTheBitcoin

    June 13, 2025

    SEC Provides Dogecoin, Hedera ETFs to Rising Checklist of Delayed Choices – Decrypt

    June 13, 2025

    Australia bans monetary adviser for 10 years for $9.6M crypto rip-off

    June 13, 2025
    Latest Posts

    Nigeria SEC Reaffirms Ban On CBEX Amid Withdrawal Charge Considerations on Bitcoin Holdings | UseTheBitcoin

    June 13, 2025

    H100 Shares Surge After $10M Elevate To Purchase Extra Bitcoin

    June 13, 2025

    CryptoQuant Warns of Bitcoin Volatility as Spot Provide Drops – Bitbo

    June 13, 2025

    Bitcoin Worth Nosedives—Revenue-Taking Sparks Sudden Correction

    June 13, 2025

    Bitcoin liquidity strikes to non-KYC exchanges as US reserves skinny

    June 13, 2025

    France’s The Blockchain Group Secures €9.7 Million Extra For Its Bitcoin Treasury Technique

    June 13, 2025

    Bitcoin 4-Yr CAGR Rebounds To 31% – $168K By October? | Bitcoinist.com

    June 13, 2025

    Bitcoin Dips as Israel Launches Airstrikes on Iran – Decrypt

    June 13, 2025

    CryptoVideos.net is your premier destination for all things cryptocurrency. Our platform provides the latest updates in crypto news, expert price analysis, and valuable insights from top crypto influencers to keep you informed and ahead in the fast-paced world of digital assets. Whether you’re an experienced trader, investor, or just starting in the crypto space, our comprehensive collection of videos and articles covers trending topics, market forecasts, blockchain technology, and more. We aim to simplify complex market movements and provide a trustworthy, user-friendly resource for anyone looking to deepen their understanding of the crypto industry. Stay tuned to CryptoVideos.net to make informed decisions and keep up with emerging trends in the world of cryptocurrency.

    Top Insights

    Coinbase Withdraws Assist for Wrapped Bitcoin (wBTC) As BTC Careens Under $100,000 – The Every day Hodl

    December 21, 2024

    Crypto Simply Obtained Rowdy—MMA Star Conor McGregor Enters the Ring with New Memecoin

    April 6, 2025

    Bitcoin Nears All-Time Excessive as $312M BTC Exit Binance Following US-China Commerce Deal

    May 13, 2025

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    • Home
    • Privacy Policy
    • Contact us
    © 2025 CryptoVideos. Designed by MAXBIT.

    Type above and press Enter to search. Press Esc to cancel.