In a move as dramatic as a Wildean plot twist, Coinbase has thrown its weight behind Celo’s grand metamorphosis from a solitary Layer-1 blockchain to an Ethereum Layer-2 network. 🎭
Mark your calendars, dear readers, for March 25, when Coinbase will temporarily halt deposits and withdrawals of Celo’s native token, CGLD, as if it were a Victorian gentleman pausing for a spot of tea. ☕
Celo’s leap to Layer-2 is not merely a change of address but a calculated embrace of Ethereum’s formidable security and sprawling ecosystem, all while clinging to its beloved traits: low fees and swift settlements. 🏃♂️💨
This strategic pivot promises to amplify scalability, trim costs, and foster a harmonious relationship with Ethereum-based applications. A match made in blockchain heaven, or so they say. 💍
Celo is transitioning from a Layer 1 blockchain to an Ethereum Layer 2. Coinbase will conduct this upgrade today beginning at 8pm PDT. During the upgrade, send/receive for CGLD will be temporarily disabled.
Here is what to expect 🧵
— Coinbase Assets 🛡️ (@CoinbaseAssets) March 25, 2025
Coinbase, ever the gracious host, assures users that their CGLD tokens will be seamlessly converted during this grand migration, sparing them the tedium of lifting a finger. However, the exchange, with the solemnity of a butler, advises against depositing CGLD during this window to avoid the dreaded processing delays. 🕰️
Fear not, for email notifications will arrive like clockwork, informing users when services are paused and when they resume, ensuring no one is left in the dark. 📧
Migration process
The migration process is a symphony of technical enhancements: faster block confirmations, native bridging between Celo and Ethereum, and a general boost in the security and efficiency of asset transfers. 🎻
And yet, amidst all this change, the token ticker for Celo’s Layer-2 network on Coinbase will remain steadfastly as CGLD, a comforting constant in a sea of innovation. 🏷️
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2025-03-25 22:37