For the first time, the proposal for migrating Celo to the second-layer network was put forward in July 2023 by CLabs, the core developer of the project. After a series of tests, discussions on governance issues, and community voting, the migration was completed on March 26 at block height 31,056,500. By adopting the OP Stack from the developers of the Optimism network and integrating EigenDA for data availability, Celo maintains its low transaction fees ( of approximately $0.0005). At the same time, Celo can provide high transaction speeds — around one second. This transition is expected to enhance Celo's compatibility with the Ethereum ecosystem and reduce Celo's costs by utilizing Ethereum's infrastructure. The goal is to strengthen Celo's position in the market for financial services and decentralized applications (dApps) focused on mobile devices. Thanks to the transition, developers working on Celo will be able to use more liquidity, tools, and the security infrastructure of Ethereum. Celo developers are also exploring opportunities for collaboration with large fintech companies and decentralized applications. Last year, Tether launched the USDT stablecoin on the Celo blockchain as the official currency for paying gas fees. Previously, the Celo developers introduced the cREAL stablecoin, pegged to the Brazilian real, in addition to their other stablecoins: Celo USD (cUSD) and Celo EUR (cEUR).

#CEUR# Is this CEUR permanently equivalent to the euro?