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Celo, which brands itself as a ‘carbon-negative, mobile-first, EVM-compatible’ blockchain, proposed a move which would see the network cease to be its own layer-one blockchain, and move to become a layer-two network on Ethereum.
The final decision will lie with Celo’s community with a vote set to be carried out on July 22. If successful, Celo will transition to an Optimism-style Ethereum layer-two. However, its validator set will remain involved in running Celo’s L2, and the network will be complimented by an additional>
Source: Dune Analytics
The network’s governance token, CELO, has a market capitalization of $271 million, but spiked briefly to more than $300 million, shortly after the announcement was made.