Celo, a prominent Layer-1 blockchain, has seen its native token dump 5% after its upcoming transition to an Ethereum Layer-2 network within Optimism’s Superchain ecosystem turned “contentious.”
On Nov. 27, Coinbase, the largest US-based crypto exchange, announced that it would not support Celo’s migration into a Layer 2 network. In contrast, Tether’s CEO Paolo Ardoino confirmed the stablecoin issuer’s continued support for the network post-transition into the Ethereum ecosystem.
Data from CryptoSlate showed that this uncertainty negatively impacted the network’s CELO token, which fell 5% to $0.81039 at press time.
Community reaction
These diverging views sparked mixed reactions within the community, with many criticizing Coinbase’s decision.
Marek Olszewski, CEO of Celo’s developer cLabs, expressed disappointment with Coinbase’s stance. He questioned whether this decision might deter other Ethereum Virtual Machine (EVM)-compatible Layer-1 chains from embracing Ether
We współpracy z: https://cryptoslate.com/celos-token-drops-as-coinbase-skips-layer-2-migration-support/
