Coinbase’s decision not to support Celo’s migration from a Layer 1 blockchain to a Layer 2 solution on Ethereum has sparked significant debate within the crypto community.
In a recent announcement, Coinbase urged users to withdraw their CGLD (Celo L1) tokens by January 13, 2025, to avoid losing access to their funds. The migration, planned via a hard fork on January 16, 2025, will halt block production on the Celo L1 network, effectively rendering funds held on Coinbase inaccessible.
While the crypto exchange clarified that CGLD tokens could be transferred to CELO-compatible wallets, the platform’s lack of support for the upgrade has drawn criticism, with many highlighting the potential implications for Ethereum’s scaling ecosystem.
“Monopolistic Optics”
Marek Olszewski, Celo co-founder, expressed disappointment, stating that Coinbase’s decision undermines the broader Ethereum-centric vision of scaling via layer-2 solutions. He questioned whether other EVM-compatible Laye
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