Demex Daily #152: Celo to Transition to Ethereum Layer-2 with Optimism's Tech

What’s Interesting Today:

The Celo community has approved a significant shift from a standalone blockchain to a Layer-2 network atop Ethereum, using Optimism's OP Stack. The decision, ratified by 65 addresses representing 14.6 million CELO tokens, will not be implemented until validators complete necessary upgrades. This move, described as a major transformation and likened to a "temperature check," was chosen after months of evaluation among various Layer-2 solutions, ultimately favoring OP Stack for its compatibility and proven reliability in existing production environments. The transition is part of Celo’s strategy to integrate more closely with the Ethereum ecosystem.

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Cardano is set to include CIP-69 in its upcoming Chang hard fork, addressing community and developer demands to enhance dApp development. This upgrade, driven by feedback including from the Cardano Foundation, aims to resolve mutual dependency issues among validators, which has been a significant barrier in DeFi protocol design. CIP-69 will allow for a more flexible use of validator scripts, facilitating various functions like minting and spending tokens without the current limitations. Although this inclusion may delay the Chang hard fork scheduled for June 30, it aligns with Cardano's shift towards the ‘Voltaire’ governance era, empowering the community with more decision-making authority. Despite a significant trading volume increase, Cardano's native cryptocurrency, ADA, experienced a minor price drop amid a general market downturn.