Demex Daily #54: $ARB Arbitrum Enters Competition to Develop Celo's Layer-2 Network with Orbit Stack

What’s Interesting Today:

Arbitrum, currently the largest layer-2 blockchain, has entered the competition to build a new layer-2 network for Celo, challenging previous proposals from Optimism, Polygon, and Matter Labs. Nina Rong of the Arbitrum Foundation proposed using their Orbit tech stack for Celo, highlighting its customizability and alignment with Celo's mission. Initially, Celo planned to use Optimism's OP Stack, but is now considering various options, including Arbitrum's proposal. Celo aims to decide by mid-January. Arbitrum's significant Total Value Locked (TVL) of $8.4 billion, indicating market trust, is a key factor in its proposal. Celo Labs is currently evaluating the technical aspects of each proposal.

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=nil; Foundation has developed a new zero-knowledge Ethereum Virtual Machine (zkEVM) compiler, emphasizing automated security enhancements over existing manual zkEVM solutions. This compiler, compatible with Ethereum's base execution environment, aims to simplify and secure Ethereum scaling by automating the conversion of code into zk-SNARKS circuits. This innovation addresses security flaws found in other zkEVMs, like Matter Labs’ zkSync Era, and is designed to be adaptable and future-proof, integrating seamlessly with ongoing Ethereum updates. The foundation released its prototype on December 12.