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untila prominent tier-1 blockchain, saw its native token drop by 5% following its upcoming move to Ethereum Layer 2 network inside optimism The superchain ecosystem has turned out to be “controversial.”
In November. 27, CoinbaseThe largest cryptocurrency exchange in the United States announced that it will no longer support the migration of Celo to the Layer 2 network. in contrast, Rope CEO Paolo Arduino It confirmed the stablecoin issuer’s continued support for the network following the move to the Ethereum ecosystem.
Data from Cryptocellite It showed that this uncertainty negatively impacted the network’s CELO token, which fell by 5% to $0.81039 at time of publication.
Community reaction
These differing opinions have sparked mixed reactions within the community, with many criticizing Coinbase’s decision.
Marek Olszewski, CEO of cLabs, developer of Celo, Express Disappointed with Coinbase’s stance. he He doubted Whether this decision might prevent Ethereum Virtual Machine (EVM) compatible Layer 1 chains from adopting Ethereum Layer 2 scaling solutions remains to be seen.
Meanwhile, founder Kraken Ink seriesAndrew Koller confirmed that his exchange would support migration to Tier Two. he male:
“Kraken and ink [loves] Superchain and are fully committed to scaling Ethereum and making Kraken work for Celo users. We have asked the relevant teams to explore this to see if we can achieve everything in time by January 16th.
Despite the setback, Olszewski Suggested The Celo community could consider renaming the current Layer-1 chain to “Celo Gold (CGLD)” to accommodate Coinbase’s current support framework. He hinted that this may simplify future adoption if Coinbase supports the Layer 2 upgrade.
The community is urging Coinbase to rethink
Self layer Founder Sriram Kannan forecast That Coinbase’s decision could stem from “oversight” rather than outright opposition. He encouraged the exchange to reconsider its position, focusing on the potential benefits of supporting Celo’s integration into OP Stack.
Kenan stated:
“I think this is most likely an internal error at Coinbase. There is no chance that the company will build a user-leading Ethereum L2 and that the public commodity TC OP will choose to stop supporting Celo after L2 becomes based on the OP stack.
On the other hand, Nas Edikiwaq, CEO of… a16zCryptocurrency startup Bastion has highlighted the operational and regulatory complexities that exchanges face when adding support for new chains, especially in the US. he He added:
“Traditionally, exchanges and custodians would wait to see which branch of the fork picks up activity before adding support to it and neglecting the other branch.”
