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News

Binance to Support Celo Network Upgrade on March 26

2 mins mins
Key Points:

  • Binance supports Celo upgrade; deposits suspend March 26, 2025.
  • Celo becomes Ethereum Layer 2.
  • Mixed community reactions to Coinbase’s non-support.

binance-to-support-celo-network-upgrade-on-march-26
Binance to Support Celo Network Upgrade on March 26

Binance will support the Celo network upgrade and hard fork, pausing related deposits and withdrawals from March 26, 2025, 09:00 Beijing time.

The transition aligns Celo with Ethereum Layer 2 scaling, promising enhanced network features.

Binance Backs Celo’s Transition to Ethereum Layer 2

Binance has confirmed that it will support the upcoming Celo network upgrade and hard fork, marking a crucial phase for the blockchain platform. This decision reinforces Binance’s role in backing significant blockchain advancements. Deposits and withdrawals of Celo tokens on Binance will be suspended temporarily starting from March 26, 2025, 09:00 Beijing time.

The upgrade involves Celo transitioning from a Layer 1 system to an Ethereum Layer 2 solution. This move is expected to enhance scalability, reduce transaction fees, and improve operational efficiency. Binance’s support is critical for facilitating this progression.

Community reactions have been mixed. Marek Olszewski, CEO of cLabs, noted, “At this time, the Celo Layer 1 client will stop syncing and the Layer 2 client will take over.” However, Coinbase’s decision not to support the migration has stirred debate and criticism within the crypto sector.

Celo’s Market Movement and Expert Insights

Did you know? Celo’s transition to Ethereum Layer 2 reflects a broader industry shift, leveraging Ethereum’s security features for greater scalability.

According to CoinMarketCap data, Celo’s price stands at $0.3861, with a market cap of approximately $218.30 million and a fully diluted market cap nearing $386.18 million. The trading volume in the last 24 hours was over $25.29 million, showing a surge of 155.98%. Celo’s price has seen a 2.22% rise in the past 24 hours. It’s important to note the price fluctuations over different periods, with a 12.59% increase over the past week but a decline of 10.63% over 30 days.

Experts believe that Celo’s switch to Ethereum Layer 2 could offer economic advantages by tapping into Ethereum’s robust ecosystem. This could entail long-term financial benefits such as broader developer engagement and enhanced decentralized finance (DeFi) opportunities.

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Avatar of John Kojo Kumi

John Kojo Kumi

24 March 2025, 07:29:03 GMT +0000

John Kojo Kumi is a cryptocurrency researcher and writer specializing in emerging startups, tokenomics, and market dynamics within the blockchain ecosystem. With years of experience in crypto journalism and blockchain research, he provides in-depth coverage of decentralized finance (DeFi), NFTs, and Web3 innovations.

He holds a Bachelor of Arts in Geography and Rural Development from Kwame Nkrumah University of Science and Technology, Kumasi, bringing a multidisciplinary perspective to the evolving digital asset space. As a Crypto News Writer, he tracks and reports on industry trends, while his role as a Registrar at the Commission on Human Rights and Administrative Justice reflects his commitment to governance and transparency.

His expertise spans content strategy, SEO optimization, and technical research, enabling him to craft insightful, data-driven analyses. Passionate about blockchain’s transformative potential, he strives to equip readers with the knowledge to navigate the complexities of digital assets and decentralized technologies.

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