Eigen Foundation Grants Strategic Funds to Celo for Layer-2 Integration! 🚀🌟

Breaking News: Eigen Foundation Grants Celo Foundation for Integration with EigenDA

The Eigen Foundation has recently awarded its first strategic grant to the Celo Foundation to integrate EigenDA, an off-chain data availability layer, into Celo’s upcoming Ethereum Layer-2. This crucial partnership is expected to enhance the scalability and security of Celo’s blockchain network, as per the official announcement made by the Celo Foundation.

Enhancing Scalability with EigenDA

Originally launched as a standalone blockchain compatible with the Ethereum Virtual Machine (EVM) on Earth Day 2020, Celo’s core contributors, known as cLabs, have proposed a shift to an Ethereum Layer-2 solution during a recent conference. One of the primary objectives of this transition is to preserve the scalability and security features of Celo’s Layer-1. EigenDA plays a vital role in this upgrade by providing ample block space and low transaction fees, critical for widespread applications like micropayments and universal basic income initiatives in developing regions.

The transition to Ethereum Layer-2 aims to maintain scalability and security.
EigenDA offers block space and low fees for global use cases.

Progress in Integration

The cLabs team, with the support of the community, has been actively working on migrating to the Celo Layer-2 testnet, slated for release in the upcoming summer months. Through rigorous testing, EigenDA has showcased impressive performance, demonstrating a throughput of 10MB per second on the mainnet. Additionally, the staking mechanism for Ethereum validators will allow them to earn extra rewards, aligning economic incentives with heightened security and performance standards for Celo’s Layer-2 solution.

cLabs team progressing towards Celo Layer-2 testnet launch.
EigenDA showcases superior performance with high throughput capabilities.

Community Engagement and Grant Distribution

The unanimous approval of the Layer-2 migration by the Celo community, alongside strong support from both technical and community fronts, has prompted the Eigen Foundation to award this strategic grant. This grant, a milestone for Eigen, is intended to assist vital ecosystem partners leveraging EigenDA. The management of this grant will be overseen by the Celo Foundation on behalf of the community, with plans to fortify the Layer-2 ecosystem through the on-chain Community Fund.

Community backing drives strategic grant allocation.
Celo Foundation to manage the grant for ecosystem development.

About Celo Foundation

Celo is a mobile-first blockchain network running on Ethereum Layer-2, designed for swift and cost-effective global transactions. The Celo ecosystem comprises a decentralized, proof-of-stake blockchain technology stack, the CELO native token, and stable assets like USDC and USDT as gas currencies. Since its launch in 2020, Celo has garnered support from over 1,000 projects, all contributing to its overarching goal of fostering prosperity worldwide.

About EigenDA

EigenDA serves as a decentralized data availability store, operating as an Actively Validated Service (AVS) on the EigenLayer platform. It aims to reduce transaction costs by boosting throughput and ensuring secure interoperability within the EigenLayer ecosystem. Leveraging cutting-edge technologies like erasure coding and KZG commitments, EigenDA guarantees efficient data availability while upholding decentralization and high performance standards.