Celo Proposes Transition To L2 OP Chain

• Celo proposes to transition its L1 chain to a L2.

• Aave’s GHO stablecoin goes live on mainnet.

• zkSync airdrops an experimental NFT collection.

• Unstoppable Domains adds support for ENS domains.

cLabs, the company behind Celo Network, introduced a proposal to transition its blockchain into an L2 network built on the OP Stack. The new L2 would also use an offchain data availability powered by EigenLayer. Known as EigenDA, the solution allows Ethereum restakers on EigenLayer to opt-in to secure DA for other chains. The proposal also outlines an architecture for leveraging Celo's existing validator set to power a decentralized sequencer. The proposal is currently under community discussion with a Celo governance call scheduled for Friday, July 21st. Celo is an EVM-compatible L1 blockchain focused on payment infrastructure.

GHO, an over-collateralized USD-pegged stablecoin native to Aave, is now live on the Aave V3 Ethereum Mainnet market. Users can now mint GHO against any supplied assets on the Aave V3 Ethereum market, including ETH, wstETH, rETH, UNI, SNX, and MKR. Users can currently borrow GHO at a 1.51% fixed APY. stAAVE holders also receive a 30% discount on the GHO borrow rate. Over 2.2 million GHO has already been minted. The multi-collateral stablecoin features a 100 million GHO borrow cap and allows borrowers to swap out their base collateral. The Aave DAO governs GHO, including its supply, interest rate, and risk parameters.

zkSync airdropped 10,000 NFTs to a batch of users that have interacted with NFTs on zkSync Era. Since its mainnet launch, nearly 180,000 addresses have interacted with the top 100 NFT projects on the network. Coined as LIBERTAS OMNIBUS, the NFT collection features a mystery capsule to be revealed in the coming weeks. The collection was deployed as an experiment for testing new kinds of zkSync-native NFT collections. zkSync later announced plans to restart the distribution of the NFT project over the coming weeks along with an IRL minting experiment at EthCC. zkSync Era is currently the third largest L2 network with over $500 million in TVL.

Unstoppable Domains, a Web3 domain name provider, now supports ENS domain registrations. The integration allows users to purchase .eth domains using a credit card and without needing to connect a crypto wallet. Domains can be stored in a private vault managed by Unstoppable and can later be migrated to user’s wallet. The integration also features an option for auto-renewal. Unstoppable Domains says ENS domains purchased through its platform will be registered via the ENS smart contract to ensure no naming conflicts. Future updates will include direct support for managing ENS domain records, including crypto addresses, avatars, and profile data.

Liquity, a stablecoin protocol that currently only supports ETH collateral, announced Liquity V2, a new iteration of its protocol that will feature leveraged borrowing and support for liquid staking token collateral types. The V2 upgrade aims to solve the stablecoin trilemma, striking a balance between scalability, stability, and decentralization. The upgrade will also offer a competitive DeFi-native yield source by introducing a yield-bearing stablecoin. Liquity plans to launch the V2 upgrade in 2024.

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