[Crypto projects](https://revain.org/projects/) › Celo

# Celo (CELO): how it works, supply and reviews

## In short

- **Type**: Ethereum Layer 2 rollup on the OP Stack, settling to Ethereum.
- **Maximum supply**: 1,000,000,000 CELO.
- **Risks and caveats**: Transactions are ordered by a centralized sequencer for now, per the docs.
- **Checked**: 1 November 2026

## Key facts

- **Ticker**: CELO
- **Official site**: [celo.org](https://celo.org/)

Key facts checked on 1 November 2026 against official sources.

## What is Celo

Celo is an Ethereum Layer 2 network on the OP Stack that posts transaction data to EigenDA and settles to Ethereum. It has 1-second blocks, lets users pay gas in stablecoins, and uses CELO as its native and governance token. Celo launched in 2020 as an independent Layer 1 and migrated to Layer 2 in March 2025.

## Network and consensus

| Parameter | Details |
|---|---|
| Type | Ethereum Layer 2 rollup on the OP Stack, settling to Ethereum. |
| Consensus | A sequencer orders transactions; on L1 (2020-2025) Celo used BFT proof-of-stake run by elected validators. |
| Block time | 1 second on L2 (5 seconds on the former L1). |
| Smart contracts | EVM-equivalent execution; Ethereum contracts and tools work on Celo. |
| Runs on | Data availability on EigenDA; state roots settle to Ethereum with fault proofs. |
| Launched | Mainnet launched in April 2020 as a Layer 1; migrated to Layer 2 on 26 March 2025 at block 31,056,500. |
| Chain ID | Celo Mainnet chain ID 42220. |

## Supply and issuance

| Parameter | Details |
|---|---|
| Maximum supply | 1,000,000,000 CELO. |
| Issuance | 400 million CELO are released through epoch rewards over time, from the CeloUnreleasedTreasury contract. |
| Staking rewards | Epoch rewards (about every 24 hours) go to community RPC providers, Locked CELO voters, the Community Fund and the Carbon Offsetting Fund. |
| Initial distribution | At the L2 transition the full 1 billion CELO supply was allocated to the bridge contract on Ethereum. |

## What CELO is used for

- Paying gas fees (stablecoins are also accepted).
- Locking CELO to vote in validator elections and on governance proposals.
- On-chain governance votes by CELO holders.
- Reserve collateral for Celo stablecoins, per the docs.

## Who develops and governs Celo

- **Governance**: On-chain governance; changes must be agreed by CELO holders.
- **Developer**: Celo Core Co. describes itself as the engineering and ecosystem team behind the Celo network.
- **Company**: cLabs proposed and led the Layer 2 transition.
- **Security Council**: A 2/2 Safe multisig of a cLabs 6/8 multisig and a 6/8 Celo Community Security Council can upgrade L2 contracts and execute hotfixes.
- **Audits**: Core contract releases were audited by OpenZeppelin, Certora, Hacken, Verilog and Hexens, per celo.org/audits.

## History

| Date | Event |
|---|---|
| April 2020 | Celo mainnet launches as a Layer 1 blockchain on Earth Day. |
| June 2020 | A governance proposal renames the native asset Celo Gold to Celo (CELO); it passes in June 2020. |
| 13 July 2022 | Celo mainnet stalls for about 24 hours; block production stops until validators upgrade to release 1.5.8 on 14 July. |
| July 2023 | cLabs proposes moving Celo from an independent Layer 1 to an Ethereum Layer 2. |
| 26 September 2024 | The Alfajores testnet migrates to Layer 2. |
| 26 March 2025 | Celo mainnet migrates to an Ethereum Layer 2 at block 31,056,500. |

## Security and audits

- Core contract releases have published audits by OpenZeppelin, Certora, Hacken, Verilog and Hexens.
- A Security Council multisig holds the protocol's emergency keys on the L2.
- On 13-14 July 2022 the Celo L1 stopped producing blocks for about 24 hours; cLabs published a post-mortem.

## Security incidents

| Date | What happened | Source |
|---|---|---|
| 13 July 2022 | Network halt: Celo mainnet (then a Layer 1) stopped producing blocks at block 14,035,019 from 13 July 2022, 23:20 UTC, until 14 July, 23:42 UTC. A consensus message exceeded the network-layer size limit under high load; validators resumed the chain with release 1.5.8. About 400,000 transactions were delayed; the chain state stayed readable. | [docs.google.com](https://docs.google.com/document/d/1gASksFHcpftPRMgC_DX9EWs387CVGqfA01eMWte-0no/edit) |

## Official CELO contracts

| Network | Contract address |
|---|---|
| Celo | [0x471EcE3750Da237f93B8E339c536989b8978a438](https://celoscan.io/token/0x471EcE3750Da237f93B8E339c536989b8978a438) |
| Ethereum | [0x3c7011fd5e6aed460caa4985cf8d8caba435b092](https://etherscan.io/token/0x3c7011fd5e6aed460caa4985cf8d8caba435b092) |

On Celo the CELO token contract is listed as GoldToken/CeloToken at 0x471E…a438. Since the L2 migration the canonical CELO is an ERC-20 on Ethereum (0x3c70…b092), minted in full to the OptimismPortal bridge.

## Risks and caveats

- Transactions are ordered by a centralized sequencer for now, per the docs.
- A Security Council multisig can upgrade L2 contracts and execute hotfixes.
- The Celo L1 halted for about 24 hours in July 2022.
- CELO on Celo is bridged from Ethereum since March 2025; the bridge contracts hold the supply.

## Official links

- Website: [celo.org](https://celo.org/)
- Docs: [docs.celo.org](https://docs.celo.org/)
- Source code: [github.com/celo-org](https://github.com/celo-org)
- Block explorer: [celoscan.io](https://celoscan.io/)
- Block explorer: [celo.blockscout.com](https://celo.blockscout.com/)
- Governance forum: [forum.celo.org](https://forum.celo.org/)
- Governance: [mondo.celo.org/governance](https://mondo.celo.org/governance)
- Blog: [blog.celo.org](https://blog.celo.org/)
- Audits: [celo.org/audits](https://celo.org/audits)

## Questions and answers

**What is Celo?**

Celo is an Ethereum Layer 2 on the OP Stack with 1-second blocks, data on EigenDA and gas payable in stablecoins. It ran as its own Layer 1 from April 2020 until March 2025.

**Is Celo Gold the same as CELO?**

Yes. Celo Gold (cGLD) was the original name of Celo's native asset; a governance proposal to rename it Celo (CELO) passed in June 2020.

**What is the maximum supply of CELO?**

The maximum supply is 1,000,000,000 CELO; 400 million are released over time through epoch rewards.

**When did Celo become a Layer 2?**

Celo mainnet migrated to an Ethereum Layer 2 on 26 March 2025 at block 31,056,500.

**Has the Celo network ever stopped?**

Yes. On 13-14 July 2022 the Celo L1 stopped producing blocks for about 24 hours; cLabs published a post-mortem and validators restarted the chain with a fix.

## Sources

- [Celo - Home](https://celo.org/)
- [Celo Docs - Our History](https://docs.celo.org/learn/history)
- [Celo Docs - About Celo L1](https://docs.celo.org/learn/celo-l1)
- [Celo Docs - Celo Protocol](https://docs.celo.org/learn/protocol)
- [Celo Docs - CELO Token Duality](https://docs.celo.org/learn/protocol/celo-token)
- [Celo Docs - Celo L2 Migration notice](https://docs.celo.org/operate/notices/archive/l2-migration)
- [Celo Docs - L2 migration specification](https://docs.celo.org/operate/specification/l2-migration)
- [Celo Docs - Smart contract updates from L1](https://docs.celo.org/operate/specification/smart-contract-updates-from-l1)
- [Celo Docs - Native bridge](https://docs.celo.org/operate/specification/native-bridge)
- [Celo Docs - Security Council](https://docs.celo.org/learn/protocol/security-council)
- [Celo Docs - Governance](https://docs.celo.org/learn/protocol/governance/overview)
- [Celo Docs - Epoch rewards](https://docs.celo.org/learn/protocol/epoch-rewards)
- [Celo Docs - Network information](https://docs.celo.org/learn/network/overview)
- [Celo Docs - Core contracts](https://docs.celo.org/build/tools/contracts/core-contracts)
- [Celo Forum - Proposal to rename Celo Gold](https://forum.celo.org/t/proposal-to-rename-celo-gold-to-celo-native-asset/528)
- [Celo Forum - Post Mortem, Celo Stall July 13 2022](https://forum.celo.org/t/post-mortem-celo-stall-july-13-2022/4001)
- [cLabs - Celo Mainnet Stall post-mortem](https://docs.google.com/document/d/1gASksFHcpftPRMgC_DX9EWs387CVGqfA01eMWte-0no/edit)
- [Celo - Smart contract audits](https://celo.org/audits)
- [Celo Core Co. - Home](https://celofoundation.org/)

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Page updated: 2026-11-01

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Source: https://revain.org/projects/celo/