Blockchain DeFi News

Celo Sets Sights On Becoming Fastest EVM Chain Through Collaboration With Mysten Labs

Celo Sets Sights On Becoming Fastest EVM Chain Through Collaboration With Mysten Labs
  • Following the integration, Celo will become the fastest EVM compatible blockchain in the world
  • Adding support for Move smart contracts enables developers to build advanced, audit free dApps
  • Mysten will bring advanced features to Celo, including the ability to easily recover accounts in the event of key loss
  • These new technologies will offer a big step toward making DeFi and Web3 applications more accessible to billions of mobile users

Celo, an open-source blockchain ecosystem focused on making decentralized financial (DeFi) systems and tools accessible to anyone with a smartphone, announced a multi-year collaboration with Mysten Labs, comprised of developers who worked on the Diem blockchain. The collaboration will increase Celo’s transaction speeds and bring Move smart contracts, the programming language developed for Diem, to the Celo ecosystem, enabling developers to build advanced, audit-free dApps.

“Our work with Celo will boost the network’s capacity, give developers the ability to build richer applications, and enable safe and seamless self-custody of their assets. We are proud to be part of the Celo family, and we look forward to engaging with the builders in the ecosystem.”

“Mysten Labs joining the Celo ecosystem is a significant milestone for speed, scalability, and mobile,” said Marek Olszewski, co-founder of Celo. “The combination of Narwhal, Tusk, and Move have been shown to achieve throughput numbers in excess of 140K transactions per second (TPS) with global network latencies, and we anticipate these improvements bringing very significant and additional capacity to the Celo network.”

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“Mysten Labs’ mission is to create foundational infrastructure to accelerate Web3 adoption. It’s our honor to be working with mission-aligned organizations in the Celo ecosystem,” said Evan Cheng, co-founder and CEO of Mysten Labs. “Our work with Celo will boost the network’s capacity, give developers the ability to build richer applications, and enable safe and seamless self-custody of their assets. We are proud to be part of the Celo family, and we look forward to engaging with the builders in the ecosystem.”

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Mysten Labs will engage with the Celo ecosystem to bring the following improvements:

  • Augment Celo’s PoS BFT consensus with an advanced mempool to boost throughput. This will lower transaction fees and enable new use cases for the Celo blockchain.
  • Enhance Celo’s mobile-first wallet with technology for recovering the wallet’s private keys, even if the phone is lost or stolen. This removes a major barrier to safe self-custody.
  • Provide support for the Move virtual machine alongside Celo’s existing EVM-based execution. This will allow Celo developers to benefit from the safety of Move while interacting seamlessly with existing Celo smart contracts.

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