The Celo network has halted its blockchain, according to a tweet posted on July 14. No funds have been compromised, and it is unclear what the issue is, but the Celo team has said that validations are working to identify the issue and resolve it. So far, Celo has been down for nearly half a day.
However, though there is no evidence to confirm this, a recent deployment of Uniswap v3 could be related to the issue, as the Uniswap v3 protocol went live on the Celo network hours before halting. The halting occurred at block height 14,035,19.
The halting does not seem to have affected CELO’s price at all. The validators and the team should hopefully be able to come up with a fix soon, as many of the community members are eagerly awaiting regenerative finance (ReFi), which the Uniswap and Celo collaboration has been focusing on.
Uniswap and Celo have been working together on the deployment of Uniswap v3 on Celo for some environment-first initiatives. The idea is to create a regenerative finance (ReFi) model that provides a lot of green benefits.
The press release for the collaboration describes how it will help in the fight against climate change,
“Uniswap’s capital-efficient decentralized exchange brings access and liquidity to the voluntary carbon market, paving the way for Climate Collective partners to begin integrating ‘programmable carbon’ and accelerate climate action.”
Uniswap remains one of the most popular DEXs in the crypto market, and the market crash has not slowed down its growth. The company onboarded a former president of the New York Stock Exchange in June 2022, and it has also acquired NFT aggregator Genie — and its NFT plans are growing.
Uniswap is also keen on web3, like so many other companies, both in and out of the crypto space. It has established a venture arm to fund web3 projects, which will also be participating in the governance of portfolio protocols beginning with Aave, Compound Finance, Maker Dao, and ENS Domains.
Meanwhile, Binance CEO Changpeng Zhao has said that there could be a potential exploit on Uniswap V3. He had to defend himself afterwards, and the exploit was later confirmed to be a false positive.