Gnosis to abandon standalone layer 1 and shift to Ethereum layer 2

Gnosis, the standalone layer-one blockchain behind GNO, will abandon its own chain and transition to an Ethereum layer-two network after a GnosisDAO governance proposal was approved, The Defiant reported. As a result, GNO stakers will automatically stop operating the validator set, and around 350,000 GNO, or about 27% of circulating supply, is expected to be unstaked once staking rewards end. According to CoinMarketCap, GNO was trading at $114.11, up 8.91%, at the time of writing.