EIP7503 introduces a mechanism to secretly burn ETH to afterward mint it again anonymously using ZK proofs. It’s a very elegant solution to achieve native privacy on EVM based chains.
The current developers of EIP7503 might be interested on implementing this into an existing L2. So I wonder if CELO might be such a chain.
CELO the asset works a bit differently than ETH. its actually an erc20 on ethereum which is all pre minted and locked in a contract CeloUnreleasedTreasury. but then acts like native token on the celo chain. As such Celo is probably not the best place to test this out.
For practical use I personally would be more interested in a stable token issuer like mento allowing something like 7503 but for erc20s. since it would enabled private transfers for everyday users.
The same way it is implemented for native ETH, it might be implemented for any ERC20. However, in order to “hide” the burn transactions, the token used should have movement and utility aside the wormhole usage.
What makes EIP7503 different from tornado-cash, is that burning tokens means just sending them to a “random” address, which privatekey does not exist.