Celo launches $100m fund to support DeFi adoption
A group of leading Ethereum DeFi protocols and projects announced: “DeFi for the People” with the main goal of bringing DeFi to the 6 billion smartphone users across the globe.
Built on Celo, the new initiative counts Aave, Curve, Sushi, PoolTogether, 0x, UMA, Valora, Ubeswap, and Moola Market among its founding partners. Education and infrastructure partners include Chainlink, RabbitHole, The Graph, and Wrapped.com. This new program will offer more than $100 million in educational initiatives, grants, and incentives. The majority of program participants will jointly contribute half the funds for incentive programs.
Full product integrations with PoolTogether, Sushi, Moola Market, Ubeswap, and Valora are available now, with more launching soon. Starting today, rewards are available for PoolTogether on Celo, and incentive pools with other DeFi projects will be launching in the coming weeks and months. Also expected this fall is the launch of Optics, a gas-efficient interoperability protocol for cross-chain communication. With Optics, users will be able to easily move assets between Ethereum and Celo.
Empowering Access to Better Financial Tools on Celo
DeFi has experienced explosive growth in recent years, but has yet to gain widespread adoption. Of the roughly 5 million people around the world currently using DeFi applications, less than 10% live outside of developed countries. DeFi for the People aims to change that by bringing builders together to create products that make DeFi more accessible and easier to use for the people who need it most.
Now Live on Celo: PoolTogether on Celo with $500,000 in Prizes
PoolTogether, an open-source and decentralized protocol for no-loss prize savings, is now live on Celo with more than $500,000 in prizes. Users can deposit into PoolTogether on Celo for a chance to win prizes, and even if they don’t win, keep all their deposited money. This is possible because prizes are funded by the interest earned on deposits. PoolTogether is a unique “no-lose lottery” because everyone who participates keeps their money.
Incentive pools with Aave, Curve, Sushi, and other DeFi projects will be launching in the coming weeks.
Aave on Celo with $20 Million Incentive Program
Aave, an open-source and non-custodial liquidity protocol, is designed to enable users to earn a yield on crypto-assets supplied to the protocol and to borrow assets. Suppliers earn yield by depositing digital assets into liquidity pools.
Curve on Celo with $14 Million Incentive Program
Curve, an automated market maker (AMM) protocol, uses market-making algorithms to reinforce the liquidity of its markets, unlike traditional decentralized exchanges. Curve on Celo offers users a decentralized platform that allows users to trade and earn returns on their cryptocurrencies.
Sushi on Celo with $10 Million Incentive Program
Sushi is a DeFi platform that facilitates trading, lending, and earnings yield. Currently, Sushi users can trade assets with the Swap feature and provide liquidities on Celo with yield farming rewards and incentives coming soon. With Celo, Sushi users can benefit from faster transaction speeds and lower fees through secure and Ethereum-compatible transactions on Celo’s Proof-of-Stake (PoS) network.
Calling All Builders: Hackathon with $1 Million in Prizes and Seed Funding
As part of its commitment to bringing crypto to mobile phones, DeFi for the People is hosting a hackathon in October with the goal of bringing more DeFi projects to Celo. Developers around the world are invited to build their projects on Celo, with $1 million in prizes and seed funding available for teams to jumpstart their projects.
Join DeFi for the People
DeFi for the People builds upon Celo’s mobile-first approach to make crypto and DeFi accessible for all. This is an open initiative for builders and entrepreneurs alike. Anyone interested in accelerating the adoption of crypto and DeFi in the real world is welcome to join.
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