Celo seduces the biggest names in DeFi
The Celo project, once rightly regarded as the rival of Diem (ex-Libra), is now taking off and gaining a considerable lead over the Facebook project. This ecosystem is also governed by a consortium of major companies, just like Diam, but the comparison now ends here.
Open source and already operational, the Celo blockchain is expanding rapidly and already has a product that can be used from a smartphone. Its main objective? Build a financial system accessible to all and popularize the use of cryptocurrencies around the world.
Celo already has its own token and several stablecoins (cUSD, cEUR), but what better than decentralized finance (DeFi) to really get closer to its goal? Celo does not do things by halves and has just launched with a consortium of protocols “DeFi for the People”, an initiative created to bring DeFi to the 6 billion smartphone users around the world.
Many major applications of decentralized finance have answered the call. Built on Celo, this new initiative brings together the Aave, Curve (CRV), SushiSwap (SUSHI), PoolTogether (POOL), 0x (ZRX), UMA, Valora, Ubeswap (UBE) and Moola Market (MOO) protocols among its partners founders.
In education and infrastructure, Celo also receives support from other partners such as Chainlink (LINK), The Graph (GRT) RabbitHole and Wrapped.com.
This program will subsidize educational initiatives related to decentralized finance to the tune of more than $ 100 million. Celo’s press release specifies that the majority of participants in this program will jointly contribute half of the funding.
“DeFi for the People aims to make DeFi accessible to everyone by fueling real-world use cases and focusing on mobile adoption as a first step,” said Rene Reinsberg, co-founder of Celo. “We are excited to collaborate with DeFi’s biggest projects to bring more than a billion new users into the DeFi ecosystem over the next few years. “
Directly after the announcement, CELO’s price soared from $ 4.35 to over $ 10.96, rising over 150% in just 1 hour.
By the way, the CELO has even reached a new historical high, and is at the time of writing these lines at the 90th position of the most capitalized cryptocurrencies. His previous record goes back
Evolution of the CELO token price following the announcement – Source: TradingView
👉 On the same subject – The Celo platform raises 20 million dollars and launches its “decentralized Venmo”
How does this Celo initiative materialize?
PoolTogether, a decentralized lottery you never lose, gets the ball rolling. Initially available on Ethereum and highly regarded by DeFi enthusiasts, PoolTogether is now live on the Celo network, with more than $ 500,000 in prize money being staked to celebrate its integration.
Operating in the unique form of a lossless lottery, PoolTogether users keep all of the funds they deposit on the protocol, since the prizes are funded from the interest earned on the deposits.
In the near future, Celo will host a plethora of other protocols. A true DeFi juggernaut, the Aave protocol will soon launch a $ 20 million incentive program to attract users to Celo.
“The Aave protocol running on Celo’s mobile platform has the potential to bring cryptocurrency to the 6 billion mobile phone users around the world, unlocking the potential of DeFi and making DeFi more accessible,” said Stani Kulechov, founder and CEO of Aave.
On the Curve side, $ 14 million will also be put on the table for the same cause. Once the Curve protocol is deployed on Celo, it will offer users a decentralized platform allowing them to generate passive returns on their crypto-assets.
The SushiSwap ecosystem is also joining the party with a $ 10 million program. The latter will offer Celo users many solutions, including yield farming and token exchange. SushiSwap regulars will also benefit from Celo’s low fees and quick transaction execution.
Finally, a blockchain cannot ensure its future without developers. As part of its commitment to bring cryptocurrencies to smartphones, this new initiative is accompanied by a hackathon that will take place next October. Developers will be invited to build their projects on the Celo blockchain, and will be able to share $ 1 million in grants and seed funds.
👉 On the same theme – Celo Network (CELO) partners with Deutsche Telekom and launches a euro stablecoin
Receive a recap of crypto news every Sunday 👌 And that’s it.
What to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliate. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and cannot be held responsible, directly or indirectly, for any damage or loss caused as a result of the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and invest only within the limits of their financial capacity. This article does not constitute investment advice.
About the author: Clément Wardzala
Editor-in-chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have endeavored to share qualitative content so that the sector is democratized among everyone.
All articles by Clément Wardzala.