New $100 million fund launches to support adoption of Celo blockchain
Today, a consortium of Ethereum-based decentralized finance (DeFi) protocols and projects announced DeFi for the People, a collaboration of crypto organizations united by a common goal: bringing DeFi to the 6 billion smartphone users around the world.
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, further, a 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 protocols and 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.
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.
For billions of people, a mobile phone is their most important device and often their only access to the internet. Celo’s mobile-first platform—with over 1 million wallet addresses across 113 countries—presents a unique opportunity to bring the benefits of DeFi to anyone with a mobile phone. New real-world applications for DeFi with Celo are already underway.
Take for example in Colombia, where last year, at the outset of the pandemic, a pilot program provided unemployed individuals with undercollateralized microloans on Celo. The loans enabled users to purchase motorized bicycles so they could deliver for Rappi. With access to the right equipment, some members of the pilot were able to double—and in some instances quadruple—their earnings.
This is just one example of how DeFi can provide instant access to capital for millions of people, particularly for those in emerging markets where access to traditional financial services has been limited.
“DeFi for the People aims to make DeFi accessible to everyone by powering real-world use cases and focusing on mobile-first adoption. We’re excited to collaborate with the biggest projects in DeFi to bring more than 1 billion new users into the DeFi ecosystem over the next five years.”
– Rene Reinsberg, Co-Founder of Celo
Now Live: 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.
“Research shows prize savings is one of the most important and effective on-ramps into savings for underbanked people. PoolTogether on Celo can facilitate crypto and DeFi adoption for the unbanked and users in developing markets who benefit most from low gas fees and fast transaction times.”
– Leighton Cusak, Founder, PoolTogether
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 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.
“The Sushi AMM, Kashi lending, and other BentoBox products provide the necessary primitives needed for users to connect to a global and permissionless financial system. By leveraging Celo’s mobile-first product suite and UX that expands reach beyond crypto-natives, Sushi can drive this mission forward and take DeFi to the next frontier.”
– Joseph Delong, CTO at Sushi
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.
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.
Learn more about the upcoming hackathon at defiforthepeople.org/hackathon.
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