Aave, Curve, PoolTogether, and Sushi Among Leading Ethereum DeFi Projects Joining Celo on DeFi for the People Collaboration
SAN FRANCISCO, Aug. 30, 2021 /PRNewswire/ -- Today, a consortium of leading Ethereum decentralized finance (DeFi) projects announced DeFi for the People, a collaboration of global 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. 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 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 micro loans 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," said Rene Reinsberg, Co-Founder of Celo. "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."
Now Live: PoolTogether on Celo with $500,000 in Prizes
"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," said Leighton Cusak, Founder, PoolTogether.
Aave on Celo with $20 Million Incentive Program
"The Aave protocol on Celo's mobile-first platform has the potential to bring crypto to the 6 billion mobile phone users around the world, unlocking value on DeFi and making DeFi more accessible," said Stani Kulechov, Founder and CEO of the Aave companies, the software development company that developed the Aave protocol.
Curve on Celo with $14 Million Incentive Program
"Celo's built-in stability mechanism makes it an exciting platform for payments that will drive greater stablecoin adoption. We are excited to help make mobile payments and DeFi mainstream," said Julien Bouteloup, Curve Core Team.
Sushi on Celo with $10 Million Incentive Program
"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," said Joseph Delong, CTO at Sushi.
Join DeFi for the People
To learn more about the movement, please visit https://www.defiforthepeople.org.
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