Celo, the mobile-first blockchain protocol focused on emerging markets, is partnering with some of the leading DeFi projects to introduce an initiative called DeFi for the People.
The purpose of the initiative is to scale DeFi usage to the majority of the global population.
To meet that goal, DeFi for the People will empower developers across the world to create products that make DeFi more accessible and easier to use for people in the developing world.
The initiative will see $100 million contributed by the participants to support educational initiatives, grants, and incentives to fulfill its ambition.
Roughly 5 million people are using DeFi applications and platforms across the world, but less than 10% live outside of developed countries.
SEE ALSO: Emerging Markets Like Africa Made Up Only 10% of the DeFi Traffic, Latest Report Shows
Celo’s mobile-first blockchain, with 1 over million wallet addresses across 113 countries, intends to leverage mobile phones, which is the most importance device and often the only access to the internet for billions of people, for the ambitious initiative.
The DeFi projects partnering with Celo are:
Besides the DeFi world, Chainlink, RabbitHole, TheGraph and Wrapped.com will contribute to the initative by offering the education and infrastructure to facilitate it.
The Celo platform is already fully intergrated with PoolTogether, Moola Market, Sushi, Ubeswap, and Valora and promises more integrations with the other protocols soon.
Incentive programs are being introduced on Celo with all the DeFi participants. Already, users can go on Celo to make deposits into PoolTogether, which is a no-loss prize savings protocol, offering lucky users a chance to win $500,000 in prizes. However, if users don’t win, they still get to keep their deposits.
Other programs coming soon include:
- $20 million incentive program on Celo with yield-earning protocol, Aave
- $14 million incentive program on Celo with Curve, an automated market maker
- $10 million incentive program with decentralized exchange, Sushi, on Celo
Celo will also be launching a cross-chain interoperability protocol which will make it possible for users to move assets easily between Ethereum and Celo.
Celo will be running a hackathon in October 2021 with $1 million in prizes and seed funding as Celo helps kickstart the best projects to build on the its platform.
Those interested in participating in the hackathon can register here.
RECOMMENDED READING: PayU, a Leading Online Payments Service in Africa, Emerging Markets, to Offer Celo Stablecoin as a Payment Option
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