Mobile-first crypto payment platform Celo launches $100 million in funding to make DeFi accessible. Major Ethereum DeFi protocols: Aave, Curve, Sushi, Chainlink, The Graph and PoolTogether are participating in the initiative.
The founding members of the initiative are Aave, Curve, Sushi, 0x, UMA, Valora, Ubeswap, Moola Market and PoolTogether. Additionally, Chainlink, The Graph, among others, are the “education and infrastructure partners.” Mission of the initiative is to make DeFi accessible to the 6 billion smartphone users around the world.
Lending protocol Aave promises $20 million in token incentives to those who access the protocol via Celo’s mobile platform. Also, the decentralized exchange (DEX) Curve will provide $14 million in incentives. And Sushi, with its SushiSwap DEX, is offering $10 million for new traders who use Celo.
Together, the protocols commit $100 million in initial funds, with the plan to put up half the funds needed for any incentive programs.
Backed by Andreessen Horowitz (a16z), Jack Dorsey, and Coinbase Ventures, Celo rises as an open-source version of Facebook’s Libra (now Diem) project.
Fantom to Launch 370M FTM DeFi Incentive
Celo offers a blockchain payments platform using customers’ cell phone numbers to secure their public keys. It aims to bring cryptocurrency to every person with a cellphone, targeting the massive unbanked population. Since 2017, Celo has launched a mainnet, its native CELO token, the cUSD stablecoin, and a mobile payments app.
Meanwhile, scalable Layer-1 blockchain platform Fantom announces a massive incentive program to reward DeFi developers. The Fantom Foundation commits 370 million FTM tokens to distribute to protocols developed on the Fantom blockchain.
Catering for DeFi projects, Fantom offers major advantages including fast transactions and near-zero transaction fees. The total value locked in Fantom’s DeFi platforms has surged to over $600 million.
DeFi’s most recognizable developer, Andre Cronje, has been a contributor and advisor for Fantom since 2018.
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