A group of popular decentralized finance (DeFi) protocols will be collaborating on a $100 million “DeFi for the People” fund on the Celo network, Celo said in a blog post on 30 April.
According to the announcement, those involved in the project include Ethereum-native protocols AAVE, Curve, 0x, SushiSwap, PoolTogether, and UMA, as well as infrastructure providers Chainlink, RabbitHole, and The Graph. The “DeFi for the People” Celo program will offer “more than $100 million in educational initiatives, grants, and incentives” to educate people about the DeFi space. Rene Reinsberg, co-founder of Celo, said in a statement:
“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.”
By launching this program Celo is hoping to attract a wider audience to the DeFi sector, using its “ultra-light” client that enables users to sync with the Celo blockchain from their smartphones. The ultimate goal of the blockchain is to provide finance to the 6 billion mobile phone users around the world, with the network already having more than one million registered wallets across 11 countries.
PoolTogether has already integrated with the Celo network, and is now offering more than $500,000 in prizes. Aave, Curve, and SushiSwap will also be coming to the Celo network in “the coming weeks and months”, with a combined incentives program of $34 million. Following the news of the incentive program, the value of CELO, the network’s governance asset for voting, rose by around 60%.