Aave, Curve and Sushi join Celo's ecosystem - CELO's share price explodes its previous record

Celo seduces the biggest names in DeFi

The Celo project, once rightly considered the rival of Diem (ex-Libra), is now taking off and gaining a considerable lead over the Facebook project. This ecosystem is also governed by a consortium of major companies, just like Diam, but the comparison now stops here.

Open source and already operational, the Celo blockchain is rapidly expanding and already has a product that can be used from a smartphone. Its main objective? To build a financial system accessible to all and popularize the use of cryptocurrencies around the world.

Celo already has its own token and several stablecoin (cUSD, cEUR), but what better way than decentralized finance (DeFi) to really get closer to its goal? Celo isn’t doing things by halves and so has just launched with a consortium of protocols ” DeFi for the People “, an initiative created to bring DeFi to the 6 billion smartphone users around the world.

Many major applications of decentralized finance have answered the call. Built on Celo, this new initiative includes Aave, Curve (CRV), SushiSwap (SUSHI), PoolTogether (POOL), 0x (ZRX), UMA, Valora, Ubeswap (UBE) and Moola Market (MOO) among its founding partners.

Celo also has educational and infrastructure support from other partners such as Chainlink (LINK), The Graph (GRT), RabbitHole and Wrapped.com.

The program will provide over $100 million in funding for educational initiatives related to decentralized finance. Celo’s release states that the majority of the program’s participants will jointly contribute half of the funding.

“DeFi for the People aims to make DeFi accessible to everyone by powering real-world use cases and focusing on mobile adoption initially,” said Rene Reinsberg, co-founder of Celo. “We’re excited to collaborate with the largest DeFi projects to bring over a billion new users into the DeFi ecosystem over the next few years.”

Directly after this announcement, CELO’s share price soared from $4.35 to over $10.96, giving itself a 150%+ rise in just 1 hour.

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In the process, CELO even hit a new all-time high, and is at the time of writing in the 90th position of the most capitalized cryptocurrencies. Its previous high was in May this year, when the CELO token reached $6.33.

Cours CELO

CELO token price trend following the announcement – Source: <a href=”https://fr.tradingview.com/chart/EH9TBdY5/?symbol=BINANCE%3ACELOUSDT” target=”_blank” rel=”noopener”>TradingView

On the same subject – Celo raises $20 million and launches its “decentralized Venmo

How does this Celo initiative materialize?

PoolTogether, a decentralized lottery that you never lose at, is leading the way. Initially available on Ethereum and highly regarded by DeFi followers, PoolTogether is now live on the Celo network, putting up over $500,000 in prizes to celebrate its integration.

Operating in the unique form of a no-lose lottery, PoolTogether users retain all of the funds they deposit on the protocol, as the prizes are funded in the interest earned on deposits.

In the near future, Celo will host a plethora of other protocols. A true DeFi behemoth, the Aave protocol will soon launch a $20 million incentive program to attract users to Celo.

“The Aave protocol running on Celo’s mobile platform has the potential to bring cryptocurrency to the world’s 6 billion mobile users, unlocking the potential of DeFi and making DeFi more accessible,” said Stani Kulechov, founder and CEO of Aave.

On the Curve side, $14 million will also be put on the table for the same cause. Once the Curve protocol is deployed on Celo, it will provide users with a decentralized platform to generate passive returns on their crypto-assets.

The SushiSwap ecosystem is also joining the game with a $10 million program. The latter will offer Celo users a number of solutions, including yield farming and token trading. SushiSwap regulars will also benefit from Celo’s low fees and fast transaction execution.

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Finally, a blockchain cannot secure its future without developers. As part of its commitment to bringing cryptocurrencies to smartphones, this new initiative comes with a hackathon that will take place this October. Developers will be invited to build their projects on the Celo blockchain, and will be able to share $1 million in grants and seed money.

Related News – Celo Network (CELO) partners with Deutsche Telekom to launch euro stablecoin

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About the author: Clement Wardzala

Aave, Curve and Sushi join Celo's ecosystem - CELO's share price explodes its previous record

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Editor-in-Chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I’ve been striving to share qualitative content so that the sector can be democratized to everyone.
All articles by Clement Wardzala.

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