Celo joins the public chain ecosystem competition, investing $100 million in user education and rewards
Aave, Curve, and Sushi continue to expand their ecological space.
Author: Gu Yu
After Solana, Avalanche, and other public chains invested hundreds of millions of dollars in ecological construction, Celo today also announced an investment of 100 million dollars for education and rewards, while jointly establishing the "DeFi for the People" organization with DeFi projects such as Aave, Curve, Sushi, PoolTogether, 0x, UMA, Valora, Ubeswap, and Moola Market, to "bring DeFi to the 6 billion smartphone users worldwide."
Among them, Aave will launch an incentive program worth up to 20 million dollars on Celo, Curve will launch an incentive program worth up to 14 million dollars, and Sushi will provide an incentive program worth up to 10 million dollars. At the same time, Celo will also launch a hackathon program with a total prize of 1 million dollars this October.
It is worth noting that when Avalanche launched its ecological incentive program, the main participating Ethereum DeFi projects were also Aave, Curve, and Sushi.
Celo stated in its blog that for billions of people, mobile phones are their most important devices and often the only way they access the internet. Celo's mobile-first platform—having over 1 million wallet addresses in 113 countries—provides a unique opportunity to bring the benefits of DeFi to anyone with a mobile phone.
Currently, Celo has integrated products with PoolTogether, Sushi, Moola Market, Ubeswap, and Valora, among which PoolTogether has already supported users in earning rewards, while the reward pools of other DeFi projects will be launched in the coming weeks and months.
Celo also stated that it expects to launch the cross-chain protocol Optics this fall, allowing users to transfer assets between Ethereum and Celo.
In February this year, Celo completed a 20 million dollar financing round, with participation from institutions such as a16z, Greenfield One, and Electric Capital. In April this year, Deutsche Telekom announced that it would join the Celo ecosystem and strategically purchase CELO tokens.
After the news was released, the price of Celo token CELO rose by as much as 153% to 10.9 dollars, and has now fallen back to 7.9 dollars, with a total market capitalization of 2.8 billion dollars.
