According to an announcement by Celo, a Proof-of-Stake (PoS) blockchain network, on Monday, August 30, DeFi for the People is a “collaboration of global crypto organizations united by a common goal: bringing DeFi to the 6 billion smartphone users around the world.”
Aave, Curve, Sushi, PoolTogether, 0x, UMA, Valora, Ubeswap, and Moola Market are among the founding member of the DeFi for the People initiative. Chainlink, RabbitHole, The Graph and Wrapped.com are also the part of program as education and infrastructure partners.
According to the announcement, the program will offer more than $100 million in educational initiatives, grants, and incentives. The program participants will contribute half the funds for incentive programs.
Built on Celo ecosystem, DeFi for the People is aimed at attracting broader audience to DeFi. The announcement reads:
“Full product integrations with PoolTogether, Sushi, Moola Market, Ubeswap, and Valora are available now, with more launching soon. Starting today, rewards are available for PoolTogether on Celo, and incentive pools with other DeFi protocols and projects will be launching in the coming weeks and months.”
In other innovations, the program will launch an ultra-light client that will allow users to with the Celo chain from a mobile phone, and will overhaul front-ends for Ethereum-native applications to bring superior users interfaces for smartphone users. The initiative also has plans to launch Optics, a gas-efficient interoperability protocol for cross-chain protocol for moving assets between Ethereum and Celo, by the fall.
Rene Reinsberg, Co-Founder of Celo, commented:
“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.”
No-loss savings game PoolTogether will be the first to launch under the program, with $500,000 in prizes. PoolTogether launch will be followed by launch of Aave with $20 million incentive program, Curve with $14 million incentive program, and SushiSwap with a 10 million incentive program, likely after the launch of Optics by fall. Under “DeFi for the People” program, all these leading Ethereum-based DeFi protocols will be launched on Celo.
The program will also host a hackathon in October 2021 to bring more DeFi projects to Celo, with $1 million in prizes and seed funding available for teams to jumpstart their projects.