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To stimulate interest in the projects, DeFi for the People will host a hackathon in October. The hack fest is targeted at developers and invites them to build their projects on Celo.
Yesterday, a coalition of top Ethereum DeFi projects announced a collaboration with Celo. Termed ‘DeFi for the People’ the agglomeration has one goal: to bring Defi to six billion smartphone users globally.
It’s interesting to note how the price of Celo reacted to the news. At first, Celo price jumped by nearly 100%. Now, the coin is trading with a 52% gain within 24 hours. The current Celo price is around $6.51.
The project is built on Celo and features over ten leading DeFi companies as partners. Aave, Chainlink, Curve, Moola Market, 0x, PoolTogether, Rabbithole, The Graph, and several others form part of the consortium. While some are on board as founding partners, others are on board as education and infrastructure partners.
To facilitate the project, more than $100 million has been earmarked for educational initiatives, grants, and incentives. The majority of program participants will jointly contribute half the funds for incentive programs.
While full product integrations are already available with PoolTogether, Sushi, Moola Market, Ubeswap, and Valora, more will be launched with other partners soon. Already, the incentive pool for PoolTogether is available, and users can enjoy rewards. Those for other Ethereum DeFi Projects will launch in the weeks and months ahead.
Likewise, cross-platform protocol, Optics, is expected to launch between September and December. The energy-efficient interoperability protocol will aid the easy transfer of assets between Ethereum and Celo.
Ethereum DEFI Projects: Improving Global Access and Adoption of DeFi
The growth in the use of DeFi applications has not translated to global adoption. Yes, there has been an explosion in the users with about 5 million DeFi users globally. However, more than 90% of that number are residents in developed countries.
With DeFi for the People, the goal is to make DeFi more accessible where it is most needed. This is why the project was hosted on Celo. Celo has a mobile-based platform with over 1 million wallet addresses spread across more than 110 countries. The collaboration has the advantage of bringing DeFo to anyone with a mobile device.
Beyond this, real-world applications for DeFi with Celo are already being developed. Much more, it is an open initiative, allowing builders, entrepreneurs, and anyone with interest to wade in and help push the adoption of crypto and DeFi in the real world.
To stimulate interest in the projects, DeFi for the People will host a hackathon in October. The hack fest is directed at developers and invites them to build their projects on Celo. The initiative offers participants in the event up to $1 million in prizes and seed funding to kickstart their projects.