{"id":8925,"date":"2021-08-30T15:20:27","date_gmt":"2021-08-30T14:20:27","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=8925"},"modified":"2021-08-30T15:20:36","modified_gmt":"2021-08-30T14:20:36","slug":"several-leading-defi-projects-launch-a-100-million-worldwide-adoption-initiative","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/several-leading-defi-projects-launch-a-100-million-worldwide-adoption-initiative\/","title":{"rendered":"Several leading DeFi projects launch\u00a0a $100 million worldwide adoption initiative"},"content":{"rendered":"\n
The DeFi program, which is based on the Celo <\/a>ecosystem, was launched in response to the lack of inclusion and accessibility in the traditional financial markets, which it recognized.<\/h5>\n\n\n\n
\"Several<\/figure><\/div>\n\n\n\n

A consortium of major decentralized finance\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> (DeFi) protocols today launched a joint $100 million financial inclusion endeavor named “DeFi for the People.” The initiative is the result of a collaboration between the protocols.<\/p>\n\n\n\n

The DeFi applications involved in the project \u2014 including AAVE, SushiSwap, Curve, 0x, and PoolTogether, among others \u2014 will pool their resources to provide up to $100 million in educational initiatives, grants, and incentives in an effort to educate individuals around the world about decentralized finance and blockchain technology.<\/p>\n\n\n\n

The initiative, which is based on the Celo <\/a>ecosystem, was conceived in response to the lack of inclusivity and accessibility in traditional financial markets. It seeks to exploit the decentralized nature of cryptocurrency and blockchain technology to provide financial services to the world's 6 billion mobile phone subscribers.<\/p>\n\n\n\n

Aave has given $20 million, Curve will contribute $14 million, and Sushi will provide $10 million to the cause.<\/p>\n\n\n\n

Founded in 2015, Celo is an open-source blockchain ecosystem comprised of individuals and organizations who collaborate to achieve global financial equality. Its conscious arm, the Alliance for Prosperity, has 150 partners, including companies such as Deutsche Telekom, Coinbase<\/a>, and Andreessen Horowitz<\/a>, among others.<\/p>\n\n\n\n

The mobile-centric platform presently has over one million registered wallet addresses in 113 countries, which represents a significant increase from the previous year. In the first few weeks, the platform has launched product integrations with PoolTogether, Sushi, Moola Market, Ubeswap, and Valora. <\/p>\n\n\n\n

In the following weeks and months, the platform will offer further integrations with other companies. The PoolTogether prize incentive system, worth $500,000, is also making its debut on the site today.<\/p>\n\n\n\n

Leighton Cusak, the creator of PoolTogether, believes in the potential of incentive schemes to encourage market participation, stating that:<\/p>\n\n\n\n

\u201cResearch shows prize savings is one of the most important and effective on-ramps into savings for underbanked people. PoolTogether on Celo can facilitate crypto and DeFi adoption for the unbanked and users in developing markets who benefit most from low gas fees and fast transaction times.\u201d<\/p><\/blockquote>\n\n\n\n

Along with Celo's well-known product partners, the company has also announced a number of educational partners, including Chainlink<\/a>, The Graph, RabbitHole, and Wrapped.com, who will help offer education and resources.<\/p>\n\n\n\n

Celo co-founder Rene Reinsberg spoke with Cointelegraph about how the project fosters inclusion and accessibility for the world's unbanked:<\/p>\n\n\n\n

\u201cOf the roughly 5 million people around the world currently using DeFi applications, less than 10% live outside of developed countries. Cost, technical knowledge and internet access shouldn\u2019t stand in the way of this revolutionary technology. That\u2019s why we\u2019re spearheading DeFi for the People.”<\/p><\/blockquote>\n\n\n\n

\u201cIt will make DeFi accessible and get more tools in the hands of more users around the world, and bring the benefits of DeFi to anyone with a mobile phone. Mobile is the key to bring DeFi <\/a>to the majority of people who primarily access the internet through their phones,” he said.<\/p>\n","protected":false},"excerpt":{"rendered":"

The DeFi program, which is based on the Celo ecosystem, was launched in response to the lack of inclusion and accessibility in the traditional financial markets, which it recognized. A consortium of major decentralized finance (DeFi) protocols today launched a joint $100 million financial inclusion endeavor named “DeFi for the People.” The initiative is the […]<\/p>\n","protected":false},"author":13,"featured_media":8926,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[4142,197,853],"class_list":["post-8925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-celo","tag-defi","tag-sushiswap"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2021\/08\/image-308.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/8925","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=8925"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/8925\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/8926"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=8925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=8925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=8925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}