Wednesday, May 29, 2024
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Uniswap V3 will feature on Celo blockchain

In the Uniswap governance forum, a new community proposal was submitted to deploy the protocol on the Celo blockchain, which is a mobile-first, carbon-neutral, and Ethereum Virtual Machine-compatible network. The new plan was developed in collaboration with the Celo Foundation and the Celo Climate Collective on behalf of Blockchain in Michigan. Once it is passed, Uniswap will be available to roughly six billion mobile phone users. The MetaMask mobile app currently allows users to use Uniswap or other decentralised exchanges through an in-app browser.

The Celo Foundation will invest $10 million in Uniswap-specific user incentives and grants, as well as $10 million in Uniswap-specific financial incentives. The development of green asset liquidity pools with natural capital-backed assets such as tokenized carbon credits would be the primary focus of implementation. The foundation also intends to issue nature-backed assets like land and forests on Celo in the near future.

With the use of Uniswap’s decentralised method, Celo Foundation hopes to rebalance its reserves by utilising natural black assets. The foundation now relies on centralised exchanges for rebalancing. However, these exchanges do not accept green assets, making Uniswap’s function even more important.

The organisation has been striving to promote the use of natural capital-backed currencies, and they expect that their recent partnership with Uniswap will aid them in their efforts. The proposition is out for a vote through Sunday. According to a preliminary count of current votes, the plan has received unanimous approval.The Celo foundation intends to build further green use cases on top of Uniswap after it has been launched.

Celo is a blockchain that focuses on ESG (Environmental, Social, and Governance) objectives. Uniswap, on the other hand, is a prominent DeFi ecosystem that processes billions of transactions every day. By creating an altcoin exchange interface, the DeFi protocol also assisted people in donating to the Ukrainian government.

It seems like Celo wants to go all green.

Related: Reef aims to create NFT friendly blockchain, interacts with graffiti and electronic artists

Kunal Krishan
Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.


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