Leading Protocols Announce $100m Initiative to Make DeFi More Accessible
Aiswarya Gopan • 2 min read
DeFi is getting bigger and just received a push from leading names in the sector to help drive up awareness and attract more investors into the game. Several leading DeFi protocols have come together under a consortium to launch a $100 million venture titled ‘DeFi for the People’.
The consortium includes Aave, SushiSwap, Curve, 0x, ChainLink, The Graph, and more renowned names in the industry, and will use the funds towards supporting initiatives, offering grants and other incentives to educate individuals interested in learning about how the world of decentralized finance functions. The project runs on Celo’s ecosystem, which is an open-source, mobile-focused blockchain network that already has several individuals and organizations working together to provide financial inclusion across the world via its ‘Alliance for Prosperity’ initiative.
It seems to be the season for incentive programs as this latest one on Celo comes on the back of similar programs being announced by Polygon and Avalanche recently. However, this one is targeted not only at attracting DeFi projects but also comes with an aim to onboard one billion new users into the DeFi ecosystem.
The initiative will first see the launch of $500,000 worth of prizes by PoolTogether, with Aave, Curve and SushiSwap to follow soon after offering as much as $34 million in incentives. These leading DeFi protocols will launch on Celo in the coming weeks and months, after Celo rolls out its cross-chain communication and Ethereum bridge protocol, Optics.
In addition to the incentives listed above, as part of the initiative, other members within the consortium, including ChainLink, The Graph and Wrapped.com will focus on delivering educational content and other resources targeted at raising awareness about DeFi. With an aim to make DeFi more accessible to anyone who owns a mobile phone, the project has the potential to increase the scope of the DeFi market around the world.