Celo foundation has announced plans to deploy Uniswap v3 on its native blockchain. The platform says it wants to promote green use cases, using green asset-backed tokens to rebalance its treasury.
A new community proposal was submitted at the Uniswap governance forum to deploy the protocol on the Celo blockchain. The network is a carbon-neutral, mobile-first, and Ethereum Virtual Machine compatible network.
Celo Invests $10 Million In Uniswap For Grants And Incentives
Celo will be investing $10 million in the Uniswap grants and user incentives. This is apart from the $10 million in financial incentives for Uniswap. The main goal is to ensure the establishment of green asset liquidity pools protected by natural capital assets. Also, the foundation will be adding nature-backed assets such as forests and land to Celo, although this may come later.
Celo Foundation admits the main focus is to unbalance its reserves by using the decentralized Uniswap system and natural blacked assets. Presently, the foundation rebalances through centralized exchanges, as existing exchanges do not deal with green assets.
The foundation is also promoting the adoption of natural capital-backed currencies. It believes that the collaboration with Uniswap will offer the much-needed platform to reach this goal.
The initiative will pass through a voting system by the foundation’s community. Based on current votes, nearly 100% are supporting the initiative. Celo foundation hopes to expand the number of green cases Uniswap supports once it is deployed.
The Initiative Has Gained Wide Support
Celo is a blockchain developed with an emphasis on Environmental, Social, and Governance (ESG) aims. The collaboration with Uniswap, a leader in the DeFi ecosystem, will generate more use cases green environment. Uniswap has also supported the Ukrainian government in the current crisis by establishing an altcoin swap interface for donations to the government.
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