- The popular DeFi exchange Uniswap was introduced to the carbon negative proof of stake blockchain Celo.
- By leveraging Celo, Uniswap creates a “green asset liquidity pool” that leverages tokenized carbon credits.
- This decision also provides Uniswap users with a $ 10 million financial incentive to help Uniswap reach mobile users.
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The popular DeFi exchange Uniswap was rolled out to Celo following a community poll that ended on April 29th.
Voting is almost unanimously successful
This week’s vote overwhelmingly supported Uniswap’s rollout to Celo, with 99.7% of the votes in favor of the decision.
The remaining 0.3% of the votes were completely abstained. There were virtually no votes directly against the launch at Celo.
Nearly 500 addresses participated in the vote. The largest is venture capital Andreessen Horowitz (a16z), which received 1.35% of voting rights and 13.5 million votes.
Various academic institutions were also involved. The Michigan blockchain was in charge of the first proposal and participated in the vote. Blockchain groups from UCLA, UC Berkeley, the University of Pennsylvania, and Columbia University all participated.
These votes from the university’s blockchain group accounted for 1.7% of all votes, or 17.2 million in absolute value.
Cyril provides green function
Uniswap is primarily an exchange of Ethereum-based assets, but has also been ported to various other Ethereum-compatible platforms such as Polygon, Arbitram, and Optimism.
The idea of adding Uniswap to Cyril has been under consideration since March, with various reasons given in the proposal.
One of the main motives was Celo’s energy efficiency. Celo is a carbon negative proof of stake blockchain for offset funds. Uniswap aims to take advantage of this by creating a “green asset liquidity pool” using tokenized carbon credits.
The proposal also envisages Celo to rebalance reserves and green assets without relying on a centralized exchange.
On the user side, this proposal provides Uniswap users with a $ 10 million financial incentive funded by a grant from the Celo Foundation. Celo’s mobile-first approach also helps Uniswap target its platform to 6 billion smartphone users.
With $ 7 billion in locked value, Uniswap is currently the fifth largest DeFi platform, according to DeFiPulse data.
Celo, on the other hand, is a relatively minor blockchain. Its native asset, CELO, has a market capitalization of $ 1.1 billion, making it one of the 100 largest cryptocurrencies by that standard.
Disclosure: At the time of writing, the author of this work owned BTC, ETH, and other cryptocurrencies.