A group of prominent DeFi protocols announced the launch of the DeFi for the People initiative, aimed at expanding the reach of decentralized finance worldwide.
There are 6B people w/ access to a 📱 , which can mean 6 billion people using @AaveAave, @CurveFinance, @ValoraApp, @Moola_Market, @UMAprotocol, @PoolTogether_, & @SushiSwap through @CeloOrg’s mobile-first approach.
It’s time for #DeFi4ThePeople 🔦 https://t.co/1Dgf0SiSa4
— Celo 🔦 (@CeloOrg) August 30, 2021
The project is based on the Celo platform. It was founded by Aave, Curve, Sushi, PoolTogether, 0x, UMA, Valora, Ubeswap and Moola Market. Among the alliance’s educational and infrastructure partners are Chainlink, RabbitHole, The Graph and Wrapped.com.
The program is expected to offer educational initiatives, grants, and incentives totalling $100 million. About half of the funding will be provided by the participants in the project.
According to the statement, Aave will contribute $20 million to the incentive fund, Curve — $14 million, Sushi — $10 million, PoolTogether — $500,000.
«In recent years, the sector has grown explosively, but has not yet achieved broad adoption. Of roughly 5 million DeFi app users, fewer than 10% live outside developed countries,» the statement said.
The goal of DeFi for the People is to unlock decentralized finance for 6 billion smartphone owners worldwide, including by developing more accessible and user-friendly products.
Earlier, on Celo, they launched an initiative to create mobile DeFi apps with the participation of 50 companies, including Coinbase Ventures, Andreessen Horowitz and Anchorage.
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