• The Celo Foundation intends to install Uniswap V3 on its own 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-negative, and Ethereum Virtual Machine-compatible network.

    The new idea was developed for Blockchain at Michigan in collaboration with the Celo Foundation and the Celo Climate Collective. Uniswap, if approved, will be available to over six billion mobile phone subscribers. Currently, the MetaMask mobile app supports Uniswap and other decentralized exchanges using an in-app browser.

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

    Celo Foundation intends to rebalance its reserves utilizing natural blacked assets and the decentralized process of Uniswap. Currently, the foundation relies on centralized exchanges for rebalancing; however, these exchanges do not accept green assets, making Uniswap’s function even more important.

    The organization has been seeking to advance the usage of natural capital-backed currencies and thinks that their recent collaboration with Uniswap will help them achieve their objectives.

    The proposition is out for vote through Sunday. An early snapshot of current votes shows that everyone has voted in support of the plan. The Celo foundation intends to build further green use cases on top of Uniswap once it is launched.

    Celo is a blockchain in development that focuses on Environmental, Social, and Governance (ESG) aims. Uniswap, on the other hand, is a prominent DeFi ecosystem that handles billions of dollars in daily transactions. By constructing an altcoin swap interface, the DeFi protocol also assisted people in donating to the Ukrainian government.

    What's your reaction?