• Uniswap Goes Green with Celo Deployment

  • Following a community vote that ended on April 29, the popular DeFi exchange Uniswap has been deployed to Celo.

    The vote is almost unanimously successful.

    The vote this week was decisively in favor of implementing Uniswap on Celo, with 99.7 percent of votes in favor.

    The remaining 0.3 percent of votes were cast in abstention. There were almost no votes specifically against launching on Celo.

    The voting attracted about 500 addresses. With 13.5 million votes, the venture capital company Andreesen Horowitz (a16z) had 1.35 percent of the voting power.

    A number of academic institutes were also involved in the project. The University of Michigan was responsible for the first proposal and participated in the vote. Blockchain teams from UCLA, UC Berkeley, the University of Pennsylvania, and Columbia University all participated.

    Those votes from university blockchain groups accounted for 1.7 percent of all votes cast, or 17.2 million votes in total.

    Celo Will Include Eco-Friendly Features

    Though Uniswap is primarily an exchange for Ethereum-based assets, it has also been converted to a number of other Ethereum-compatible platforms, including Polygon, Arbitrum, and Optimism.

    According to DeFiPulse data, Uniswap is the fifth-largest DeFi platform, with $7 billion in locked value.

    Celo, on the other hand, is a minor blockchain. CELO, its native asset, has a market valuation of $1.1 billion, ranking it in the top 100 cryptocurrencies by that metric.

    The proposal to add Uniswap to Celo has been under consideration since March, for a variety of reasons.

    Celo’s energy efficiency was one of the key motivators. Celo is a Proof-of-Stake blockchain with a carbon offset fund. Uniswap intends to capitalize on this by creating “green asset liquidity pools” utilizing tokenized carbon credits.

    The idea also calls for Celo to rebalance its reserve with green assets without relying on centralized markets.

    On the user side, the proposal will provide $10 million in financial incentives to Uniswap users, supported by grants from the Celo Foundation. Celo’s mobile-first approach will also assist Uniswap in targeting its platform to the world’s 6 billion smartphone consumers.

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