The Celo Foundation proposes to implement Uniswap V3 on their native blockchain

A new community proposal was presented at the Uniswap governance forum to implement the protocol on the Celo blockchain, which is a mobile-centric, carbon-negative, Ethereum virtual machine-compatible network.

The new proposal was created on behalf of Blockchain at Michigan and in partnership with the Celo Foundation and the Celo Climate Collective.. Once approved, Uniswap will be accessible to nearly six billion mobile phone users. Currently, the MetaMask mobile app allows using Uniswap or other decentralized exchanges via an in-app browser.

The Celo Foundation will provide $10 million in incentives and grants for certain Uniswap users from CELO, along with $10 million in financial incentives specific to Uniswap. The main focus of the launch would be to introduce green asset liquidity pools with assets backed by natural capital such as carbon credits in tokens. The foundation also plans to introduce natural assets such as land and forests issued by Celo in the near future.

The Celo Foundation proposes to implement Uniswap V3 on their native blockchain
The Celo Foundation proposes to implement Uniswap V3 on their native blockchain

The Celo Foundation aims to rebalance its reserves through blacked out natural assets using Uniswap’s decentralized mechanism. Currently, the Foundation relies on centralized exchanges for rebalancing; However, these exchanges do not support green assets and hence the role of Uniswap becomes even more important.

The foundation has been working to advance the use of natural capital-backed currencies and hopes the recent partnership with Uniswap will help them achieve those goals.

Voting on the proposal is open until Sunday. A first snapshot of the current votes shows that 100% of people voted in favor of the proposal. Once implemented, the Celo Foundation aims to build other green use cases alongside Uniswap.

Voting snapshot on Uniswap governance proposal

Celo is one of the emerging blockchains with a focus on environmental, social and governance (ESG) goals. Uniswap, on the other hand, is a leading DeFi ecosystem that powers billions of dollars in daily transactions. The DeFi protocol has also helped people donate to the Ukrainian government by building an altcoin trading interface.

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