Uniswap To Deploy on Celo Blockchain

With the help of Uniswap, Celo aims to promote green use cases as well as rebalance its treasury with green asset-backed tokens.

A new community proposal was introduced in the Uniswap governance forum to deploy the protocol on the Celo blockchain. The new proposal was created on behalf of Blockchain in Michigan, and in partnership with the Celo Climate Collective and Celo Foundation. If the proposal passes, Uniswap will be accessible to almost six billion mobile phone users.

The main aim of the deployment is the introduction of green asset liquidity pools with natural capital-backed assets such as tokenized carbon credits. The Foundation also has their eyes set on introducing nature-backed assets in the near future. These assets include land and forests which are issued on Celo.

As part of the deployment, $10 million worth of CELO will be committed by the Celo Foundation in Uniswap-specific user incentives and grants. This $10 million will also be accompanied by a further $10 million in financial incentives for Uniswap specifically.

The Celo Foundation is currently dependent on centralized exchanges for the rebalancing of its reserves, but these exchanges do not support green assets. This is where Uniswap will come in, as the foundation plans on utilizing Uniswap’s decentralized mechanism to enable reserve rebalancing using the nature-backed assets.

The voting on the proposal will be open until Sunday. Currently, 100% of the votes are in favor of the proposal. Once deployed, the Celo Foundation will look to build more green use cases on top of Uniswap.