- Last week, the Celo Foundation and the Celo Climate Collective issued a proposal for Uniswap’s integration with the Celo blockchain
- The Uniswap community approved the proposal with an overwhelming majority
- Celo is looking to create green asset liquidity pools and use Uniswap’s energy-efficient decentralized mechanisms in place of CEX solutions
Uniswap protocol is coming to mobile-first and environmentally friendly Celo blockchain
Last week, the Celo team put forward a proposal to deploy the decentralized exchange Uniswap v3 on the Celo blockchain. According to the proposal posted on Uniswap’s Governance website, the Celo Foundation and the Celo Climate Collective had been looking to deploy the decentralized protocol on the Celo network to increase capital efficiency and create green asset liquidity pools backed by tokenized carbon credits.
The Celo team’s intent on integrating Uniswap on its rails is driven by the low carbon cost linked to running the decentralized protocol. In particular, the team is looking to use Uniswap to “rebalance the Celo Reserve with nature-backed assets rather than relying on centralized exchanges.”
The proposal had received a wave of approval from the community. A16z’s Porter Smith, for instance, wrote that he believes this is a “terrific proposal that aligns incentives among the Celo and Uniswap communities to set the conditions for long-term success.” Likewise, the blockchain department at the University of Michigan noted they are in favor of the proposal as it underscores the importance of a “cross-chain future” and commended Celo for the “green asset move.”
When the final vote was cast on Sunday, it was immediately apparent that the proposal received an overwhelming majority. With 12M UNI votes in favor and only 603 UNI votes cast against the proposal, the Uniswap community welcomed the expansion of the protocol to the mobile-first Celo blockchain.
The Celo team has allocated $10 million worth of CELO in financial incentives for Uniswap users to promote green use cases and carbon-negative blockchain-powered services.
David is a crypto enthusiast and an expert in personal finance. He has created numerous publications for different platforms. He loves to explore new things, and that’s how he discovered blockchain in the first place.