The two firms were part of a consortium of DeFi projects that founded
the financial inclusion and education initiative DeFi for the People in
August.
0x protocol and Celo blockchain have announced
a joint partnership to allocate $4.5 million — consisting of $3 million
CELO and $1.5 million ZRX — towards the growth of 0x’s ecosystem via
its community-centric decentralized autonomous organization (DAO).
The
news follows an agreement penned in mid-November between the two firms
to integrate a zero-cost 0x API functionality on the Celo blockchain to
enhance the experience of DeFi developers seeking to access multi-chain
aggregated decentralized exchange (DEX) liquidity services.
Celo
is an open-source collective of tech, nonprofit and nongovernmental
organizations (NGOs) unified to promote greater global access to
decentralized applications (dApps) and cryptocurrency payments via its
mobile-centric model, while 0x is a decentralized web infrastructure
that facilitates tokenized ERC-20 investing through the use of public
smart contracts.
0x claims that, since its launch, its API
feature has enabled more than 21 million trades across more than 1.8
million unique addresses for a sum of over $100 billion in volume across
popular chains Ethereum, Binance Smart Chain, Polygon, Avalanche, and
Fantom.
Celo's head of ecosystem growth Xochitl Cazador said the
new partnership is designed to foster "rapid expansion" of a "truly
decentralized DeFi within the 0x community DAO."
Founded upon principles of decentralization, community governance and transparent objectives, the re-emergence of DAOs
over the past 12 months has ignited the conversation for the technology
becoming the next major sub-sector of mass growth within DeFi during
2022, and as such, accelerating the growth of an industry already establishing historic total value locked (TVL) of $274.65 billion. By comparison,
DeFi's TVL was less than $20 billion a year ago and virtually
non-existent at the start of 2020.
In August this year, both Celo and 0x were founding members of the decentralized finance philanthropic initiative DeFi for the People.
The collaborative venture, which included notable projects such as
Aave, SushiSwap and Curve, among others, raised $100 million to support a
panoply of financial inclusion and education schemes.
Aligning
with these collaborative principles in this latest funding, 0x Labs’
co-founder and co-CEO Will Warren said the Celo partnership is expected
to have a positive impact on his platform's native ZRX token. ZRX is
currently valued at $1.07 for a total market capitalization of $910
million, according to CoinGecko.
source link : https://cointelegraph.com/news/0x-expands-partnership-with-celo-to-distribute-4-5m-to-dao-ecosystem
