SushiSwap has partnered with Celo’s DeFi for All initiative with the goal of reaching the potential of DeFi to more than 6 billion smartphone users worldwide. As part of the partnership, the Celo community, together with Sushi, will award a total of $12.6 million in liquidity mining rewards to be distributed simultaneously through CELO and SUSHI.
With the combination of Celo’s mobile-first and user-friendly approach and Sushi’s DeFi expertise and product suite, real people with real needs will be able to benefit more from DeFi. As the DeFi for All initiative grows in its early days, the real advantages of crypto and DeFi technology are also emerging.
Sushi users will be able to take advantage of higher transaction speed and lower fees with secure and Ethereum-compatible transactions over Celo’s Proof-of-Stake (PoS) network. In addition to expanding Sushi’s multi-chain family, Celo will provide Sushi users with access to Celo’s native fixed crypto assets, a phone number for the address mapping system, and a seamless mobile user experience. Accessing Celo’s mobile-first user base and leveraging networks in emerging markets will help Sushi open up to new users and increase usage.
Distribution of rewards in liquidity pools started today
To celebrate this launch, the Celo Foundation and Sushi are offering $10 million in initial joint liquidity mining rewards in both CELO and SUSHI. The distribution of the prizes for the following couples started as of October 13. Enter SushiSwap, connect to MetaMask wallet, choose Celo network and start earning rewards! To learn how to use Sushi in Celo and trade Celo assets for Sushi products, click this link: (+link).
- WETH / CELO
- WETH / CEUR
- cEUR / cUSD
More couples will be added to the list very soon.
Optics token bridge in use
Optics, an interoperability protocol with high transaction fee efficiency and minimizing the need for trust in the other party, now allows Sushi users to safely bridge their assets. Optics core contracts and token bridge contracts are available on the Celo, Ethereum, and Polygon mainnets. Sushi users can now take advantage of the Pt product suite and UX that goes beyond crypto native coins. Sushi CTO Joseph Delong states that Sushi can take this mission forward and reach the next frontier in DeFi.
Rene Reinsberg, co-founder of Celo, said, “Celo’s mission is to create conditions for financial well-being for individuals around the world. Sushi joining Celo is exciting news for our community. “This will increase access to permissionless financial products that anyone can access from their mobile devices.”
Celo is a mobile-first, open-source ecosystem of technologies, organizations and individuals who share the mission of building a financial system that creates conditions for prosperity for all. The Celo ecosystem consists of decentralized, proof-of-stake blockchain technology (Celo Platform), a native asset (CELO), stablecoins (cUSD, cEUR), and Deutsche Telekom, Opera, Andreessen Horowitz, Anchorage, Coinbase, GSMA, Grameen Foundation, It includes the Welfare League, which is made up of more than 150 organizations worldwide, such as Prosegur, Abra, and cLabs. The Celo ecosystem is a service organization dedicated to growth and development with a mobile-first approach to creating conditions of well-being for all.
Sushi is a community-driven organization founded to solve what could be termed the “liquidity problem”. The development of Sushi is aimed at creating a wider range of networks. Rather than limiting itself to a single solution, Sushi brings together many decentralized markets and tools. Currently, its core products include a decentralized exchange, a decentralized lending market, income instruments and stakeholder derivatives.