Uniswap V3 is now live on Celo, Prices Jump More Than 7%
- The decentralized exchange (DEX) Uniswap v3 is now live on the Celo Blockchain
- Celo Foundation and Climate Collective have seeded liquidity for several pairs into Uniswap v3
Uniswap v3 has been deployed on the Celo Blockchain, a blockchain aimed to bring crypto right to users’ phone with its user-friendly experience after approval from the community of the platform.
The Celo Foundation, a firm responsible for the development of the blockchain, and Climate Collective, an expanding coalition of companies collaboratively building at the intersection of web3 and climate action, have also launched green-asset pools to help further a regenerative financial (ReFi) system “and currencies supported by natural capital on the blockchain.”
According to a press statement, the decentralized exchange will bring access and liquidity to the voluntary carbon market and enable the partners at Climate Collective to integrate ‘programmable carbon’ and accelerate climate action.
Interestingly, many developement are to take place on the Celo Blockchain. Firstly, Uniswap v3 will introduce LP management tools which will make it earier for investors to provide liquidity and earn rewards on the blockchain.
Cargo Protocol and Gamma Strategies, two decentralized protocols are almost ready to be deployed on Celo and once they are, the Celo Foundation can begin liquidity incentives.
Since the initial discussion regarding the original Uniswap x Celo proposal between Blockchain at Michigan and the Celo Foundation, the market has changed a lot. Hence, Celo aims to discuss with the Uniswap community how it is seeing effective liquidity incentive campaigns that support new token launches.
We’ve started discussing some of this with Blockchain at Michigan. We may also look to extend the overall length of liquidity incentives in order to promote healthy adoption of new ReFi launches rather than quick hold and dump scenarios.
said Nikhil Raghuveera, Partner Strategy & Innovation at Celo.
The partnership with Uniswap has been kicked off with the funding of the seed liquidity by the Climate Collective and the Celo Foundation beginning with the Moss carbon credit token pool CELO / MCO2 and CELO / wETH.
Following the annoucement, the prices of UNI, the governance token of the DEX jumped by 11% and at the time of writing, the price of 1 UNI is $6.19, as per CoinMarketCap.
Celo blockchain stalled
Hours after the announcement, the Celo blockchain has been stalled at block 14,035,19 as validators are working to identify and resolve the issue. It doesn’t seem to be an attack as all the users’ funds are safe.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
