0x Collaborates With Celo To Contribute $4.5 Mln For The DAO Ecosystem.

0x Collaborates With Celo To Contribute $4.5 Mln For The DAO Ecosystem.

2021-12-05 | Robin Williams

0x Collaborates With Celo To Contribute $4.5 Mln For The DAO Ecosystem.

0x and Celo have announced a cooperative agreement to invest $4.5 million — $3 million CELO and $1.5 million ZRX — towards the development of 0x's ecosystem through its community-centric decentralized autonomous organization (DAO). DeFi for the People, financial inclusion and education campaign, was launched in August by a coalition of DeFi groups. The joint effort, which featured noteworthy programs such as Aave, SushiSwap, and Curve, generated $100 million to fund a variety of financial inclusion and education initiatives. The announcement comes on the heels of a mid-November agreement between the two companies to implement a zero-cost 0x API capability on the Celo blockchain to improve the experience DeFi developers interested in utilizing multi-chain aggregated decentralized exchange (DEX) liquidity services. Celo is an open-source collective of tech, non-profit, and nongovernmental organizations (NGOs) working together to promote greater global access to decentralized applications (DApps) and cryptocurrency payments through its mobile-centric model, 0x, on the other hand, is a decentralized web infrastructure that enables tokenized ERC-20 investment via public smart contracts. Since its inception, 0x says that its API functionality has facilitated more than 21 million trades over more than 1.8 million unique addresses for a total volume of more than $100 billion spanning prominent networks Ethereum, Binance Smart Chain, Polygon, Avalanche, and Fantom. The re-emergence of DAOs over the last year has sparked discussion about the technology becoming the next major sub-sector of mass growth within DeFi throughout 2022, hence accelerating the growth of an industry that has already established a historic total value locked (TVL) of $274.65 billion. DeFi's TVL was less than $20 billion a year ago and was almost non-existent at the start of 2020.

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