Curve.Finance Launches on Celo, an EVM-Compatible L1 Blockchain

Curve.Finance, which claims to be one of the largest DEXs and automated market makers (AMM), deploys on Celo, which is described as “the leading carbon-negative, EVM-compatible layer-1 blockchain, using fast, scalable proof-of-stake consensus.”

The launch is “a collaboration among the Celo Foundation, Curve, Stake DAO, and Stake Capital.”

Julien Bouteloup, who is part of Curve’s core team, said:

“Curve is excited to deploy on Celo. Celo is unique through its mobile-first design with a diverse ecosystem and user base in regions where real-world crypto adoption is highest. Through continued, long-term collaboration, we aim to bring decentralized financial tools to the masses, such as introducing innovations through a forthcoming rewards program using Votemarket by Stake DAO.”

Built for real-world utility, including payment systems, mutual credit, universal basic income (UBI), climate solutions, and borrowing and lending, Celo “boasts technical advantages from mobile optimization to the ability to pay for transaction fees using ERC-20 tokens––the Mento protocol, which provides various stable assets to users of the Celo blockchain (cUSD, cEUR, cREAL), aims to launch stable assets in every currency in the world.”

Nikhil Raghuveera, the Celo Foundation’s Head of Strategy & Innovation, remarked:

“Curve brings greater usability to Celo, by making it easier for people to use and swap stable assets for real-world use cases and moving seamlessly on- and off-chain. We look forward to deepening our relationship with Curve’s ecosystem, including Stake DAO and Stake Capital, through future gauge proposals supporting robust, decentralized Web3 infrastructure––which is needed now more than ever.”

Curve and Celo’s partnership “dates back to August 2021, when Celo announced its “DeFi for the People” (DFTP) initiative, committing $100M to make decentralized finance (DeFi) broadly accessible to the 6.4 billion mobile phone users around the world.”

Curve joined DFTP as “a founding member, alongside DeFi protocol Aave, DEXs Sushi and Ubeswap, and Valora wallet, among others.”

On Celo, Curve joins DEX Uniswap v3, deployed in July 2022. Celo users now “have access to the two largest DEXs in the world, both of which use integration with Wormhole, the cross-chain interoperability protocol, and its Portal token bridge.”

As noted in the update, Celo is “a carbon-negative, permissionless, layer-1 protocol with a rich ecosystem of global partners building innovative Web3 applications within the DeFi, ReFi, and NFT sectors on Celo.”

Accessible to anyone with a mobile phone, the Celo ecosystem “consists of a decentralized, proof-of-stake blockchain technology stack (the Celo Protocol), the CELO native token, and several Mento stable assets (cUSD, cEUR, cREAL) that enable anyone to use digital assets like currency.”

Launched on Earth Day in 2020, the open source Celo mainnet “supports 1,000+ projects created by developers and artists located around the world.”

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