We are beyond excited to announce our strategic partnership with Celo, a mission-driven, layer-1 blockchain with built-in seigniorage stablecoins. By enabling a virtuous circle in the whole Celo ecosystem and community, we want and hope to contribute to Celo’s grand mission to build a financial system that creates the conditions for prosperity — for everyone!
Celo — Purpose in Esperanto
Celo means Purpose in Esperanto. What a beautiful name! And absolutely a perfect name for the very 1st Double2Win episode as Double is also a purpose driven project! To no one’s surprise, as usually projects with beautiful names have awesome people behind them, Celo has a great mission-driven team led by amazing co-founders Marek Olszewski, Rene Reinsberg, and Sep Kamvar. Top investors including a16z and Polychain have been supporting Celo’s mission since early days.
In a short period of time, the vibrant Celo community has established the Alliance for Prosperity, a group of mission-aligned partners committed to increasing adoption of the Celo Protocol and its ecosystem of digital assets and technologies. The community has also launched several stablecoins over the years — cUSD, which tracks the value of the U.S. dollar; cEUR, which tracks the value of the euro; and cREAL, which tracks the value of the Brazilian real.
Double2Win — How?
Celo, like other similar L1, L2, sidechains or parachains, needs to solve the liquidity challenge for tokens issued on or bridged to Celo — and Double, a permissionless and trustless protocol, can help by creating a virtuous cycle in the Celo ecosystem and community. Here is how to Double2Win:
- Create a trading pair <token, CELO> or <token, cUSD/cEUR/cREAL> on AMMs in the Celo ecosystem, for example Ubeswap.
- Encourage every project to deposit tokens to Double protocol.
- Deploy CELO or cUSD/cEUR/cREAL from Celo Foundation treasury to add liquidity for project tokens on AMMs.
This is a WIN for projects.
As the capital provider on Double, by design, Celo Foundation treasury will earn all trading fees. Instead of issuing tokens for free to attract liquidity, with Double, Celo Foundation not only solves the liquidity challenge for projects, but also compounds its treasury, a WIN for Celo Foundation. More liquidity will lead to more trading. More trading and liquidity will drive the growth of AMMs — a WIN for AMMs like Ubeswap.
Since Double is permissionless, technically any holder of CELO or cUSD/cEUR/cREAL can provide liquidity on Double and double its earnings from fees while reducing its impermanent loss risk, including whales holders (e.g. early investors like a16z, Polychain) and retail holders. While retail holders of CELO, cUSD/cEUR/cREAL should not be encouraged to earn high APYs on AMMs right now given the risk, Double will support Celo’s “DeFi for the people” mission.
Double brings a positive impact on pretty much everyone in the Celo community. This is the power of:
Coming soon
Double will be launched on Celo soon. In the meantime, any member of the Celo community can reach out to us so we can be more prepared to make you successful when we launch. Learn Double’s vision, follow us on Twitter, join our Discord, and visit our website.
