0x Widened Alliance Scope With Celo to Distribute $4.5M to DAO Ecosystem

By Natalie Wu | December 4, 2021
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0x and Celo have reportedly formed an alliance in a bid to dedicate $4.5 million — with $3 million from CELO and $1.5 million ZRX – to the development of 0x’s ecosystem through its community-focused DAO. 

Specifically, the update reportedly surfaced after an agreement that happened in mid-November was finalized between the two entities, to complete the integration of a zero-cost 0x API feature on the Celo blockchain, to improve the experience of DeFi developers looking to tap into multi-chain aggregated decentralized exchange (DEX) liquidity services.

Celo reportedly functions as an open-source collective of tech, nonprofit and nongovernmental organizations (NGOs), coming together to push for greater regarding international access to DApps and crypto payment, through its mobile-focused model, while 0x operates as a decentralized web infrastructure, which supports tokenized ERC-20 making investments via the use of public smart contracts

0x reportedly shared that since the release, its API functionality has reportedly offered facilitations for over 1.8 million unique addresses, for a total of more than $100 billion in volume throughout well-known chains Ethereum, Binance Smart Chain, Polygon, Avalanche, and Fantom.

Celo’s head of ecosystem growth Xochitl Cazador reportedly disclosed that the new alliance is reportedly created to nurture “rapid expansion” of a “truly decentralized DeFi within the 0x community DAO.”

Established based on principles of decentralization, community governance and transparent objectives, the re-emergence of DAO throughout the last 12 months has sparked the talk regarding tech turning into the next major sub-sector of mass development across DeFi, throughout 2022 and as such, further the development of a sector which has already set up a historic total value locked (TVL) of $274.65 billion.

In comparison, DeFi’s TVL was under $20 billion a year ago and virtually non-existent at the beginning of 2020.

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