Popular DeFi exchange Uniswap has been deployed on the Celo ecosystem following a community vote that ended yesterday, April 29.
The result of this vote was overwhelming in favor of implementing Uniswap on Celo, with 99.7% of the votes in favor of this decision.
The remaining 0.3% abstained altogether. There were almost no direct votes against the launch on Celo.
Nearly 500 addresses participated in the vote, the largest being the venture capital firm Andreesen Horowitz (a16z), which had 1.35% voting power with 13.5 million votes.
Various academic institutions also participated, the blockchain in Michigan made the initial proposal and was responsible for the vote. Blockchain teams at UCLA, UC Berkeley, University of Pennsylvania, and Columbia University have all participated.
Votes from university blockchain teams accounted for 1.7% of the total votes, or 17.2 million votes in absolute terms.
While Uniswap is primarily an exchange for Ethereum-based assets, it has also been ported to many other Ethereum-compatible platforms, such as Polygon, Arbitrum, and Optimism.
The idea of adding Uniswap to Celo has been under consideration since March, with various reasons cited in the proposal.
One of the key drivers is the energy efficiency of Celo, which is a carbon-negative Proof-of-Stake blockchain. Uniswap aims to take advantage of this by using tokenized carbon credits to create “green asset liquidity pools”.
The proposal would also see Celo rebalancing its reserves with green assets without having to rely on centralized exchanges.
On the user side, the proposal would provide Uniswap users with $10 million in financial incentives, backed by grants from the Celo Foundation. Celo’s mobile-first approach will also help Uniswap target its platform to 6 billion smartphone users.
With $7 billion in value locked up, Uniswap is currently the fifth-largest DeFi platform, according to data from DeFiPulse.
Meanwhile, Celo is currently a relatively small blockchain. Its native token has a market cap of $1.1 billion, making it among the 100 largest cryptocurrencies by market cap according to Coinmarketcap.