The PoolTogether protocol is being deployed to Celo! Celo is an “EVM” compatible blockchain similar to Polygon. It offers incredibly low fees, while being compatible with much of the existing Ethereum infrastructure.
Due to Celo being a different blockchain connected to Ethereum the ability to directly link governance is still nascent. As such, we are following the lead of other protocols like Aave and initially governance on Celo will be controlled by the core team. Functionally, this will control very little and only be needed to 1) set reserve rates on Celo and 2) ensure any reserves and / or farming rewards accrued are distributed back to Ethereum governance.
The Celo deployment will be officially announced by Celo this Monday (August 30th). A few details below:
- Initially there will be prize pools for two asset types cUSD and cEUR
- Both prize pools will be launched with special incentives in Celo tokens (similar to Polygon launch)
- Both prize pools will stake prize pools as a compatible yield source as not yet been launched on Celo. Once a compatible yield source is launched, new prize pools leveraging that yield source will be created
I’m quite excited about this overall as Celo is a solid blockchain that is simple to use for anyone familiar with Ethereum. The initial incentives will make it quite appealing to get started. This furthers the vision of seeing PoolTogether become a truly cross chain protocol and sets the stage for a V4 prize pool on Celo connected with the others