Moola Launches ‘DeFi for the People’ With Triple Rewards
Earlier this week, a consortium of leading decentralized finance protocols and projects announced DeFi for the People, a mission aligned consortium with a common goal of bringing DeFi to the 6 billion smartphone users around the world.
Founding partners Moola Market and Ubeswap today are kicking off a three-month, triple-rewards incentive of CELO, UBE, and MOO for the mcUSD-mcEUR and mCELO-MOO liquidity pools.
The mcUSD-mcEUR stablecoin pool has maintained a variable rate APY above 100%, even before the addition of CELO incentives.
To participate in the incentive, users must provide liquidity to a pool and stake their Ubeswap Liquidity Provider (ULP) tokens at the farming tab in the ‘Triple Pool’.
About mcUSD, mcEUR, mCELO, and MOO:
mcUSD is an interest bearing version of Celo Dollar (cUSD) that has been deposited into Moola. cUSD is a stablecoin that tracks the value of the U.S. Dollar.
mcEUR is an interest bearing version of Celo Euro (cEUR) that has been deposited into Moola. cEUR is a stablecoin that tracks the value of the Euro.
mCELO is an interest bearing version of the Celo native asset (CELO) that has been deposited into Moola. CELO is the native asset of the Celo protocol, used in validating, governance, and the Celo Reserve.
MOO is the native asset of the Moola protocol. It is anticipated that governance rights over the Moola protocol will be transferred to MOO owners.
Moola Market enables borrowing and lending on smartphones. Owners of Celo Dollars, Celo Euros, and the Celo native asset can earn compound interest by lending to borrowers who pay to take over-collateralized loans in perpetuity or non-collateralized flash loans.
Ubeswap enables decentralized exchange of Celo assets on smartphones. Liquidity providers can earn revenue which is paid for by traders who pay to swap assets through the Ubeswap automated market maker.
Disclaimer: DeFi is a new technology that comes with risk of loss.