Moola Market and Celo Launch $1m #DeFi4ThePeople Save & Earn
Moola Market, the leading borrowing and lending platform on Celo, with support from the Celo Foundation, are distributing $1,000,000 worth of CELO to savers over the next twelve weeks of #DeFi4ThePeople.
Eligible savers include wallet addresses that actively own Moola v2 mTokens (i.e. mcUSD/mcEUR/mCELO), wallet addresses that actively deposit mTokens into a liquidity pool, and wallet addresses that actively stake mToken liquidity pool tokens.
50% of the weekly CELO distribution to active mcUSD savers
40% of the weekly CELO distribution to active mcEUR savers
10% of the weekly CELO distribution to active mCELO savers
Eligible wallets can claim CELO at app.moola.market by connecting their wallet and clicking ‘Claim CELO’. The first distribution is anticipated to be made by Thursday Nov 25th. CELO is anticipated to be distributed proportional to average savings balances during the snapshotted period of time.
The first period of time snapshotted is from the launch of Moola v2 through Nov. 16th (Blocks 8955468–9900000). Each subsequent snapshot is anticipated to capture average balances for the previous 7 day period. For example:
This change also means that the majority of the triple rewards currently incentivizing staked ULP mcUSD-mcEUR tokens and staked ULP mCELO-MOO tokens, will run out on Thursday Nov. 25th. Ubeswap has been contributing 1,658 CELO/week from their DeFi4ThePeople allocation to staked ULP-mcUSD-mcEUR tokens and it is anticipated that this allocation will continue for now. It is also anticipated that MOO and UBE tokens will continue to be allocated to these two liquidity pools.
A total of 159,744 CELO has been generously allocated by the Celo Foundation to distribute to active Moola savers 🙏. Eligible wallet addresses will have up to 24 weeks after the distribution date to claim their CELO, after which time the CELO can be reclaimed by Moola.
Get started by going to app.moola.market, connecting your wallet address, and clicking deposit. Connect with us on Discord here. Connect with us on Twitter here.
