Polychain and Celo Validator Community Bootstrap Seed Funding for Ubeswap
The Ubeswap community is proud to announce a successful $1.2 million seed funding round, led by the Celo validator community. Just as the Celo validator community bootstrapped the launch of the Celo network, once again they are throwing their weight behind core Celo network infrastructure like Ubeswap.
This collective funding is a powerful statement demonstrating Ubeswap’s strong commitment to decentralization and community. Additionally, the initial high emission rate in the UBE token rewards schedule for liquidity providers on the platform is intended to rapidly decentralize ownership of the platform. There are now more than 7,000 wallets with an UBE balance, making each holder an active participant with a voice in evolving the platform. The recently announced Ubeswap updates also highlight the path to becoming a fully community-run platform via a DAO.
Special thanks to the following Celo validators who participated in the Ubeswap seed funding round from Q2 of this year:
- Bitcandy
- The Passive Trust
- Polychain (Celo Ecosystem Fund)
- Tango
- Validator Capital
- WOTrust
About Ubeswap
Ubeswap enables the decentralized exchange of Celo assets on smartphones. Liquidity providers can earn rewards which is paid for by traders who swap assets through the Ubeswap automated market maker.
