ImmortalDAO Joins Celo’s DeFi for the People Initiative

of DeFi for people We welcome the (DFTP) initiative. ImmortalDAO Financethe first decentralized reserve currency protocol built on Celo.

ImmortalDAO, a DeFi 2.0 protocol that helps users generate passive income through staking, seeks to build a policy-controlled currency system where the behavior of IMMO tokens is highly influenced by the DAO. IMMO holders can vote on proposals submitted by ImmortalDAO community members.

Each IMMO token is backed by a basket of assets including mcUSD, mcEUR, and CELO. This means that the IMMO price is determined by market demand and fluctuates freely, but never below the value of the reserve, which consists of a basket of assets. In the long term, IMMO will optimize stability and consistency to serve as a global unit of account and medium of exchange currency. To ensure this, ImmortalDAO will continue to add assets to its reserve basket and support cross-chain liquidity.

Earn rewards by staking

To participate in ImmortalDAO staking and earn rewards (in the form of IMMO), users can either deposit IMMO tokens into the ImmortalDAO platform or, after a fixed vesting period, redeem mcUSD or IMMO-mcUSD liquidity pool tokens. Can be combined (exchanged) for discounted IMMO tokens.

ImmortalDAO currently partners with two Celo ecosystem projects — influence marketa protocol focused on supporting the poor through a decentralized universal basic income, and no space, a cross-chain global name resolution service on the Celo blockchain. Additional partnerships within the ecosystem are planned.

Earn rewards for liquidity

Celo blockchain users can also earn rewards through the incentivized IMMO-mcUSD liquidity pool. ube swap next 6 weeks. Her CELO rewards earned will be based on the amount donated to that pool.

The Celo Foundation will soon host a Twitter Spaces AMA with ImmortalDAO.Look for the announcement of @selog.

Click here for details Immortal DAOits review documentation and follow @ImmortalDAO_Fi on Twitter. For more information on DeFi for the People and the growing ecosystem of dapps on Celo, visit his website here. DeFi for people.