ImpactMarket is one of Celo´s main charity platforms
Leading Celo Network dapp ImpactMarket attracted 11.27 % more unique active wallets to its platform in the past 7 days. The DeFi UBI dapp is chasing CyberBox, the Cello NFT Marketplace for the first spot. It also pushed the Daopolis NFT Collection into the third spot. But what is driving this surge? Let´s uncover the story behind the data.
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What is ImpactMarket?
ImpactMarket is one of Celo´s main charity platforms providing more use cases for Celo´s stablecoin in the real world. The humanitarian blockchain serves as the payment infrastructure for this dapp.
It is an open, free, crowd-finance infrastructure that is community-driven and helps local impoverished communities by fostering social change and financial inclusion through DeFi adoption with bottom-up economic development.
Using DappRadar´s ranking tools, we can see that this Celo-based dapp attracted 11.27 % more unique active wallets to its platform in the past 7 days and has increased its TVL (total value locked) by over 2% in the past month.
Why use ImpactMarket and how does it work?
The project was born to help vulnerable people in extreme poverty after Covid19 so that no one is left behind and any affected community can access finance and have its own Unconditional Basic Income (UBI).
With UBI, every beneficiary receives a set amount of money frequently to survive harsh conditions and improve themselves. It shares common features with another popular dapp on the Ethereum and Fuse blockchains: GoodDollar.
There are 4 essential roles in the ImpactMarket ecosystem and they support each other to drive successful projects:
Community Manager
This is the person who submits and administrates the community and its beneficiaries.
Beneficiaries
These are the community members who will have access to UBI.
Donors
These are the people that fuel the engine of ImpactMarket, helping communities in need.
Merchants
Businesses that sell basic goods and services to beneficiaries in the community in exchange for cUSD, Celo´s stablecoin.
Where does the money come from?
The team behind ImpactMarket delivers impactful solutions such as Unconditional Basic Income (UBI) and the governance DAO token: PACT, driving access to technology and basic needs.
The funds come from diverse philanthropic foundations and grants, companies supporting sustainable development goals, mission-aligned Web3 partners, NGOs, and individuals donating and crowdfunding campaigns.
What is special about Celo?
Celo is designed to give mobile phone users access to crypto payments in developing countries. The team behind Celo aims to become the WhatsApp of DeFi, unlocking prosperity for all and onboarding many financially excluded individuals.
ImpactMarket is one of Celo´s main charity platforms providing more use cases for Celo´s stablecoin in the real world. The humanitarian blockchain serves as the payment infrastructure.
Celo has already caused waves in the crypto scene in just four years. Despite falling behind in terms of TVL and trade volume compared to its competitors, it is effectively onboarding users steadily.
The graph below shows Celo accumulated 5065 UAW connecting to its smart contracts during the past three months.
In contrast, Celo accumulated a total number of 3064 UAW in the same period last year.
What is driving this surge of ImpactMarket?
ImpactMarket has been steadily increasing its user base by rolling impactful community projects across different continents in countries like Brazil, Venezuela, Paraguay, Uruguay, and Nigeria.
Recently, the team has been redoubling its efforts in Nigeria, expanding partnerships, and supporting 6 new communities in Mali with Unconditional Basic Income (UBI). Moreover, the growth of this dapp is also related to Celo´s expansion.
We can also anticipate that the higher the amount of mobile device users, the higher the success rate is likely for Celo. For example, according to the West African country’s Communication Commission (NCC), Nigeria boasted 199.6 million mobile connections as of March 2022. This number is expected to grow considerably by 2025.
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