About 20 DeFi projects, including Yearn, Aave, and MakerDAO, are poised to begin sharing each other’s tweets Monday as part of a 24-hour campaign to promote the permissionless nature of decentralized finance.
The promotional initiative seeks to showcase the value of decentralized finance following the failures of major CeFi firms in 2022, including Three Arrows Capital, Celsius, and FTX.
“In the wake of recent crashes in centralized finance, the case for DeFi has never been stronger,” the teams said in a press release. “The smart contracts and open-source code that governs decentralized protocols have proven to outperform imperfect humans who are incentivized to convince their users to trust them based on arbitrary reasoning.”
The participating projects include Balancer, Element, CoW Swap, Gearbox, Opyn and SushiSwap. A representative of the campaign told The Defiant that Yearn and Element have organized much of the campaign.
Organizers hope the promotion will reach 2M Twitter users. Aave boasts the largest Twitter following among the participating teams with more than 522,000 followers.
Mamun Rashid, the CMO of MakerDAO’s Growth Core Unit, described the permissionless and collaborative nature of DeFi as fundamental to the sector’s growth.
“This campaign is a shining example of DeFi innovators coming together to showcase inclusiveness, the spirit of collaboration, and the shared belief that only by standing together can we deliver meaningful change,” Rashid said. “Together, we can push the boundaries of traditional finance and build a more inclusive and accessible financial system through DeFi.”
The campaign comes as the DeFi sector has rebounded in 2023, with TVL up 25% to $48B, since Jan. 1, according to DeFi Llama.