We would like to get feedback on the idea of adding Glo Dollar as a gas token for Celo.
We’re increasingly getting DMs suggesting we should have this feature, and we agree this would be highly beneficial for our userbase. In particular for the non-crypto-native individuals that are onboarding onto crypto solely to buy and hold Glo Dollar, who currently need to also understand and invest in gas tokens. Removing this point of friction would make Celo the natural chain of choice for Glo Dollar users who are interacting with crypto for the first time.
Now that the Celo builder ecosystem is increasingly embracing Glo Dollar we think the timing is right to start a discussion on adding Glo Dollar as a gas token for Celo.
Before we invest in the technical requirements we’d love to first get a sense for if the community is supportive.
Aside from this, we would appreciate some guidance on the best approach regarding price oracles:
Is the GoodDollar approach to an oracle still viable? Seems like G$ is not a whitelisted fee currency at the moment
Can we replicate Mento’s oracle strategy for stables such as cCOP and PUSO which rely on FX based oracles rather than onchain metrics
Are there other methods we should consider?
Looking forward to hearing what the community thinks!
As a follow-up to this post please find a draft proposal for adding Glo Dollar as a gas token below. Note that we have not yet added the creditGasFees and debitGasFees methods to the current smart contracts - these will be deployed after a positive initial discussion with the community.
Type of Request: Temperature Check (Network Decisions & Protocol Improvements)
Summary
This proposal seeks support for adding Glo Dollar as a gas fee currency on Celo.
We’re increasingly getting DMs suggesting we should have this feature, and we agree this would be highly beneficial for our userbase. In particular for the non-crypto-native individuals that are onboarding onto crypto solely to buy and hold Glo Dollar, who currently need to also understand and invest in gas tokens.
Removing this point of friction would make Celo the natural chain of choice for Glo Dollar users who are interacting with crypto for the first time.
Now that the Celo builder ecosystem is increasingly embracing Glo Dollar we think the timing is right to add Glo Dollar as a gas token.
Specification
We propose to make the following technical changes to enable Glo Dollar as a gas token on Celo. The technical specification below is based on the proposal to add USDT as a gas token.
This proposal is low risk as Glo Dollars are 1:1 backed by assets held off-chain in US financial institutions, notably a mix of cash and US treasuries. More information here: Glo Dollar is backed by cash and US Treasuries
To proceed to the submission and voting phase at least two Celo Governance Guardians must post explicitly that the proposal fulfills the requirements to be able to move into the Voting Stage in the proposal thread on the Celo Forum.
Remember next steps
Submission of PR to Celo Governance Repository
Proposers needs to fork the Celo Governance Repository and add a PR including the proposal .md file and json file.
Approval of PR by Celo governance Guardians and merge into main branch of Celo Governance Repository.
Celo Guardians are responsible for conducting a comprehensive review of every Pull Request (PR) to ensure that there is complete alignment and consistency between the final proposal posted in the forum post and the specific files that are being requested to be merged.
This review process is strictly technical in nature, focusing solely on verifying the authenticity and good faith of the proposers. It does not involve any personal opinions or biases regarding the merits or content of the proposal itself. To maintain the integrity of the Celo Governance repository, it is mandatory to obtain approval from a minimum of two Governance Guardians for each PR before it can be merged into the main branch.
OnChain Submission of Proposal
After PR is merged into main Governance Repo the proposers needs to fork locally the Celo Governance Repository and submit the proposal onchain using the guidelines described in the Celo Docs.
Thanks @garm. Confirming as a governance guardian, the criteria has been met as per @0xj4an-work post and this proposal is ready to move forward to the next stage.
Given the very positive response during the call, I’m thinking we may forgo the temp check vote and instead opt to create a new proposal for the actual addition of Glo Dollar as a gas token once we’ve upgraded the contracts. Any objections?
Remember