Add Glo Dollar as a gas token?

Governance Governance Proposals
2

Hi everyone,

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.

Proposal Key Aspects

  • Receiver Entity: Celo Governance
  • Status: [DRAFT]
  • Title: Add Glo Dollar as Gas Token
  • Author(s): @garm
  • 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.

Proposed Changes

  1. Mapping CELO/cUSD rate to CELO/USDGLO
  • Destination: SortedOracles.setEquivalentToken
  • Data: address token = USDGLO address (0x4f604735c1cf31399c6e711d5962b2b3e0225ad3), address equivalentToken = cUSD address (0x765DE816845861e75A25fCA122bb6898B8B1282a)
  • Value: 0
  1. Enable USDGLO as gas currency
  • Destination: FeeCurrencyWhitelist.addToken
  • Data: address token = USDGLO tokenAddress = USDGLO address (0x4f604735c1cf31399c6e711d5962b2b3e0225ad3)
  • Value: 0

Risks

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

Useful Links

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