I voted NO to this proposal https://celo.stake.id/#/proposal/157 and I urge every Celo community member to vote NO. This proposal sneaks in an unfair deal which abuses the Celo Community fund; setting up a precedent which could serve as an existential threat to Celo.
Celo Community Fund should NOT hold cUSD. As we all know by now, native USDC is coming to Celo imminently. This is absolutely net positive for Celo! Unfortunately, this is absolutely net negative for cUSD. As a Celo gas token, native USDC is superior to cUSD in any dimension and cUSD will be phased out.
If you are a cUSD holder today, ask yourself - “Is there any reason that I should continue to hold cUSD after native USDC launch?” If you can’t find any reason, then - “Is there any reason for the Celo Community Fund to hold cUSD after native USDC launch? And to hold 10M cUSD?”
It is a very BAD deal for Celo Community Fund to sell 13.367M CELO for 10M cUSD right now. The price of CELO is around the bottom, but the overall crypto market is trending up, and the CEL2 is planned to be live in Q4 this year. If you expect the price of CELO to double or triple after the CEL2 launch, then the Celo Community Fund will lose $10M or $20M compared to holding CELO which could be used to fund the ecosystem in the near future. The counterparty of this trade will make an easy $10M or $20M within a year! Ask yourself, can you justify selling CELO for 10M cUSD today to meet the demand for the next 2-3 years?
Sneaking this unfair deal under the proposal of Celo governance improvement and public good funding abuses the trust and passion of the Celo community; if not criminal, it is absolutely wrong and unacceptable. Do it with HONOR and with TRANSPARENCY!
If this proposal is passed, the only thing left in Celo will be politics! If you still care about Celo, let’s save Celo!