Thank you for sharing your thoughts @rene_celo much appreciated. Also makes the dialogue much more informed knowing that certain stakeholders shared their sentiments around this initiative.
Also, I think the feedback @eladmin provided was important to include around governance guidelines and funding public goods strategy. Mainly, good governance takes time and communication, and defining public goods is a must when creating a funding strategy for it.
I will take these points in my potential role as a governance guardian
Weāre excited to see the positive reaction by the Celo community to the governance improvements and Public Goods funding strategy! With the proposal having over 98.9% YES votes and reaching the quorum, the Governance Guidelines and Celo Public Goods strategy have received the required support and will be set into motion in the coming days.
However, due to the complex nature of the proposal (this is the most complex on-chain proposal to date, and a unique compiler tool is needed to review it) and the fact that this is the largest $$ value transaction to date, we want to give reviewers more time to be extra sure the on-chain proposal does precisely what we want it to do.
We will add more information to the on-chain proposal and run some additional tests before resubmitting the on-chain element of this proposal for approval and execution.
The Celo Public Goods stewards will have an all-hands meeting on Monday to discuss how to best progress the Public Goods funding submission and votes in the meantime. More updates will follow early next week.
Hey all, Iām a big supporter of the efforts of Public Goods proposal.
I have a question around the amount of cUSD being requested. Having cUSD in the On-Chain Community Fund will help take pressure off of folks who immediately wish to use funds for events sponsorships etc. My question is why it needs to be minted all at once. The amount requested for conversion is 10M cUSD. Wouldnāt it make more sense to split this up over time? One idea could be to perform 1/4th conversion for 2.5M cUSD, then again in 3 more months. This would allow all the growth in the community, the thousands of new onboarding users, and growing on-chain activity to make for more favorable terms over the year.
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 - āIs there any reason that I should continue to hold cUSD after native USDC launch?ā If you canāt find any reason, then - āIs there any reason for the Celo Community Fund to hold cUSD after native USDC launch? And to hold 10M cUSD?ā
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, letās save Celo!
Hi @ericnakagawa - I am just repeating what I mentioned in the Governance call for those who didnāt make it.
All cUSD will be sent to and controlled by the Celo Community Treasury, and only spent when Governance approves it. Currently, itās projected that the cUSD holdings would be sufficient to cover all USD-denominated proposals for the next 14-24 months.
In addition, there are multiple operational actions, including risk analysis, transaction simulation, Mento Reserver rebalancing, accounting, and governance associated with minting additional US - making it a time-consuming and costly effort to do every couple of months.
This proposal has been in discussion for nearly 3 months and is co-created with a wide range of stakeholders, as is apparent by the 98.9% YES votes we received on CGP 115. All elements have been discussed in the Forum, and multiple governance calls.
Your points on cUSD are also invalid from my point of view. cUSD (literally Celo Dollar) is an āovercollateralized, Celo-native stablecoin that has a direct relationship with Celo and is currently our ecosystemās most widely used stablecoin.
Do you realize that the ācounterpartā in this deal is the Mento reserve returning 120M CELO to the Community Treasury? In this proposal, ~13.36M CELO, equal to ~8.9% of the CELO to be replaced, is effectively used to mint 10m cUSD and grant Celo Community Treasury 2 years of run-way without having to create sales pressure on the Celo Token.
If your assumption of this point being the bottom is correct, there is additional value in covering operational expenses with stables. If your assumption is wrong, we will have guaranteed resources to continue to develop Celo without putting pressure on the token.
Your final statements are irrelevant, as this proposal effectively streamlines funding for builders to take action and reduces the governance overhead for most stakeholders.
Owner of wallet - 0x4f369ee454c77ccf765792382b909ed888c57a47 (2M+ CELO voting power, 66% weight right now), do you have the gut to show your identity? The Celo community deserves to know whether you are one of the entities that benefit greatly from this trade that is super unfair to Celo Community Fund!
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!
Owner of wallet - 0x0ed27270c4914877bf2a6cb3abf4ca493117acb8 (800K+ CELO voting power, 26.3% weight right now), do you have the gut to show your identity? The Celo community deserves to know whether you are one of the entities that benefit greatly from this trade that is super unfair to Celo Community Fund!
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!
{
"address": "0x37BAedAA536f7144E72915C683e6095177D33e78",
"msg": "Aaron Boyd confirming ownership of address 0x37BAedAA536f7144E72915C683e6095177D33e78, sometime after 1620 UTC on 23rd January 2024, after Celo mainnet transaction hash: 0x4400c854b41802b739563a17781b41cbc2b6e2d272af2a5f994e5c7d48e2ce88",
"sig": "0xbebf32ae82fd7e41e92595a3be8831a2541b9b44eba5a9fdb42dd1baf76c10080410c336b5fc1687c688a97d30a516ea33fb41564546ee8304cd553605f18a311b",
"version": "2"
}
With the resubmitted CGP115 currently having 99.5% YES votes with little over 24 hours of voting left, there is a high likelihood that we will be able to kickstart the Celo Public Goods operations tomorrow.
We have a final Celo Community call to ask questions and brainstorm Public Goods ideas tonight. You can join it here.
As things stand, we have two Celo Public Goods proposals in the [FINAL] stage (Celo Camp and CeloEU) and are ready to be submitted to the Celo Public Goods Snapshot tomorrow as soon as the proposal passes.
Thanks for the recap! I liked the idea, that we ended on, of potentially buying some BTC or ETH with the cUSD with a fast follow proposal.
Separately, Iāve also been thinking whether we could somehow dollar cost average purchase the 10M cUSD over say 6 months, which might be a nice way to hedge in the case that the recent bull market continues. @roman would that be possible somehow on the Mento side as youāre selling the BTC with just a signalling follow on CGP?
Finally, I canāt explain why, but moving out the 20M Curve LP tokens ($10M in value) from the Celo DAO to the Mento Multisig feels like a strange addition in this proposal. I understand why the Mento team would want more control of the tokens for rebalancing, but it feels like it could have perhaps been a distinct proposal given the large monitory sum? Especially because I think most people arenāt fully aware that this is part of the proposal as itās only briefly mentioned in the CGP text. @Roman shared that he would share more details when he wakes up tomorrow.
hereās my address: 0x3dbf55729ABcf55F3b4F7CEbfe88B7d59BE3F23F.