Celo Public Goods Funding H1 2024 | Updates and Info

This reply provides an update on the Celo Governance Guidelines and Public Goods Funding Strategy H1 2024 progress during the initial 11 weeks (February 1st - April 24th, 2024) and provides insights into the upcoming 9 weeks.

Progress on each section of the proposal

Establish the Celo Governance Guidelines v0.1

  • Raising the minimum submission requirements from 10 to 10,000 CELO significantly increased the relative percentage of proposals reaching quorum, with 14 out of the 15 proposals submitted after CGP115 reaching quorum and passing (93%), compared to only 8 out of the 15 proposals submitted before CGP115 reaching quorum (53%).

  • Guardians have been more active, with the average CGP review time in GitHub being down to a sub-day average and having hosted five Governance calls since February 9th for an average of ~2 governance calls per month, up from an average of 1 governance call per month in Q3-Q4 of 2023.

  • Guardians have supported submitting proposals for projects that successfully followed the Governance Guidelines and processs.

Mento reserve: Return a combination of cUSD and CELO
CGP118 replaced the logic for returning CELO from Mento to the Celo Community Treasury Reserve, adopting a process of six tranches instead of the initial method described in CGP115. The CGP118 logic calculates the 30-day average price of CELO on the 15th of each month for six months (tracked in this sheet). Currently, three tranches have been completed, resulting in a total of 5.528.819 CELO returned. If the average price of Celo is equal in the next three months, the estimated remaining CELO to be returned would be 83,942,362 CELO. This is significantly higher than the 81,633,000 projected to be sent back in the initial version of CGP115.

Fund the Celo Public Goods Budget H1 2024
In the first 11 weeks, CeloPG successfully stewarded the creation, submission, and voting of 6 CeloPG proposals in three different categories. Five of the submitted proposals passed Celo Governance, for a total of 1,12M cUSD and 100K CELO. Below is an overview of the remaining budget per category.

Strategies Description Budget (overall) Budget (remaining)
Regional DAOs Budget for operating the Celo Regional DAOs that support growth and development in key geographic regions. 500,000 cUSD 44,150 cUSD
Celo Project Incubation Budget for incubating new and existing projects on Celo. 325,000 cUSD + 100,000 CELO 0 cUSD + 0 CELO
Celo Grants and Requests For Proposals Budget for running Celo-native grants and identifying and funding requests for proposals. 500,000 cUSD 157,000 cUSD
QF and RPGF Rounds Budget for running Celo Quadric Funding rounds and a Retrospective Public Goods initiative on Gitcoin Grants stack on Celo in Q2 2024. 125,000 cUSD + 500,000 CELO 125,000 cUSD + 500,000 CELO

Returned the surplus of 100,000 cUSD
At the program’s start, we realized that the submitted payload allowed an additional 100,000 cUSD to be claimed on top of the requeBudgetudget. The CeloPG stewards claimed and returned 100,000 cUSD to the Celo Community Treasury to ensure the payload matches the requested resources.

Current Program Status on April 24th
Two CeloPG programs have started their application phase: CeloRPGF0 and the Gitcoin Grants 20 Climate Round.

For CeloRPGF0, we partnered with EasyRPGF, Hypercerts, and the RetroPGF community to design the program, deploy the required technology, and kickstart the initiative. The application phase is live until April 30th.

For the GG20 Climate Round, we partnered with Climate Coordination Network, Climate Collective (who supported our initiative with a 10k cUSD contribution), and Gitcoin. GG20 is now live for donations!

Stats to date
CeloPG Registrations: 83
Climate Round Matching Applications (pre-review): 110
CeloRPGF Registrations (applications): 16

We aim to have 100 total CeloPG Registrations, at least 50 qualified Climate Round projects, and at least 50 qualified applications for CeloRPGF0.

At the end of each program, a wrap-up post with results and learnings will be shared on our Website and Mirror.

Celo Public Goods Platform and Communication

  • Created and grew the CeloPG channels Twitter (456 followers), LinkedIn (188 followers), and Mirror
  • Launched hub.celopg.eco to provide useful information and resources for CeloPG participants.
  • Designed and launched the celopg.eco website with information about the CeloPG Programs, events, projects, and announcements.
  • Created a database of over 200 projects on Celo, of which an initial batch of ~80 have already been added to the CeloPG Ecosystem page.

Upcoming programs

  • GG21 Celo Round: In June, the Gitcoin Grants stack will deploy on Celo, and we will run two (or more) Celo-native rounds to support Celo projects.
  • Potential: Retro Validator Rewards Program is a new program being proposed by LuukDAO and Jessan from cLabs to distribute retroactive Grants of up to 20,000 CELO to Validator Groups based on their past contributions to the well-being of the Celo Ecosystem. By rewarding past net-positive activity, the program hopes to increase these positive behaviors among Validation Groups that support the Celo Ecosystem.

Technology deployed on Celo
To successfully operate the CeloPG programs, we’ve collaborated with multiple teams to deploy infrastructure on Celo. Below is an overview of the tools that have already been deployed and are in development.

  • Ethereum Attestation Services: The Ethereum Attestation Service (EAS) is an infrastructure public good for making attestations on or off the blockchain about anything.
  • EasyRPGF: Open-source version of the RetroPGF tools used by Optimism.
  • Hypercerts Updated Version: Every hypercert is a public claim on a discrete piece of work and impact resulting from that work.
  • Gitcoin Grants Stack (WIP): Gitcoin Grants Stack is a protocol-enabled solution that enables any community to create, manage and grow a grants program quickly.
  • Karma GAP (WIP): A grantee accountability protocol.

Building the Regenerative digital economy
We’re confident that the CeloPG program is already improving coordination in the Celo ecosystem. With new supporting technologies being deployed in the coming weeks and with Celo’s transition to the OP stack, we are optimistic about the recognition and rewards that impactful builders will receive for their contributions to Celo and their impact on the world.

By creating the conditions that reward public, collaborative, and impactful actions - Celo is getting close to its vision of becoming a digital Regenerative economy. The future is bright.