With the listing of the CELO-EURO pair on Bittrex Global, I am excited to announce the governance proposal to activate cEUR on the Celo Platform. The Euro is used by more than 300 million people every day and is the second most widely used currency in the world. The second native stablecoin, cEUR, brings the ability to store and send value in units that are easily understood by everyone who transacts with Euros.
cEUR, along with cUSD, will help provide communities access to two important stablecoins. Both are supported by the Celo Reserve, a diverse basket of crypto-assets. Along with CELO, the global community will have access to several assets to engage in providing prosperity for all.
cEUR is already deployed to the network, but transfers are frozen. The governance proposal CGP-24 will unfreeze transfers and activate cEUR.
The anticipated timeline for when it goes live will be the following:
Wednesday April 7th, 2021: the Celo Oracle deployments will be updated in Alfajores, Baklava and then Mainnet to incorporate Bittrex’s new listing into the on-chain price feed.
Tuesday April 13th, 2021: will be the date that cLabs submits the governance proposal to the network. It will have a new proposal ID and instructions on how to vote can be found below in this post. This is the Proposal stage of the governance process.
Wednesday April 14th, 2021: the proposal will move from Proposal stage to Approval Stage.
Thursday April 15th, 2021: the Referendum stage will begin, provided 3 out of 9 of the Approvers approve the proposal. By then, you are empowered to vote for this proposal. The Referendum stage lasts for 7 days, followed by the execution stage.
Thursday April 22nd, 2021: Earth Day and the second day of the Kuneco conference, will be the date of the activation.
CGP-24 will have the following features as can be seen here.
- Unfreezing StableTokenEUR
- Unfreezing ExchangeEUR
- Enabling ExchangeEUR to withdraw from the reserve
- Adding StableTokenEUR to the reserve
- Enabling cEUR as a gas currency to pay for transaction fees
To learn more about the governance process, find additional information here.
cLabs Platform Economics Team