CGP-49 can be found here.
We are very excited in Brazil with the cReal. “Early adopters” include:
This means there are six different cash in and cash out options in the local market, most of them integrated with the local banking system and with PIX (a mobile payment system by the Central Bank). NovaDax will be also allowing for a crypto debit card, which is a first for the Celo community globally.
In this scenario, allowing for incentives seems to be an appropriate measure to further enhance benefits. These incentives will bootstrap liquidity to start the flywheel and gather momentum for demand, holding, and liquidity of cREAL, thereby supporting utility for real world use-cases including
- Buying goods with wallets integrated with POS/Banking system and paying bills
- Using cReal in prepaid cards
An allocation of CELO from the Community Fund could support incentives in the following way:
- Liquidity incentives in CELO for users depositing cREAL into liquidity pools and protocols such as Ubeswap, Symmetric, Mobius, Sushi, and Moola Market.
- Cashback rewards and other promotions
The actual amount of CELO rewards should be determined and voted on by the community, as well as how to best use this allocation to increase cREAL liquidity.
we are enabling Brazilian freelancers, to sell online gigs such as language- or music lessons into Europe and US. Those freelancers currently sell via web2 platforms Fiverr and Preply, using PayPal as the mean of receiving their international payments.
Value-transfer & off-ramping via PayPal, which is officially integrated with the above platforms, costs Brazilian freelancers >6% per transaction: that is, where Celo can compete strongly.
Our off-ramping partner is Alpha Fortress (funded by Flori Ventures). They answered this week with below statement my question:
By when would you accept a.) cUSD/ cEUR and b.) the cREAL in Brazil?
We are able to offer cUSD/cEUR for REAL conversions.
We haven’t found liquidity pools for cREAL so that’s why we haven’t listed it as a source currency, once we nail down the process for conversion from cREAL we will make it live via our API
We have already integrated cREAL and would strongly support CGP-49: cREAL Liquidity Incentives. Not only local off-ramping partners such as Alpha Fortress but also on-chain solutions such as “celocli exchange” would hopefully benefit from incentivized cREAL liquidity to kick-off critical eco-system services.
Thanks for pushing this important topic, @MilaRioja!
Thanks @MilaRioja , this is great.
I’m also launching Celo Pay on Trelis.com and we will soon support cREAL (in Portugeuse too) allowing merchants to easily create payment links to get paid in cREAL. (Hopefully by early March).
One high return use of incentives that I see is to provide new wallets with dust (a small amount of CELO to pay for gas fees). This is a low cost way to reduce user friction.
I very much support the idea of “adding dust”.