Hi everyone!
We wanted to give an update on this proposal since it got accepted in August.
To begin, in August 2024, we added Celo Public Goods as a Glo Dollar funding recipient inside our dApp.
In October 2024 Mento swapped $1M USDC into USDGLO, using it as an underlying collateral for cUSD. With this $1M Glo Dollar, we kickstarted our Liquidity Flywheel for Celo Public Goods. As of March, we’ve been able to donate over $16.5k to Celo Public Goods, and projects within the Celo Ecosystem.
This has allowed us not only to redistribute Glo Dollar Foundation’s profit back into the Celo Ecosystem, it’s also supported us in driving liquidity and TVL campaigns for projects and their communities on Celo. Our goal is to both fund AND help scale the Celo ecosystem through our work.
In August, our market cap on Celo was $217K. Along with Mento’s $1M swap, we’ve actively scaled by another $440K. Today, Glo Dollar’s market cap on Celo stands at $1.65M.
With every $1M market cap increase on Celo above our total market cap of $3.5M across all chains, up to $35,000 a year will be added back into the Celo Ecosystem through our Celo Public Goods donations.
Our goal is to scale to over $10M in marketcap on Celo in the next year, generating up to ~$350,000 in donations we can redistribute back into the Celo ecosystem annually at no additional cost to the Celo foundation or ecosystem.
By continuing to work with the Celo Foundation, Celo Public Goods, and Celo Projects, we aim to scale our market cap, boost TVL, create deeper liquidity and drive sustainable funding back into the ecosystem. With Stablia we have also been running liquidity incentives with USDGLO/cUSD, also supporting Mento’s stablecoin.
Some of our next steps to scale Marketcap and TVL on Celo:
- Continue to expand our Liquidity Flywheel for Celo - we are now donating $3k/month to builders (up from $2k/month)
- Work with Stablia and others Celo based projects to grow deeper liquidity of USDGLO on Celo among other Mento issued stablecoins and Celo based project tokens
- Expand Glo Dollars use on DeFi lending platforms
- We are seeing growing traction with USDGLO on platforms such as PWN on
Optimism, and are in talks with the PWN team about bringing PWN to Celo
- We are seeing growing traction with USDGLO on platforms such as PWN on
- Collaborating with Celo Public Goods to drive more impact and value back into the ecosystem through grants
- Add Glo Dollar as a gas token on celo - we’d love your input on our temp check proposal
Looking forward to your feedback 