[FINAL] Proposal for Funding Stabila: Driving Stablecoin Adoption on Celo

Hello, here to confirm that this is my address: 0x978727D0b401B66Cf3891AaF9a40826765469bA2

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Only caught this proposal recently. I guess it’s already voting and will go ahead, and the activities seem reasonable (although a little too broadly defined for my preference).

My larger question is…

This proposal appears to be performing tasks that up until now were chiefly funded, planned, and managed by the Celo Foundation: promotion of the cStables ecosystem, partner and regional outreach, and so on. Additionally given the make up of the team, it just feels like a Foundation top-up payment. Is a new foundation really needed here?

Maybe I don’t understand what Mento do - but isn’t this proposal sort of crossing over with their management and development of stable assets on Celo? Shouldn’t they be operating this proposal?

If the Foundation is actively delegating out functions it used to perform, it would be good for the community to somewhat have a roadmap here of what functions it wants to be responsible for now and into the future. In fact, it might even incentivise community members to step up and take on more responsibility by creating a specific function or company of their own that can help with a particular aspect.

Finally, @juancamp1987 @juanjgiraldoc 's post gives me pause. Knowledge sharing and active collaboration has been a bit of an issue in the past in the ecosystem overall, and what he wrote makes me feel there’s been very little circulation with those actively working on cStable development. Again, feeding into my feeling this a Foundation budgetary proposal rather than a brand new concept.

We’ve given tighter scrutiny in the past to smaller proposals than this, and although @Kevin and the other signers are proven contributors to the protocol (and not taking compensation), I guess I would like to see a little more big picture context here.

Overall, proposal seems well intentioned though.

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This a foundation budgetary proposal rather than a brand new concept.

Agreed. I don’t really see any breakdown of the budget or a detailed plan. The 5M Celo requested is huge.

We’ve given tighter scrutiny in the past to smaller proposals than this

In comparison, cLabs had requested for far less (or say equal for the same period of 1 year), had a super detailed plan and breakdown, are constantly under heavy pressure and scrutiny yet they are bringing insane value to the table with the CEL2 migration.

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I would like to see a broader definition of ‘stable’ coins to include tokens/Vouchers redeemable for products with a stable value in national currency - we could go much farther than this as well in understanding what stability means. Creating liquidity between networks of such stable digital assets would call for #CommitmentPooling (not the same old uniswap pools).

And yes I would love to understand where cLabs / Mento stand on all this.

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confirming my address 0x1f5979355411dF24c5Ce21Df5bD9f2fff418c194

Does conversation stop as soon as a proposal is in-flight and presumably passing? =(

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Hi Aaron, To clarify, the work Stabila aims to do is broader than just focused on Mento which has been doing tremendous work with cStables and is emerging as a key player for enabling local currency stablecoins around the world.

We are seeing other stable assets launching on Celo thanks to the features Celo offers (eg gas abstraction), available distribution channel, and the markets we are strong in.

Also with the stablecoin category itself maturing with more yield bearing options, regulated stables, vouchers (per Will’s comment above) etc. – we see moving fast in this space is important and this is where Stabila, as a new community organisation dedicated to just stablecoin adoption, can go far beyond what Celo Foundation has been able to support given the broader mandate, of course partnering with the ecosystem and existing organizations like Celo Foundation and Mento Labs etc.

Overall, increasing the usage, demand, availability of all kinds of stable assets is what Stabila (if the proposal passes) wants to focus on to make Celo top platform and home for stablecoins.

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Congrats about the approved proposal :raised_hands:

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