Governance proposal to freeze part of the CELO in the Reserve

Governance
1

Hi Everyone,

cLabs is planning to submit a governance proposal to freeze a part of the reserve CELO (previously called Celo Gold, cGLD) as a step toward activating the stability protocol. The purpose of the stability protocol is to enable a family of stable value assets, such as cUSD.

You may learn more about the details and background of this governance proposal on GitHub in the Celo Governance Proposal (CGP) folder here.

Anticipated timeline (updated on 2020/6/8):

  • June 11: cLabs plans to submit the proposal; CELO holders will have 24h to upvote.
  • June 12: If dequeued, approvers review the proposals.
  • June 13: If approved, CELO holders have 48h to vote YES, NO, or ABSTAIN. Given the proposed change, we expect the protocol will require ~11.4 million votes, but we would love to see 25 million votes for this proposal.
  • June 15: If the proposal passes, a part of reserve CELO will be frozen and programmatically become available to the reserve over time.

Following the execution of this proposal, another proposal to unfreeze the exchange smart contract will be submitted to allow users to transact with the Celo reserve.

If you have any comments or questions we suggest replying here (vs. reaching out on Discord, Telegram, or email) so as to keep the conversation asynchronous and inclusive.

We look forward to hearing your thoughts,

The cLabs team

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2

Because the initial reserve setup is taking longer than expected, the timeline has been pushed back by a week.

3

Hi everyone,

In recent weeks, we have seen several exchanges, including Bittrex, listing CELO. However, we would still like to see a 2nd qualified exchange, meaningful trade volume, and reasonable volatility before we are confident that the price oracles are able to properly drive the stability protocol. It’s unclear that when this will happen, so we plan to hold off submitting the governance proposal to set frozen reserve CELO for now. We will keep you updated!

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4

Hi everyone, we have updated the anticipated timeline above.

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5

Step 1 of 2 for this process has been launched as a proposal: https://twitter.com/CeloGov/status/1271192578315161600

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6

I realized I made a mistake and submitted the wrong JSON file for the proposal – I submitted the one from the previous proposal 3. Nothing would change if it gets executed (since it has already been executed). I’ve submitted a correct proposal 6. Sorry for the confusion. The timeline is expected to be pushed by one day.

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7

We’v aligned the GCP numbers with the Governance Proposal Id’s, you can see more about this proposal here:

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