Governance proposal to set frozen Reserve cGLD

Hi Everyone,

cLabs is planning to submit a governance proposal to freeze a part of the reserve 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.

As of 5/29, this proposal is temporarily held off and there is an explanation below.

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

Hi everyone,

In recent weeks, we have seen several exchanges, including Bittrex, listing cGLD. 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 cGLD for now. We will keep you updated!

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