Hi everyone, sorry for the delay in my response! I’m happy to see so much discussion on the intended use of Granda Mento.
The callouts are correct that CIP-38 doesn’t seem to accurately reflect the intended use outlined by the summary of one of our initial discussions. This was an unintentional omission and was definitely an oversight on my side (likely due to the focus of the CIP being on the technical implementation & a number of months elapsing between initial discussions → launch), thanks everyone for bringing this to attention.
From this discussion it’s obvious that the intended use of Granda Mento isn’t clear & we need to make this more clear, especially following this discussion – otherwise, I doubt many people will feel too confident in using Granda Mento (which could be especially important if someone needs to first trade USD* → CELO).
Because many of the conversations around Granda Mento described it as a mechanism for USD* → CELO → cUSD conversions (like this thread), at the moment I think it’s most fair to the community and the approver signers to continue to think of that as the intended use.
While the initial discussions did call out plain CELO → cUSD exchanges as not intended for Granda Mento use, I still think it’s worth considering how future proposals like this one should be treated, because the cUSD from this proposal would directly benefit the Celo ecosystem. I’m perfectly happy if it’s decided that all genesis CELO → cXXX conversions aren’t desirable, but figure it’s worth coming to an explicit conclusion for the future.
So I’m suggesting that:
- For now we consider this exchange and the accompanying cEUR one as not approved.
- We come up with a public list of acceptable “types” of exchanges that will very likely be supported for Granda Mento use, and any additional criteria they must satisfy. We could start with USD* → CELO → cUSD exchanges that give proof of the USD* → CELO exchange, but we could even more clear with the expectations of these types of exchanges-- e.g. how recently / at what price should the CELO have been purchased? I think there are other cases that can help cXXX liquidity that would also not fit the fiat → CELO → cXXX requirement-- e.g. what if an entity with genesis CELO wants to use Granda Mento to purchase a newly supported cXXX coin for the purpose of lending to market makers, thus helping establish liquidity?
What do others think? If a list like this is desirable, how can we come up with this list so that it’s satisfactory for everyone?