We will shortly be moving our funding request to formal governance after all your valuable feedback on our post Prezenti Q1 2023 Update and attending the February 2023 governance call.
The pull request to the main governance repository is still under review (governance/cgp-0072.md at main · prezenti/governance · GitHub), and the contents copied below may be subject to minor tweaks before the PR is merged. After the PR is accepted, the canonical proposal can be viewed under
cgp-0072.md from the CGP folder here: governance/CGPs at main · celo-org/governance · GitHub
Questions, clarification, always welcome. Presented in the governance call was the following:
CGP - Prezenti (Celo Community Fund) stewardship follow-on funding for 2023
After a successful governance proposal to initially fund the Prezenti grants program in 2022, we request follow-on funding from the Celo Community Fund to continue disbursing to projects in the Celo ecosystem for 2023.
Prezenti spent a considerable amount of effort streamlining our administrative processes for grant disbursement and have already spent all of the 800,000 CELO initial approved for this stewardship. Since officially opening our application form, in only three months we processed and reviewed 51 projects of which 18 were successful. Details of the accepted projects and spending reports are available in detail both on our website at https://prezenti.xyz and recent forum post : Prezenti Q1 2023 Update
Prezenti is now closed for any new applications (since January 2023). While most accepted grantees have not completed all of their work milestones and not received their full funding, we isolated all grant amounts (in cUSD) in our multi-sig at contract signing for each project in expectation of 100% completion to avoid any CELO:cUSD exchange rate fluctuations. We have also earmarked and set aside estimated future compensation for the three stewards for the the duration of our current stable of 18 approved grants. We are fully funded for our current grants.
Since closing for new applications, we’ve continued to have a lot of interest and questions about when Prezenti will be able to disburse grant funding again. Prezenti believe we have conducted our first tranche of Celo Community Fund funding fairly, in line with our original governance proposal, and the values of Celo as a movement. Additionally there is good alignment with Prezenti’s role and a wider effort in the Celo community to progressively decentralize the ecosystem in general.
We wish to leverage both the community goodwill to date and the effort spent operationalizing Prezenti and request another 1,600,000 CELO to continue funding grants.
Topic Link Introductory forum post prosing funding for Prezenti in 2022 Reopening of the Celo Community Fund CGP: Reopening of the Celo Community Fund (CGP-54) governance/cgp-0054.md at main · celo-org/governance · GitHub Stake.id governance dashboard Celo Governance by Staking Fund Celo forum thread outling spending and transparency reporting for 2022 Prezenti Q1 2023 Update Website for the Prezenti entity, transparency, and application process https://prezenti.xyz Report on 2022 grant recipients Prezenti Grants - Recipients and Updates Legal Documents https://docs.prezenti.xyz/
Prezenti Multi-Sig 1
Target of the governance approval is our existing 2/3 multi-sig: 0xda2069f47D252121c2288301D6EF50B87220A693
Signer Signing Address Aaron Boyd 0x9Ea6dcaaD917ebc9ed15c35b85FF2d486CB2F242 Maya Richardson-Brown 0x208D1CCc4877366216F3c0aBc22F3008ed12A926 Wade Abel 0x64ca92619d8263518Cc14B1B698312f36e249095
Prezenti Multi-Sig 2
Secondary multi-sig used for disbursement to grant projects (2/3 signatures): 0x2DE97fafc45bC2aB0A08a1d78069674A18810DCf
Signer Signing Address Aaron Boyd 0xd07B6140a682D367A38eA4B2f3b3460acEecDdb1 Maya Richardson-Brown 0xAC15963065Cd50b25B9eA0eA579f286942A2Af14 Wade Abel 0x8caB03C38c8be5d76404D647a5C45aE53A027341
Internal address for swaps
Supplentary EOA for on-chain swaps between CELO and cUSD: 0x8E3C938C5f84F5eCb8355Dc58C0916Ad2610Dbae. Never used for standing balances, only utility. This address is controlled by Wade Abel (@ThePassiveTrust) using a personal hardware wallet.
The stewards of Prezenti will not change. The current stewards are:
- Aaron Boyd
- Maya Richardson-Brown
- Wade Abel
Their role is to:
- Conduct community outreach to get projects built on Celo.
- Assess applicants and their projects based on their mission, technical ability, merit, and integrity.
- Support applicants throughout the application process.
- Collaborate to decide if a project’s grant is successful.
- Support applicants throughout the grant cycle as required, and as able.
- Commit to increased transparency and dialogue with the community.
Grant applicants will complete the application form at https://prezenti.xyz and the stewards will vet the projects to the best of their abilities either by themselves or, if needed, getting feedback from appropriate subject matter experts.
The stewards will publish public information about approved applications and declined applications can expect to receive private feedback and details will not be published.
If an applicant feels that they were unfairly denied funding from the CCF’s budget, then the conflict resolution process would be for them to submit a spend proposal via CGP for all CELO owners to vote on.
Focus Areas for Grants
In our original proposal we listed four categories of projects the stewardship was interested in seeing more of in the community. Those areas were:
- Community tools
While this list gave a starting point for applicants, in the end we saw a much wider scope of applications. The stewards ultimately evaluated each project on its’ merits regardless of it’s fit into any category.
Here’s the style of evaluation criteria the stewards will be considering:
- Does the team understand the problem space?
- Is the team capable of delivery?
- Does the project proposal support or promote the values of Celo?
- Is the overall project proposal clear?
- Are the milestones defined by the applicant specific, measurable, achievable, relevant, and time-bound?
- Is the amount of funding requested reasonable?
When an application is unsuccessful we aim to give some limited feedback addressing some of the concerns above.
- Our compensation for the first round of Prezenti’s funding was $134/hr per steward, and we are not proposing any changes for 2023.
- Stewards are working part-time on Prezenti and expect to work approximately 5 hours each, per week.
- Prezenti may utilise some minor expenses for relevant in-person events in the Celo ecosystem (for example, @aaronmboyd was a panelist at the Celo Salon during EthCC in Paris)
Risks & Feedback
- One question that was raised in our forum update for Q1 2023 was whether the current Celo Community Fund is well capitalized enough to support further grant disbursements for Prezenti or others. The remaining pool in the Celo Community Fund is difficult to model, and Wade has kindly created a status page at https://www.celocommunityfund.xyz/. This page includes both approved and draft proposals, and with this in mind we are well capitalized enough for this request (even with all of the regional DAOs coming through the governance pipeline)
- Another piece of feedback from the forum was that there is little available to know whether any given grant recipient has actually improved the ecosystem or not. For this we are committed to not only fiscal transparency for our own disbursements, but continuing to promote and raise the profile of those projects in the Celo forum and on social media.
Legal & Partners
- Prezenti Inc. is registered in Ontario, Canada (Ontario Corporation Number: 1000315055)
- Successful applicants have a signed agreement between the Prezenti entity digitally signed with PandaDoc
- We are continuing to explore how to delegate some of our internal accounting and grant disbursement via Questbook
- All successful applicants must pass a KYC check with our identity provider TrustID
- Updates in Celo Signal: We will add Celo signal to our communications channels to increase reach. This will include notable grantee achievements, additional grants and other information. As suggested by Eric - Celo Foundation - Governance call 26