Update: CELO → USDm Swaps for Prezenti Season 2 Funding
As per the governance proposal Prezenti Season 2 Funding Request (Direct Grants), we have executed a series of swaps from CELO to USDm via Mento to operationalize the approved budget ($276,400).
Below is a detailed breakdown of all tranche conversions, including amounts, rates achieved, and transaction references for transparency.
Swap Execution Timeline
March 2, 2026
- Tranche 1: 200,000 CELO → 15,525.6831 USDm - TX
March 4, 2026
- Tranche 2: 200,000 CELO → 15,145.7574 USDm - TX
March 5, 2026
- Tranche 3: 200,000 CELO → 15,839.0869 USDm - TX
March 6, 2026
- Tranche 4: 200,000 CELO → 15,758.6683 USDm - TX
March 7, 2026
- Tranche 5: 200,000 CELO → 14,967.1045 USDm - TX
March 8, 2026
- Tranche 6: 200,000 CELO → 14,691.15 USDm - TX
March 9, 2026
- Tranche 7: 200,000 CELO → 14,542.655 USDm - TX
March 10, 2026
- Tranche 8: 200,000 CELO → 14,590.2423 USDm - TX
March 12, 2026
- Tranche 9: 200,000 CELO → 15,133.9079 USDm - TX
March 13, 2026
- Tranche 10: 200,000 CELO → 14,781.6191 USDm - TX
March 14, 2026
- Tranche 11: 200,000 CELO → 14,822.1615 USDm - TX
March 16, 2026
- Tranche 12: 200,000 CELO → 16,055.1308 USDm - TX
March 17, 2026
- Tranche 13: 200,000 CELO → 15,701.9561 USDm - TX
March 18, 2026
- Tranche 14: 200,000 CELO → 16,418.0779 USDm - TX
March 19, 2026
- Tranche 15: 200,000 CELO → 15,338.3142 USDm - TX
March 29, 2026
- Tranche 16: 200,000 CELO → 14,736.3287 USDm - TX
March 30, 2026
- Tranche 17: 230,000 CELO → 17,179.0997 USDm - TX
Summary
| Metric | Value |
|---|---|
| Total Tranches | 17 |
| Total CELO Swapped | 3,430,000 CELO |
| Total USDm from Swaps | 261,226.94 USDm |
| Average Rate | $0.07616 / CELO |
| Execution Period | March 2–30, 2026 |
Current MASTER Balance Reconciliation
We use a master safe from governance proposals as a gate to our segregated safes that are used for specific purposes. This is for operational cleanliness.
| Source | Amount (USD) |
|---|---|
| Season 2 swaps (above) | 261,226.94 |
| Terminated grants (prior seasons carryover) | ~19,983 |
| Current MASTER Balance | ~281,210 USDm |
The terminated grants funds from previous Prezenti seasons were used to bridge the delta between the requested funding amount and what was received from swaps. Any surplus remaining after Season 2 grant disbursements will be returned to the Community Fund.
Notes
- All swaps were executed via the Mento protocol to USDm.
- Execution was spread across 17 tranches over ~4 weeks to manage liquidity and minimize slippage.
- We built in multiple buffers for liquidity constraints and price volatility, and executed transfers across an extended timeframe. Despite these measures, we were unable to fully meet the proposal’s USD target due to adverse market conditions and a declining CELO price during the execution period.
- Terminated grant funds (~$20K) carried over from previous seasons were retained to supplement the Season 2 budget and partially offset the shortfall.
- All transactions are verifiable on-chain via the links above.
Closing
We share this report to maintain full transparency with the community on the use of allocated funds. Thank you to all contributors for supporting this process, and please feel free to raise any questions in this thread.