Receiver Entity: Celo Governance
Status: DRAFT
Title: Restore Remaining CELO Spend Allowance to Stabila Multi-sig
Author(s): @MichaelKwan
Type of Request: Funding
Funding Request: N/A
Summary
On behalf of Stabila Foundation, this proposal corrects the spending allowance for the Stabila Multi-sig (0x9C257bDC314dc516e673728D70F45444F6e22412) by restoring the remaining 2,136,556.64 CELO from the original 5M CELO allocation approved by the Celo Community Fund in May 2024 via CGP 132.
To date, 2,863,443.36 CELO have been withdrawn under that original authorization. However, the subsequent proposal, CGP 162, which approved an additional 2M CELO + 1M cUSD for Aave liquidity support, unintentionally overwrote the previous CELO allowance instead of layering on top of the unwithdrawn balance.
Reinstating the unwithdrawn 2,136,556.64 CELO brings the allowance back in line with the original governance intent.
Motivation
The 5M CELO approved in CGP 132 funded the launch of the Stabila Foundation and its mission of accelerating stablecoin adoption across Celo. As of February 2025, only 2,863,443.36 CELO had been withdrawn under that authorization.
On February 27, 2025, the community passed CGP 162, which approved an additional 2M CELO + 1M cUSD to support Aave’s deployment on Celo. However, the on-chain implementation of CGP 162 used approve() rather than increaseAllowance(), thereby resetting the CELO allowance for the Stabila Multi-sig to 2M CELO. This unintentionally removed the remaining ~2.14M CELO balance from CGP 132.
Correcting this allowance is essential to ensure alignment with governance intent and to enable Stabila to continue executing its mandate, including the On-Chain FX campaign and the Uniswap DAO co-incentive commitments.
Specification
This proposal restores the remaining 2,136,556.64 CELO from the original 5M CELO allocation approved under CGP 132 (Stabila Inception), which was unintentionally overwritten by CGP 162 (Aave Liquidity & Incentive Support).
Withdrawal history confirms that 2,863,443.36 CELO was withdrawn from the Community Fund before CGP 162 implementation, leaving 2,136,556.64 CELO unwithdrawn from the original authorization. Detailed transaction records can be found in the Filtered Celoscan View.
Currently, CeloScan’s GoldToken Read Proxy Contract shows 605,261.16 CELO remains available for withdrawal by the Stabila multisig. This reflects the 2M CELO approved under CGP 162, minus the 1,394,738.84 CELO already withdrawn after its implementation.
The GitHub implementation of CGP 162 confirms that the following approve() function was called:
{
"contract": "GoldToken",
"address": "0x471EcE3750Da237f93B8E339c536989b8978a438",
"function": "approve",
"args": [
"0x9C257bDC314dc516e673728D70F45444F6e22412",
"2000000000000000000000000"
],
"value": "0"
}
To correct this and restore the 2,136,556.64 CELO from CGP 132, this proposal will execute the following increaseAllowance() call:
{
"contract": "GoldToken",
"address": "0x471EcE3750Da237f93B8E339c536989b8978a438",
"function": "increaseAllowance",
"args": [
"0x9C257bDC314dc516e673728D70F45444F6e22412",
"2136556640000000000000000"
],
"value": "0"
}
This will fully reinstate the original 5M CELO authorization from CGP 132, bringing the Stabila multisig’s allowance back in line with community-approved intent.
Metrics and KPIs
N/A
Current Status
N/A
Timeline and Milestones
- Execution: Immediate restoration of allowance upon proposal passing
Detailed Budget
N/A
Payment Terms
N/A
Team
Stabila Multi-Sig: 0x9C257bDC314dc516e673728D70F45444F6e22412
The Stabila Foundation will manage fund allocation and oversight. At the time of this proposal, the multisig signers include all known Celo contributors:
- Kevin Tharayil: 0x605C6B7a97748cbd0DE9C8643cdc502AB1DfDEd2
- Productmatt: 0x1f5979355411dF24c5Ce21Df5bD9f2fff418c194
- Martin Volpe: 0x0159B8f51fA6eDEF721d6D87002587130CD8246c
- Michael Kwan: 0x78670759E39E955E55EFA52d6d4BECa86F40b498
Additional Support/Resources
N/A
Appendix:
| Transaction Date | CELO Withdrawal from Community Fund |
|---|---|
| 2025-03-17 (Post CGP 162) | 1,000,000.00 |
| 2025-03-17 (Post CGP 162) | 1.00 |
| 2025-03-06 (Post CGP 162) | 394,736.84 |
| 2025-03-06 (Post CGP 162) | 1.00 |
| 2025-01-15 | 354,098.36 |
| 2024-12-13 | 11,494.00 |
| 2024-12-02 | 266,667.00 |
| 2024-11-03 | 350,820.00 |
| 2024-10-25 | 53,571.00 |
| 2024-10-18 | 133,333.00 |
| 2024-09-25 | 212,532.00 |
| 2024-09-06 | 416,667.00 |
| 2024-08-23 | 328,260.00 |
| 2024-08-19 | 101,000.00 |
| 2024-08-09 | 555,000.00 |
| 2024-07-09 | 80,000.00 |
| 2024-07-03 | 1.00 |
| Total Withdrawal Pre-CGP 162 | 2,863,443.36 (2,136,556.64 Remaining from original 5M CELO) |
| Total Withdrawn Post CGP 162 (Aave) | 1,394,738.84 |
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