Restore Remaining CELO Spend Allowance to Stabila Multi-sig

Governance Governance Proposals
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unintentionally overwrote the previous CELO allowance instead of layering on top of the unwithdrawn balance.

Sounds like an accidental activation of checks and balances.

I’ve been hesitant about establishing Stabila from the beginning (as noted in my comment on the initial forum post), and after reviewing the latest progress report (Stabila Foundation: Progress Report) as well as the “Proven Track Record” (Stabila Funding Request: Aave Liquidity & Incentives) post in the Aave liquidity thread, I decided to dig a bit deeper into the stated achievements.

Findings:

  1. The Celo Uniswap v3 vaults are no longer live on Merkl (Explore opportunities). In fact, they’re listed as “past opportunities.” This is concerning given the $426,431 reportedly spent on Merkl campaigns. It’s unclear why these efforts were discontinued.
  2. The most utilized vault on SteerProtocol (USDT/cUSD) currently has a TVL of just $23. The remaining vaults on Celo under Steer have even less activity.
  3. The cUSD/USDT vault on ICHI does show some traction with around $95K in TVL, this appears to be one of the few bright spots.
  4. Tether x Valora Campaign: The campaign was geo-locked to Vietnam, South Africa, and Brazil. If this campaign was funded through Stabila, it raises the question: why was it geo-locked? This limits its effectiveness in broader Celo adoption.
  5. Trust Wallet Campaign: This appears to be one of the better initiatives. However, I noticed that the rewards were distributed via Merkl. Not sure why.

Also, it remains difficult to isolate and attribute success solely to Stabila initiatives. Several other well established protocols like Mento have run parallel or overlapping stablecoin adoption campaigns, making attribution challenging without clear, independently verifiable metrics. In the few cases where data is transparent and traceable, the adoption metrics and outcomes do not appear to support the scale of investment or the narrative presented in the reports and claims.

This isn’t intended as an attack, but rather a call for accountability, transparency, and better metrics. I would welcome a response that helps clarify or even correct my analysis. As someone who supports the growth of Celo, especially in South Africa, I had hoped for more impressive outcomes from this initiative.