- The ability of CELO to launch local currencies is a strength of the protocol and Mento.
- Done well (with supporting liquidity, dApps, wallets) it can grow the use of cStables and grow the Celo community.
- This post discusses various cStables for the community to consider, as well as some challenges with the cREAL launch.
- This post discusses cCOP - a Celo Colombian Peso with contributions from @juancamp1987 and many others.
- This post discusses cIND - a Celo Indian Rupee with contributions from @gvish and many others.
Ultimately, there are two bottlenecks:
Technical - Currently it requires 3+ governance proposals to issue a new cStable. @martinvol is working to simplify this and expects to be ready with the new technical approach by the end of May 2022.
Practical - @MilaRioja described this well to me recently:
- Exchanges - what local exchanges are signed up to support? What liquidity will they provide?
- Wallets - what local wallets will support the new cStable?
- dApps - what dApps?
- Is documentation available in the local language?
For the community to vote on a new cStable, it makes sense to consider whether all of the above points (and more that I’m missing) are all in place.
Rather than fix a schedule for which cStables we issue when (as I previously suggested), I think it’s more important that each local community take the lead in aligning the above points for their region, and then proposing a date by which these practical elements can be in place.
Some ideas from here
If you go to the cIND or cCOP proposals, clearly there are many people interested in making this happen. So, here are some ideas (and certainly this is not a complete list) on ways to take things forward:
- Work with cLabs/Foundation
- Colombia - @davidmriascos is ecosystem lead, and @MilaRioja is also trying to help coordinate to support cStable launches and other activities. If you can help out - worth reaching out to these two.
- India - I don’t believe there is a clabs/foundation representative.
- Submit an on-chain proposal to get funds to support a local working group that would launch a cStable.
- The idea here is to get funding allocated to a multi-sig and then use those funds to organise locally.
- I would recommend that any such proposal include clear plans around how the practical steps (listed above) would be addressed, as well as timelines and how funds would be spent.
- *Apply for grant funding to do the same as point *
- This is similar to the approach in #2 but probably quicker for amounts <$100k. Here, the idea is to apply to the foundation or ocelot or CCF2 (CCF1 is over and CCF2 is coming soon) for funding.
- Worth checking the grant guidelines of each body because supporting a local cStable launch may or may not be in line with their funding objectives.