I am personally highly supportive of this. The biggest mistake Celo is making right now is not deploying funds more aggressively. Celo should be following the Polygon and Solana playbooks to jumpstart adoption. At this point the goal should be to find product-market fit so in my opinion investment should focus on dapp and user acquisition. However, some investment in research is necessary, due to Celo’s heavy reliance on Ethereum’s tech stack.
I worry that 3m CELO may be too small of an ask. However, I think that’s fine, because this first tranche can prove out the use case, and follow-on asks can get additional funding.
The only other bit to point out is that there are two ways to ensure the program is accountable. The first is to institute clear process, decision making, criteria, etc. early on. The second is to be completely transparent on an ongoing basis. I would strongly caution against the first approach (defined process) because it will significantly slow down efforts while negligibly improving the results. I would instead recommend defining high level guiding principles and then being completely transparent going forward with regular updates, community calls, etc. This will allow for the approach and decision making to adjust with regular feedback. Lido is following the second approach and it has been working out very well for them.
So stay nimble, deploy aggressively, and track outcomes. Good luck folks!