Welcome to the Celo Governance Call 14, hosted by Yaz. In this call, we will discuss an exciting proposal presented by Alberto and Alex. The main agenda item for today is CGP 47, which involves airdrop funding for bridging Ethereum to Celo through Optics. Before we delve into the proposal, there are a few other proposals currently being submitted, including the approval stage for Mento and an upcoming Sell-Era Real proposal.
Let’s start by discussing the Grand Mento proposals. These proposals aim to address the interest from market makers and users who want to use Mento but are hesitant to go first. By utilizing Granumento, we can avoid excessive use of liquidity buckets and reduce slippage for other Celo users. The proposals include providing grants in CUSD and CEUR, as many recipients have expenses denominated in dollars or euros. This helps grant recipients cover their expenses as they work toward fulfilling grant milestones.
CGP 47 focuses on airdrop funding for bridging assets from Ethereum to Celo through Optics. Currently, when users bridge assets from one chain to another, they often face challenges in covering gas fees. This proposal aims to address this issue by providing users with an airdrop upon entering the Celo network. Instead of having to purchase native tokens to cover transaction costs, users will receive tokens that can be used to transact on Celo. The goal is to improve the user experience and eliminate the need for additional purchases to cover transaction fees.
The proposal suggests providing a subsidy of around $10 to users upon bridging assets to Celo. This subsidy is not intended to cover the full cost of bridging, but rather to allow users to transact for a certain period without the need for additional tokens. The amount allocated for this program is estimated based on expected grant budgets over the next two to three months, taking into account milestone payments and other factors. The proposal also considers the potential increase in demand and transaction volume over time, which may require adjustments to the subsidy amount.
To implement this proposal, a multi-signature (multi-sig) structure will be used, allowing funds to be approved for spending without immediately transferring them. This approach ensures transparency and accountability. However, as the number of proposals and fund allocations increases, it may be necessary to develop better tools for tracking and managing approved funds. Additionally, there is a suggestion to create a tool that assembles on-chain data to provide more visibility into approved and remaining funds.
The airdrop funding proposal for bridging Ethereum to Celo through Optics offers an opportunity to improve the user experience and attract more users from other ecosystems. By providing users with a subsidy upon entering Celo, the need to acquire additional tokens for transactions is eliminated. The proposal considers the allocation of funds, potential increases in demand, and the importance of transparency in tracking approved funds. Further development of tools and auditing processes will enhance the effectiveness of governance proposals and fund management.