Welcome to the Celo Governance Call 15. In this call, we will discuss several action items and topics related to Celo governance. Let’s dive into the agenda for today’s call.
Alberto provides an update on CGP 47, specifically regarding the allocation amount. Currently, when bridging from another chain to Celo, users face challenges in obtaining Celo tokens for transaction purposes. The proposal suggests providing users with a small amount of Celo (referred to as “dust”) to improve the user experience. The amount of dust to be allocated is up for discussion, with suggestions ranging from 1 Celo to 0.1 Celo. The proposal also considers setting a minimum amount of dust to prevent abuse.
Based on previous discussions, it was proposed to allocate 27,000 Celo from the Seller Community Fund to support CGP 47. However, community members suggest increasing the allocation to 100,000 Celo to provide stronger incentives for bridging. Another suggestion is to decrease the airdrop per address to 0.5 Celo to accommodate more users.
During the call, community members provide feedback and suggestions. Victor from Bicycles suggests being more generous with the allocation, considering the high cost of bridging. The feedback indicates that the proposed allocation may not be sufficient to incentivize users effectively. Alberto seeks clarification on the suggestions, whether to increase the allocation or make more aggressive assumptions regarding bridging amounts. The community proposes considering both options—increasing the allocation and lowering the dust amount—to strike a balance.
A tweet by the Celo Org Twitter account mentions a commitment to allocate 40% of the Seller Reserve to nature-backed assets. The community discusses the idea of tokenizing carbon credits and invites everyone to explore tokenized carbon credits as a potential asset class. It is suggested to have a quantified liquidity metric to determine contributions to the reserve. The Celo ecosystem is rapidly expanding, and as more regenerative assets emerge, clear criteria and analysis will be essential for evaluating and collateralizing these assets.
The community emphasizes the need to decentralize the oracle, considering it a crucial step. However, it is acknowledged that finding a product that meets the required standards is challenging. The discussion touches upon the progress and difficulties of decentralizing the oracle and highlights the importance of achieving decentralization in the future.
Ronan raises a question about the three-of-nine multi-signature (multisig) process for approving CGPs. The discussion revolves around improving the approval stage and resolving any issues in the governance process. The idea of scoping out the issue together and involving relevant team members for further discussion is proposed.
In this governance call, updates were provided on CGP 47, including the allocation amount and the proposal for bridging improvements. Community feedback was collected, with suggestions to increase the allocation and adjust the dust amount. The importance of quantifying liquidity for nature-backed assets and the need to decentralize the oracle were discussed. Additionally, the topic of improving the approval process for CGPs was addressed. Further analysis and discussions will take place to refine proposals and move them forward for a vote in the Celo protocol.