Celo Governance Call 16

Overview

This provides a summary of the Celo Governance Call 16, covering the main agenda items discussed during the call. The transcript highlights three key topics: contract release, reserve fund legislation rates, and liquidity incentives. Each topic will be discussed in separate sections below.

Contract Release - CGB50

Introduction

The contract release proposal, CGB50, was presented during the call. Martin, from the CLAPS Contracts team, provided an overview of the proposed changes.

Changes in Release 6

The changes in Release 6 focused on minor adjustments and improvements. Martin highlighted the following key changes:

  1. CIP8 Off-chain Storage Access: Previously, accessing off-chain storage required two network hops. With the update, application developers can store the CIP8 URL in the account smart contract, reducing the process to a single network hop.
  2. Locked Celo Contract Issue: There was an issue where a slasher could be a non-locked gold account, causing the locked Celo to be lost and unredeemable. The update ensures that the slasher has an open account with locked Celo, allowing them to receive the rewards.
  3. Library Version Number Removal: Unnecessary version number functions in library smart contracts were removed. This change required dependent contracts to update their bytecode to point to the new library version, without affecting any behaviors or APIs.

Proposal Timeline

The proposal was set to be released on Tuesday, with voting expected to occur in the following week.

Reserve Fund Legislation Rates

Introduction

The discussion shifted to the reserve fund and its purpose of backing Celo stable tokens. Various projects and protocols contribute a portion of their profits to the reserve fund as a gift.

Proposed Legislation Rates

The proposal suggested implementing fair legislation rates for the reserve fund. The rates would be based on the total balance of the reserve and the minimum threshold specified in the proposal. Gifts with less than 50k in liquidity would not be considered.

Collateralization Ratio

The proposal also introduced a new collateralization ratio, which determines the value of several tokens issued divided by the total reserve assets. The proposal mentioned that concerns or feedback from donors could be addressed on the forum.

Celo Real Liquidity Incentive - CVP49

Introduction

The third agenda item focused on the allocation of Celo from the community fund for liquidity incentives. The incentives aimed to encourage the use and adoption of Celo technologies.

Proposed Allocation

The specific amount for the allocation was left open for discussion during the call. The suggested range varied from 1 million to 5 billion US dollars. The risks associated with this proposal included potential liquidity drop-offs after the incentives ended.

Funding Diversification and Support

To mitigate the concentration of funds in a single multisig address, it was proposed to diversify the funding, possibly involving other sources such as the Celo Community Fund (CCF). The idea of allocating funds for supporting startups and offering dedicated support, including protocol economics expertise, was also suggested.

Regional Hubs and Forum Discussion

The idea of creating small hubs in different regions of Brazil, funded by the community fund, was mentioned. The proposal was open for further discussion on the forum to gather feedback and refine the details.

Conclusion

The governance call covered three main topics: contract release, reserve fund legislation rates, and liquidity incentives. The proposed changes in the contract release aimed to streamline processes and improve functionality. The reserve fund legislation rates were introduced to establish fair rates for contributions to the reserve. Lastly, the liquidity incentives discussed the allocation of Celo from the community fund to promote liquidity and adoption. The discussion included ideas of funding diversification, supporting startups, and creating regional hubs. Further discussions