Summary
The Celo community is proposing to deploy StakeDAO on the Celo Blockchain. This expansion to Celo will enable StakeDAO to broaden its reach into a new DeFi ecosystem with $3M of additional incentives for StakeDAO users.
Motivation
StakeDAO is building the multi-chain future of DeFi. The Celo ecosystem presents a strong partnership due to its global user base, native stablecoin assets, and EVM compatibility. Current multichain DeFi protocols on Celo include Sushi, 0x, Beefy and PoolTogether, which are joined by native protocols such as Moola Market, Ubeswap, and Mobius.
Specification
Our proposal is to support the StakeDAO community and expansion in a multi-chain world. Celo is a carbon negative mobile-first platform that makes financial dApps and crypto payments accessible to anyone with a mobile phone. Bringing StakeDAO to Celo means enabling millions of people to gain access to more DeFi tools, and helps further Celo’s goal of bringing prosperity to all.
Through the $100M DeFi for the People initiative, the Celo Foundation will provide $3M of incentives in CELO tokens to bring sustainable liquidity to StakeDAO. Stablecoins on Celo will be listed on StakeDAO to provide opportunities for SDT holders to earn trading fees. Additionally, we propose that the StakeDAO community also provides SDT tokens as incentives.
Celo features 2.6M addresses, up to 1.1M daily transactions, and has processed 102M total transactions. Current native stablecoins include cUSD, cEUR, and cREAL backed by the Celo Reserve. Additionally, Celo has been chosen by Kickstarter for its upcoming decentralized product (Kickstarter has successfully supported over 214,000 projects with over $6B in funding and 20M backers).
cLabs will work with the StakeDAO team to deploy all necessary smart contracts needed to start StakeDAO pools and provide any additional tooling necessary to manage incentives for the StakeDAO community, as well as work with third party vendors to perform smart contract audits. cLabs will also work to ensure that cross chain bridge options are available for swapping SDT tokens to and from Celo to networks where StakeDAO is present. Celo is EVM compatible and so the deployment is expected to be completed with little to no alterations to the smart contracts.
References
Celo homepage: https://celo.org/
DeFi for the People: https://www.defiforthepeople.org/
Documentation: docs.celo.org
Celo Whitepaper & Stability Protocol: https://celo.org/papers
Source code: https://github.com/celo-org
Metrics
110 individual validators organized in 68 validator groups staking 315M CELO. All validator nodes are community run. The Celo Foundation does not operate and has never operated any nodes on the network.
Over 2,300 participants from 135 countries in the Make Crypto Mobile hackathon, 2.5M addresses, ~500K daily transaction, and 102 million transactions
$541M reserve holdings: 3.3K BTC; 35.0K ETH; 15.4M Dai; 83.3K cMCO2
Community: Twitter (160K), Discord (16K)
For
- StakeDAO will add new users from the Celo community and enable millions of people to gain access to DeFi tools through their mobile phone.
- Promote Celo’s goal of bringing DeFi to everyday people by driving more liquidity into the Celo ecosystem thereby making DeFi more accessible.
Against
- Not enough interest in the StakeDAO community to deploy and maintain on Celo.
- Celo’s goal for making DeFi to people through mobile phones does not fit within StakeDAO’s goals.
