[GIP-13] Expansion of GoodDollar protocol on Celo blockchain

[Necir30]

Greetings from Turkey, we support and follow a very good project

[goodanna]

Hi @Noak Thanks for your support of the multichain vision.The foundation will be happy to release the full details (including specific amounts and KPIs) of the grant upon its finalization and signing, but yes, the Celo Foundation has offered GoodDollar Foundation a grant to support the protocol’s expansion to Celo. Assuming that this GIP-13 proposal is approved and accepted by the community, this is an overall review of the grant:

• The proposed grant is a 6-figure commitment that has as primary goals seeding G$ liquidity and a G$ purchase that will be used seed GoodDollar’s adoption on Celo.

• The breakdown of the grant is 80% directed towards a G$ purchase direct from the GoodReserve, with 20% designed to support operations associated with the expansion (development and marketing costs).

• The G$ purchased by the Celo Foundation is proposed to be divided across 3 proposed purposes: liquidity, community grants, and incentives (eg. invitation rewards). These funds (and their usage) will be controlled by a multisig, permissioned by a range of (yet to be nominated) of individuals and community members from across the GoodDollar & Celo communities. The purchases are tranched according to monthly G$ active users on Celo, and this committee will be responsible for determining how best to use the funds to meet the KPIs of active GoodDollar members on Celo.

• The core part of the collaboration agreement is focused adding hundreds of thousands of dollars to the Reserve, which benefits all G$ members.

• The GoodDollar Foundation’s technical team will perform the initial core dev work and launch, as its role as the core developer, and the operational portion of the grant will go to support those expenses.

• The Celo/G$ community committee will help to determine other development efforts and supporting teams.

• This collaboration is designed to finance liquidity provision and community programming for G$ on Celo as led by the community committee, so there will be infinite ways for community members to get involved to support the protocol’s expansion and adoption. The Celo Foundation has already been very active in supporting GoodDollar across a range of business development and marketing initiatives.

• Upon the approval of the GIP, finalization of the agreement & communications strategy - all details will be released!

• Sorry for all the edits! This formatting tool got me

[Faisal]

This is very pleasant to read. soon GoodDollar will be on other many chains making it more easy to access…

[AlphaMark]

I’m an anarchist, so anytime we can take our crazy Good Dollar to other Blockchains is a great thing. Celo is an established network with DeFi at it’s core. We wanna align with anyone that wants to disrupt traditional finance. Celo sounds great to me !!!

[Noak]

Thanks for the breakdown Anna. With this, I will be voting for this proposal. It will be a great opportunity and next step for the community.

[Meri_Fernandez]

Hello everybody!

You can vote this proposal here Snapshot

Vote open til 23 January, 12.50pm (GMT+1)

[Salva]

To me, this is key

> With shared mission alignment, we believe GoodDollar and Celo community members offer the GoodDollar protocol the best chance to thrive by accessing like-minded stakeholders the opportunity to contribute to the GoodDollar protocol and GoodDAO

There are many technical aspects i don’t fully understand, but this paragraph resumes to me why the expasion to Cello is a necessary step in order to grow.

I’ll vote yes.

[bolelang]

I support the proposal. When is the voting?

[Salva]

You can vote now!

https://snapshot.org/#/thegooddao.eth/proposal/0x002e49ede50edacede7c6e33ce5282a817b0f29e44b39eea4d968c846844057c

[sergeifocusnik]

Done!!! The more networks the better!!!

[CRYPTOKILLA]

This is very well thought out and certainly a great opportunity to get on board CELO blockchain and I support the proposal for the expansion

[DewayCR]

Congrat Great G$ on Celo

[Bilwiz]

any change that will bring good to our community

[goodanna]

Upon the passage of GIP-13, and upon finalization of the grant offer and signing, the Good Labs team is eager to share the terms of the Celo Foundation GoodDollar protocol expansion grant with the GoodDollar community.

The Celo Foundation has offered a 500,000 cUSD grant to expand the GoodDollar protocol and its ecosystem to the Celo blockchain. The grant is tranched according to milestones, where funding chunks are released (G$ are purchased from the Reserve and made available for use) as the number of GoodDollar monthly active users on Celo grows. This provides all members of the GoodDAO with a shared alignment for GoodDollar’s growth and success on Celo…

The grant is structured as follows:

• The Celo Foundation will purchase 400,000 cUSD purchase of GoodDollars (G$) direct from the GoodReserve, in support of the KPI of achieving 70,000 monthly active users on Celo.
  • The purpose of the Celo Foundation G$ purse is to seed adoption of G$ liquidity on Celo and support community initiatives that encourage GoodDollar adoption on Celo.
  • The suggested breakdown and usage of 400,000 cUSD of G$ are as follows:
    • 300,000 cUSD of G$ - G$ liquidity pools to support robust liquidity on Celo
      • Example usage of this fund would be determining a Celo-based liquidity strategy, including DEXes and other liquidity tools
    • 60,000 cUSD of G$ - community grants and initiatives; both technical and non-technical.
      • Example usages are to support projects and products (non-technical and technical!) that support G$ adoption on Celo, such as hosting local community education events, or building interfaces to support local use cases. Priority is to be given to support teams in key countries for GoodDollar community.
    • 40,000 cUSD of G$ - G$ incentives
      • Example usages of these G$ incentives are to support invite bonuses on Celo, and supporting integration and the go-to-market of G$ in other Celo-based dapps (DeFi, marketplaces, NFTs). Incentives will be disbursed through an application process.
  • The Celo Foundation funds will be managed by a committee composed of Celo Foundation members, GoodDollar community members, and a representative from the GoodLabs team. This committee will determine the process to operationalize the usage of the funds. There will be an open call to GoodDollar community members to apply to sit on this committee.
  • The breakdown and usage of the G$ purchase is subject to change per the committee, who will suggest iterations on how to best achieve the goal of 70K MAU on Celo. For example, funds currently marked for liquidity may be used instead for grants, subject to demand.
• The balance of 100,000 cUSD will be paid to Good Labs, the Cayman Islands Foundation Company that functions as the core advocate of the GoodDollar protocol, to support operational costs related to deploying GoodDollar on Celo. These funds will cover costs of technical work already completed (smart contract work, GoodDapp multi-chain claim, testing, audits, etc.), and upcoming advocacy and community initiatives. Good Labs is a Cayman Island Foundation company that has the mandate to promote and advocate for the adoption of GoodDollar protocol. Its activities are funded by corporate donations from eToro and the Celo Foundation.

The support of the Celo Foundation and GoodDollar protocol’s expansion to Celo represent a very exciting milestone for the GoodDollar protocol, the Celo Foundation, and our shared mission to unlock economic and human potential using G$. Thank you to the larger GoodDollar community for being all you are!

Onward and upward!

[Noak]

Thanks for this breakdown Anna! And it was good finally meeting you at ETH Denver.

As we talked about, I want to make my proposal public here that the purchase of G$ by the Celo Foundation should go towards increasing the reserve ratio back up to a healthier level. This would benefit both holders (more stable G$ value) and future claimers (increased longevity of the project).

The $500k purchase should NOT go towards increasing the price, IMHO. While increasing price is nice for HODLers short term… it’s like peeing in your pants. It gets nice and warm for a minute, but then quickly grows cold. A short term bump would lead to speculation and a potential dump by whales right after.

GoodDollar is all about future claimers, not about rewarding whales, so let’s use this fantastic one-time opportunity for good.

How to achieve this? It’s simple. At the same time as they make the purchase, we also do a one-time increase of the reserve ratio parameter at a commensurate rate, with the target of keeping the price unchanged. Keep both the specific time and date and the order of the two transactions a secret, so as to not incentivize speculators or flash bots profit from the temporary down/up-swing (or up/down-swing).

[goodanna]

@Noak Thanks for taking the time to write this up. Agreement on transparency and the eventual goals of the monetary policy.

The structure of the grant is ongoing purchases of G$ linked to KPIs (not a one-and-done moment). Thanks for raising the concern in this forum. I’ve shared this with the Celo Foundation to workshop a few options for how to execute the ongoing purchases in the fairest, most sustainable way.

I agree transparency around the purchases is to the benefit of the DAO; we will try to over-communicate re: the execution options.

[Life87]

It’s a good advocacy, experience a very different system of money