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Update and rename cgp-template.md to cgp-0115.md #378

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189 changes: 189 additions & 0 deletions CGPs/cgp-0115.md
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---
cgp: '115'
title: 'Celo Governance Guidelines and Public Goods Funding Strategy H1 2024'
date-created: '2024-01-23'
author: 'Luuk Weber(@LuukDAO), Monty Bryant(@MontyMerlin), Roman Croessmann (@rcroessmann), Bogdan Dumitru(@bowd)'
status: 'DRAFT'
discussions-to: 'https://forum.celo.org/t/draft-celo-governance-guidelines-and-public-goods-funding-strategy-h1-2024/7200'
governance-proposal-id: 'tbd'
date-executed: 'tbd'
---

## Overview
The proposal sets a new standard for Celo Governance operations and Public Goods funding.

There are three sections of this proposal that together aim to accelerate Celo’s vision of creating a regenerative digital economy that creates conditions of prosperity for all.

**Establish the Celo Governance Guidelines v0.1**

This section describes the Celo Governance Guidelines V0.1. The Governance Guidelines separate the Celo Governance Proposals into different categories and standardize the process for the voting, execution, and resubmission of proposals. It also transforms the role of Celo Governance Proposal Editors to a more active role that ensures proposers correctly follow the Celo Governance Guidelines, referred to as the Governance Guardians, and elects the first batch of Guardians. Finally, it raises the deposit for submitting a proposal from 100 to 10,000 CELO.

Read the [detailed Celo Governance Guidelines document here](https://drive.google.com/file/d/1DS1bDozwtxmlCuZ0rv1hciYuK8EQj-3H/view?usp=sharing).

**Mento reserve: Return a combination of cUSD and CELO**

The section describes the process for utilizing a share of the 95M CELO to be returned to the Community Treasury to mint cUSD to the Celo Community Treasury and return the remaining CELO. The Mento Reserve will mint 10,000,000 cUSD in exchange for the equivalent value of CELO using the 30-day moving average price on January 22nd, 2024, using CoinGecko’s price feeds. The remaining 81,633,000 CELO will be sent to the Celo Community Treasury. This transfer will grant the Celo Community Treasury a significant amount of stablecoins for operations, increase the distribution of cUSD, and increase the stability of CELO, which the Mento reserve also benefits from.

Read the [detailed Return a combination of cUSD and CELO document here](https://drive.google.com/file/d/1LuImlFuEqPufInICwb01eNyz00masu1l/view?usp=sharing)

**Fund the Celo Public Goods Budget H1 2024**

The section describes the process of earmarking a budget of up to 1,600,000 cUSD and 700,000 CELO to fund Celo Public Goods in the first half of 2024 (H1) to streamline funding distribution to key Celo Public Goods, such as Celo Regional DAOs, Celo Project Incubation, and Celo Grants, run Celo-native Quadratic Funding (QF) and Retrospective Public Goods Funding (RPGF). It also establishes and elects the first Celo Public Goods Stewards that will administer these resources efficiently, enhance coordination, and support the growth of the Celo ecosystem.

Read the [detailed Fund the Celo Public Goods Budget H1 2024 document here](https://drive.google.com/file/d/14cGQfLpP8kZlQFG2B-OG67Un-w784XyI/view?usp=sharing)

This proposal directly results from the Governance Development Sprint ahead of CEL2, which started in October, and considers the information from the Existing Governance Tools and L2 Governance Framework and Celo Community Proposals and Treasury Allocation from Apr 2020 - Nov 2023. The initial direction was shared in the Forum in November and presented in Kuneco in December. The draft has been up on the forum for community input for about two weeks. Now, all changes have been merged, and the proposal is ready to move towards a vote.

We intend to present the proposal in the Governance Call on January 24th, 2024, and if no significant conflicts arise, submit it to Celo Governance the day after.

## Proposed Changes
The intent of the CGP is to:
1. transfer 81,633,000 CELO from the Mento Reserve to the Celo Governance contract (Community Fund)
- 41,633,000 CELO as part of the on-chain component of this CGP
- 40,000,000 CELO directly from Custody (will be executed by Mento Labs as soon as the proposal passes).
2. Mint 10,000,000 cUSD to the Celo Governance contract
3. Transfer curve LP tokens from the Governance contract to the Mento Reserve
4. Increase the minimum deposit required for CGP submission to 10,000 (from 100)
5. Increase allowances of the Public Goods Stewards Spender multisig on Celo Governance assets

```
[
{
"contract": "Reserve",
"address": "0x9380fA34Fd9e4Fd14c06305fd7B6199089eD4eb9",
"function": "addSpender",
"args": ["0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972"],
"value": "0"
},
{
"contract": "Reserve",
"address": "0x9380fA34Fd9e4Fd14c06305fd7B6199089eD4eb9",
"function": "setDailySpendingRatio",
"args": ["1000000000000000000000000"],
"value": "0"
},
{
"contract": "Reserve",
"address": "0x9380fA34Fd9e4Fd14c06305fd7B6199089eD4eb9",
"function": "addOtherReserveAddress",
"args": ["0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972"],
"value": "0"
},
{
"contract": "Reserve",
"address": "0x9380fA34Fd9e4Fd14c06305fd7B6199089eD4eb9",
"function": "transferGold",
"args": [
"0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972",
"41633000000000000000000000"
],
"value": "0"
},
{
"contract": "Reserve",
"address": "0x9380fA34Fd9e4Fd14c06305fd7B6199089eD4eb9",
"function": "removeOtherReserveAddress",
"args": ["0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972", "2"],
"value": "0"
},
{
"contract": "Reserve",
"address": "0x9380fA34Fd9e4Fd14c06305fd7B6199089eD4eb9",
"function": "setDailySpendingRatio",
"args": ["50000000000000000000000"],
"value": "0"
},
{
"contract": "Reserve",
"address": "0x9380fA34Fd9e4Fd14c06305fd7B6199089eD4eb9",
"function": "removeSpender",
"args": ["0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972"],
"value": "0"
},
{
"contract": "StableTokenV2",
"address": "0x765DE816845861e75A25fCA122bb6898B8B1282a",
"function": "setExchange",
"args": ["0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972"],
"value": "0"
},
{
"contract": "StableToken",
"address": "0x765DE816845861e75A25fCA122bb6898B8B1282a",
"function": "mint",
"args": [
"0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972",
"10000000000000000000000000"
],
"value": "0"
},
{
"contract": "StableTokenV2",
"address": "0x765DE816845861e75A25fCA122bb6898B8B1282a",
"function": "setExchange",
"args": ["0x0000000000000000000000000000000000000000"],
"value": "0"
},
{
"address": "0xf4cab10dC19695AaCe14b7A16d7705b600ad5F73",
"function": "transfer(address,uint256)",
"args": [
"0x87647780180B8f55980C7D3fFeFe08a9B29e9aE1",
"20001239154911011864219072"
],
"value": "0"
},
{
"contract": "Governance",
"address": "0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972",
"function": "setMinDeposit",
"args": ["10000000000000000000000"],
"value": "0"
},
{
"contract": "GoldToken",
"address": "0x471EcE3750Da237f93B8E339c536989b8978a438",
"function": "increaseAllowance",
"args": [
"0x71f433514957d00287A9d33Da759f1e0C1732381",
"700000000000000000000000"
],
"value": "0"
},
{
"contract": "StableToken",
"address": "0x765DE816845861e75A25fCA122bb6898B8B1282a",
"function": "increaseAllowance",
"args": [
"0x71f433514957d00287A9d33Da759f1e0C1732381",
"1700000000000000000000000"
],
"value": "0"
}
]
]
```

A detailed [breakdown of the involved transactions can be found here.](https://gist.github.com/bowd/8b42fb1e89ced96576973804c2c3ef1f#description)

## Verification
A [simulation of the transaction can be found here](https://gist.github.com/bowd/8b42fb1e89ced96576973804c2c3ef1f#file-simulation-results).


## Risks
- **Mento Reserve Risk:** Returning the CELO and minting an additional 10,000,000 cUSD will decrease the overall Reserve Ratio to approximately 1.90. This means each cStable would still be backed by nearly double the value. As long as the share of Stablecoin collateral equals or is larger than the outstanding amount of cStables, the new Reserve Ratio should not lead to significant additional risks for cStable users.
- **Budget Deficit Risk:** By adding a spending cap on certain categories, Celo might potentially miss out on funding valuable initiatives that weren’t proposed in time or exceed the available budget. This risk is reduced by weeks of conversations with the groups who were previously funded by the Celo Community Treasury to have reasonable indications of budget requirements.
- **Centralization Risk:** By establishing the Celo Public Goods Multisig, some centralization risk is created as a smaller group of individuals have custody over some Celo Community Treasury resources. These risks are reduced by having a diverse set of individuals with major skin in the game involved, providing monthly reports backed by on-chain data, allowing the Celo Community Treasury through Celo Governance to redeem its assets at any point, and committing to return any left-over resources by July 31st latest.

## Useful Links
* [Governance Development Sprint](https://forum.celo.org/t/celo-governance-development-sprint-ahead-of-cel2/6742)
* [Existing Governance Tools and L2 Governance Framework](https://forum.celo.org/t/existing-governance-tools-and-l2-governance-framework-comparison/6901)
* [Celo Community Proposals and Treasury Allocation from Apr 2020 - Nov 2023](https://forum.celo.org/t/celo-community-proposals-and-treasury-overview-apr-2020-nov-2023/6902)
* [Potential Celo Governance improvements](https://forum.celo.org/t/celo-governance-improvements-initial-outline/6903)
* [Celo Governance Guidelines](https://drive.google.com/file/d/1DS1bDozwtxmlCuZ0rv1hciYuK8EQj-3H/view?usp=sharing)
* [Return a combination of cUSD and CELO](https://drive.google.com/file/d/1LuImlFuEqPufInICwb01eNyz00masu1l/view?usp=sharing)
* [Fund the Celo Public Goods Budget H1 2024](https://drive.google.com/file/d/14cGQfLpP8kZlQFG2B-OG67Un-w784XyI/view?usp=sharing)
* [CGP 102: Mento Reserve Returning CELO](https://celo.stake.id/?#/proposal/102)
* [Simulation - Mento Reserve Returning cUSD and CELO](https://reserve.mento.org/)
* [Celo Reserve Website](https://reserve.mento.org/)
* [Potential Celo Governance improvements](https://reserve.mento.org/)
133 changes: 133 additions & 0 deletions CGPs/cgp-0115/mainnet.json
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[
{
"contract": "Reserve",
"address": "0x9380fA34Fd9e4Fd14c06305fd7B6199089eD4eb9",
"function": "addSpender",
"args": [
"0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972"
],
"value": "0"
},
{
"contract": "Reserve",
"address": "0x9380fA34Fd9e4Fd14c06305fd7B6199089eD4eb9",
"function": "setDailySpendingRatio",
"args": [
"1000000000000000000000000"
],
"value": "0"
},
{
"contract": "Reserve",
"address": "0x9380fA34Fd9e4Fd14c06305fd7B6199089eD4eb9",
"function": "addOtherReserveAddress",
"args": [
"0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972"
],
"value": "0"
},
{
"contract": "Reserve",
"address": "0x9380fA34Fd9e4Fd14c06305fd7B6199089eD4eb9",
"function": "transferGold",
"args": [
"0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972",
"41633000000000000000000000"
],
"value": "0"
},
{
"contract": "Reserve",
"address": "0x9380fA34Fd9e4Fd14c06305fd7B6199089eD4eb9",
"function": "removeOtherReserveAddress",
"args": [
"0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972",
"2"
],
"value": "0"
},
{
"contract": "Reserve",
"address": "0x9380fA34Fd9e4Fd14c06305fd7B6199089eD4eb9",
"function": "setDailySpendingRatio",
"args": [
"50000000000000000000000"
],
"value": "0"
},
{
"contract": "Reserve",
"address": "0x9380fA34Fd9e4Fd14c06305fd7B6199089eD4eb9",
"function": "removeSpender",
"args": [
"0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972"
],
"value": "0"
},
{
"contract": "StableTokenV2",
"address": "0x765DE816845861e75A25fCA122bb6898B8B1282a",
"function": "setExchange",
"args": [
"0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972"
],
"value": "0"
},
{
"contract": "StableToken",
"address": "0x765DE816845861e75A25fCA122bb6898B8B1282a",
"function": "mint",
"args": [
"0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972",
"10000000000000000000000000"
],
"value": "0"
},
{
"contract": "StableTokenV2",
"address": "0x765DE816845861e75A25fCA122bb6898B8B1282a",
"function": "setExchange",
"args": [
"0x0000000000000000000000000000000000000000"
],
"value": "0"
},
{
"address": "0xf4cab10dC19695AaCe14b7A16d7705b600ad5F73",
"function": "transfer(address,uint256)",
"args": [
"0x87647780180B8f55980C7D3fFeFe08a9B29e9aE1",
"20001239154911011864219072"
],
"value": "0"
},
{
"contract": "Governance",
"address": "0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972",
"function": "setMinDeposit",
"args": [
"10000000000000000000000"
],
"value": "0"
},
{
"contract": "GoldToken",
"address": "0x471EcE3750Da237f93B8E339c536989b8978a438",
"function": "increaseAllowance",
"args": [
"0x71f433514957d00287A9d33Da759f1e0C1732381",
"700000000000000000000000"
],
"value": "0"
},
{
"contract": "StableToken",
"address": "0x765DE816845861e75A25fCA122bb6898B8B1282a",
"function": "increaseAllowance",
"args": [
"0x71f433514957d00287A9d33Da759f1e0C1732381",
"1700000000000000000000000"
],
"value": "0"
}
]
34 changes: 17 additions & 17 deletions CGPs/cgp-template.md
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Expand Up @@ -9,45 +9,45 @@ governance-proposal-id: '001 - [if submitted]'
date-executed: '0000-00-00 - <date created on, in ISO 8601 (yyyy-mm-dd) format>'
---
<!-- Please view another completed proposal for reference on filling the above section. It is important the type is correct eg Number, String -->


## Overview

CGP - Celo Governance Proposal

Pick a four digit number subsequent to the latest PR raised and name your file.

### Status
- DRAFT = Feedback collection
- PROPOSED = The governance proposal was submitted to the network
- EXECUTED = The governance proposal was executed on the network
- EXPIRED = The governance proposal expired
- WITHDRAWN = The governance proposal is withdrawn before being submitted on the network

Describe the issue that motivates this CGP. It should indicate all parameters that are being changed and why doing so is important.

Explain what benefits the enhancement this change will bring. To the extent possible, enumerate use cases affected by this CGP.

Once the proposal is successfully proposed on chain, update this file so that the title number matches the proposal ID.

## Proposed Changes

Fill out the following template for each transaction in the proposal

1. Description of transaction 1
- Destination: A human readable description of the address and method being called
- Data: A human readable description of the transaction data
- Value: How much CELO is being sent, and why?

## Verification

An explanation of how voters can verify that this CGP does what it intends to do. Can be left as “TODO” until the proposal is made. Include things like CLI commands to run and pointers to code.

## Risks

Highlight any risks and concerns that may affect consensus, proof-of-stake, governance, protocol economics, the stability protocol, security, and privacy.

## Useful Links

* Optional section
* Links to related CIPs or other documents (eg. if this is a proposal to point to a new instance of a smart contract that was updated)