| cgp | title | date-created | author | status | discussions-to | governance-proposal-id | date-executed |
|---|---|---|---|---|---|---|---|
47 |
Providing dust for people who bridging asset and provide liquidity |
2021-11-11 |
Alberto Martin |
DRAFT |
To encourage usage of the Celo Protocol and Ecosystem as well as facilitate transactions from Ethereum, proposing an allocation of CELO from the Community Fund for dust. Specifically, users who are providing liquidity into Celo by bridging assets from Ethereum chains. This users will get dust in the form of an airdrop for transactions >$50. Given the high cost of gas fees required for bridging from Ethereum, many platforms like Avalanche have provided an airdrop that effectively subsidizes asset bridging.
The actual airdrop amount should be determined and voted on by the community. In general though, it doesn’t seem like the airdrop amount should be higher than ETH gas fees for security reasons to prevent potential DDOS attacks.
Below is a potential framework to think about the total cost:
- Currently there are ~2-3 transactions per hour >$50. Assuming 8,760 hours in a year, that would be 17,520 to 26,280 bridge transactions per year. If each transaction receives an airdrop of, for example, $10, the cost of maintaining airdrops for 1 year would be $175,200 to $262,800 worth of CELO per year.
After the governance call on 1/20, the community suggested to make changes in the amount and ask. Those are now reflected below.
Dust Amount: 0.1 CELO Elegibility: >$50 Transactions
The ask is for 100,000 CELO to be allocated to this program. This will provide 0.1 CELO for users who bridge their assets into the Celo ecosystem.
celocli governance:show --proposalID PROPOSALID
In the event there are too many incomning funds, we might ran out of funds before the end of the year.