Cgp 0232

CGPs/cgp-0232.md

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+---
+cgp: 232
+title: "Celo's Next Chapter: Opera Transition from Distribution Partner to Network Stakeholder"
+date-created: 2026-03-18
+author: "Pavel Hornak"
+status: DRAFT
+discussions-to: https://forum.celo.org/t/celos-next-chapter-opera-proposal-to-transition-from-distribution-partner-to-network-stakeholder/13124
+governance-proposal-id:
+date-executed:
+---
+
+## Overview
+
+This governance proposal transfers 160,000,000 CELO from the `CeloUnreleasedTreasury` contract to an Opera-controlled Safe, transitioning Opera from a distribution partner to a long-term network stakeholder. The transfer uses a temporary registry swap pattern (same as [CGP-0207](https://github.com/celo-org/governance/blob/main/CGPs/cgp-0207.md)).
+
+This proposal marks the first joint initiative from Celo Core Co. following the recent unification of cLabs and the Celo Foundation ([Celomorphosis](https://x.com/Celo/status/2013627730227519755)).
+
+## Motivation
+
+Opera has driven meaningful user adoption of Celo through MiniPay, the self-custodial stablecoin wallet that has surpassed 13M users across 66 geographies, with over 40 Mini Apps and real-world use cases. The partnership has produced all-time highs in network activity with 700K+ DAUs and 4.23M+ WAUs of USDT — more than any other chain.
+
+The current structure of recurring governance proposals limits long-term planning. This proposal shifts the partnership from a short-term, proposal-based funding model to a long-term, aligned partnership by:
+
+- Transitioning Opera from a distribution partner to a full network stakeholder and CELO holder
+- Replacing the quarterly proposal model with a one-time lump-sum transfer of 160M CELO
+- Removing recurring governance overhead while preserving the Community Fund
+- Capping Opera's governance voting power at 10% of total staked CELO (as reported by [mondo.celo.org](https://mondo.celo.org/)), with the exception of protocol emergencies
+
+Opera also brings access to hundreds of millions of users globally, including 60M Opera Mini users with access to points ready to potentially convert to cash redemption within MiniPay.
+
+## Specification
+
+This proposal requests a one-time transfer of 160,000,000 CELO from the unreleased treasury to an Opera-controlled Safe to support a three-year partnership.
+
+### Payment Terms
+
+| Milestone | CELO | $ Value at 30d-avg of $0.0771 |
+| --- | --- | --- |
+| Community Grants (2026 – Q3 2029) | 95,802,412.45 | $7,386,366 |
+| CELO Native Token Integration | 3,242,542.15 | $250,000 |
+| Ramp Infrastructure & Maintenance | 3,242,542.15 | $250,000 |
+| Expanded Asset Support and Forthcoming Product Launches | 10,700,389.11 | $650,000 |
+| Additional Growth Budget | 46,368,352.79 | $3,575,000 |
+| **TOTAL** | **159,356,238.65** | **$12,286,366** |
+
+The requested CELO will be transferred in a single transaction to an Opera-controlled Safe upon approval of the proposal.
+
+### Metrics
+
+Success will be evaluated across adoption, ecosystem growth, and engagement metrics including: MiniPay active user growth, Mini App launches and usage, transaction volume, onchain activity driven through Opera-integrated products, and geographic expansion across priority markets (LATAM, Southeast Asia, APAC, Sub-Saharan Africa).
+
+Quarterly reporting will continue as established:
+
+- [Season 2 Funding Request](https://forum.celo.org/t/sustaining-and-expanding-minipay-as-celo-s-global-stablecoin-distribution-layer/)
+- [Q4 2025](https://forum.celo.org/t/minipay-update-q4-2025/)
+- [Q3 2025](https://forum.celo.org/t/minipay-update-q3-2025/)
+- [Q2 2025](https://forum.celo.org/t/minipay-update-q2-2025/)
+- [Q1 2025](https://forum.celo.org/t/minipay-update-q1-2025)
+
+## Background — Technical Mechanism
+
+The `CeloUnreleasedTreasury` contract holds unreleased CELO tokens and exposes a `release(address to, uint256 amount)` function restricted to the `EpochManager` via the `onlyEpochManager` modifier. Since governance cannot directly call `release()`, a temporary registry swap is required to authorize the transfer.
+
+The contract's internal accounting (`remainingBalanceToRelease`) matches the actual balance (~287.7M CELO), so no storage correction is needed — the `release()` call will succeed as-is.
+
+This is the same registry swap pattern used in [CGP-0207](https://github.com/celo-org/governance/blob/main/CGPs/cgp-0207.md), with a different amount and recipient.
+
+### Current On-Chain State
+
+| Field                     | Value                                        |
+| ------------------------- | -------------------------------------------- |
+| Proxy address             | `0x7A8c7a833565fc428cdFBa20FE03fAfb178A434f` |
+| remainingBalanceToRelease | ~287,713,538 CELO                            |
+| Actual balance            | ~287,713,538 CELO                            |
+| EpochManager (registry)   | `0xF424B5e85B290b66aC20f8A9EAB75E25a526725E` |
+| Governance                | `0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972` |
+
+## Proposed Changes
+
+This proposal executes 3 transactions atomically:
+
+### Transaction 1: Temporarily set Governance as EpochManager
+
+- **Destination**: `Registry.setAddressFor`
+- **Data**: Sets `EpochManager` registry entry to the Governance contract (`0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972`)
+- **Value**: 0
+- **Effect**: Allows the Governance contract (executing this proposal) to pass the `onlyEpochManager` check
+
+### Transaction 2: Transfer 160,000,000 CELO
+
+- **Destination**: `CeloUnreleasedTreasury.release`
+- **Data**: Calls `release(0xF2eb5933F4585625157Fa8624a9AB91152aBD751, 160000000000000000000000000)`
+- **Value**: 0
+
+### Transaction 3: Restore EpochManager in Registry
+
+- **Destination**: `Registry.setAddressFor`
+- **Data**: Restores `EpochManager` to `0xF424B5e85B290b66aC20f8A9EAB75E25a526725E`
+- **Value**: 0
+
+### Json Script
+
+See [mainnet.json](cgp-0232/mainnet.json).
+
+## Verification
+
+Verify the proposal transactions:
+
+```bash
+celocli governance:show --proposalID <PROPOSAL_ID> --jsonTransactions cgp-0232-proposal.json --node https://forno.celo.org
+```
+
+Verify the EpochManager address is correctly restored after execution:
+
+```bash
+cast call 0x000000000000000000000000000000000000ce10 "getAddressForStringOrDie(string)(address)" "EpochManager" --rpc-url https://forno.celo.org
+# Should return 0xF424B5e85B290b66aC20f8A9EAB75E25a526725E
+```
+
+Verify the treasury accounting is consistent:
+
+```bash
+cast call 0x7A8c7a833565fc428cdFBa20FE03fAfb178A434f "getRemainingBalanceToRelease()(uint256)" --rpc-url https://forno.celo.org
+# Should be ~127.7M CELO (287.7M - 160M)
+```
+
+## Risks
+
+- **Registry swap window**: Between transactions 1 and 3, the Governance contract is registered as `EpochManager`. Any contract querying the registry for `EpochManager` during this window would get the Governance address. Since all transactions execute atomically within a single governance execution, there is no window for external exploitation.
+- **Balance sufficiency**: The treasury currently holds ~287.7M CELO with matching `remainingBalanceToRelease`. The 160M transfer is well within bounds.
+- **Post-execution accounting**: After execution, `remainingBalanceToRelease` will equal ~127.7M CELO. Future `release()` calls by EpochManager will continue to work correctly.
+- **Governance concentration**: Opera's CELO holdings could give significant governance weight. This is mitigated by the agreed cap of 10% of total staked CELO for governance voting, with the exception of protocol emergencies.
+
+## Useful Links
+
+- [Forum Discussion](https://forum.celo.org/t/celos-next-chapter-opera-proposal-to-transition-from-distribution-partner-to-network-stakeholder/13124)
+- [CeloUnreleasedTreasury Contract](https://github.com/celo-org/celo-monorepo/blob/master/packages/protocol/contracts-0.8/common/CeloUnreleasedTreasury.sol)

CGPs/cgp-0232/mainnet.json

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+[
+  {
+    "contract": "Registry",
+    "address": "0x000000000000000000000000000000000000ce10",
+    "function": "setAddressFor",
+    "args": ["EpochManager", "0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972"],
+    "value": "0",
+    "description": "Temporarily set Governance as EpochManager in Registry"
+  },
+  {
+    "contract": "CeloUnreleasedTreasury",
+    "address": "0x7A8c7a833565fc428cdFBa20FE03fAfb178A434f",
+    "function": "release",
+    "args": [
+      "0xF2eb5933F4585625157Fa8624a9AB91152aBD751",
+      "160000000000000000000000000"
+    ],
+    "value": "0",
+    "description": "Transfer 160,000,000 CELO to Opera Safe (0xF2eb5933F4585625157Fa8624a9AB91152aBD751)"
+  },
+  {
+    "contract": "Registry",
+    "address": "0x000000000000000000000000000000000000ce10",
+    "function": "setAddressFor",
+    "args": ["EpochManager", "0xF424B5e85B290b66aC20f8A9EAB75E25a526725E"],
+    "value": "0",
+    "description": "Restore EpochManager in Registry to original address"
+  }
+]