Summary
A new proposal has been submitted on behalf of the Stabila Foundation to correct a technical oversight that unintentionally reduced the CELO spend allowance previously approved for the Stabila Multi-sig wallet.
BackgroundÂ
In May 2024, the Celo Community Fund approved 5 million CELO through CGP 132 to support the launch of the Stabila Foundation and its stablecoin adoption initiatives. Of this amount, 2,863,443.36 CELO has already been withdrawn.
What Went Wrong
On February 27, 2025, a new proposal (CGP 162) was passed, allocating 2 million CELO + 1 million cUSD to support Aave’s deployment on Celo. However, during the on-chain execution, the approve() function was used instead of increaseAllowance(). This mistake reset the CELO allowance for the Stabila Multi-sig, unintentionally removing the remaining 2,136,556.64 CELO from CGP 132.
Proposal Objective
This new proposal aims to restore the unwithdrawn 2,136,556.64 CELO, ensuring the allowance aligns with the original governance intent. Currently, CeloScan shows only 605,261.16 CELO available for withdrawal, reflecting the 2M CELO from CGP 162 minus the post-implementation withdrawals.
Why It’s Important
Restoring the CELO balance is essential for Stabila to continue executing its mission, including:
- The On-Chain FX campaign
- The Uniswap DAO co-incentive commitments
Learn More
To explore the full details and participate in the discussion, visit the Celo Forum.
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