Meeting: Celo Wallet and (d)App Council #12 [June] 💬

[arthurgousset]

Monthly Celo Wallet and (d)App Council

📆 Quick links

• When: Wednesday, June 22 (9am PDT/6pm CEST)
• Where: Google Meet
• Agenda: comments👇
• Previous: Meeting: Celo Wallet and (d)App Council #11 [May] 💬 #9524
• Recording: Google Drive

🤷‍♂️ What is this?

A monthly meeting for Celo developers, founders, product people (anyone really!) to come together and

• find consensus (coordinate),
• learn about needs, pain points, and desires
• present and collect technical feedback

🗒️ Agenda

• Comment with a short sentence describing what you'd like to discuss
• Don't worry, it can be small or big!
• Every builder is welcome (and we are very easy going, I promise 😄)
• Upvote topics you're interested in

Housekeeping

You can safely ignore this!

• Send update calendar invite with Github link
• Encourage additions to the agenda
• Publicise on forum and Discord
• Appoint secretary (to take notes in Github comment section ✍️)
• RECORD meeting 🎥

[aaronmgdr]

react-celo 4.0.1 Beta is out.

[arthurgousset]

Meeting notes:

• small css fix and hiding default wallets
• decided not to rush a 4.1.0 update to give it time to be stable (will probably happen next month)

@jeanregisser:

• Question: what's the plan for popular dapps to integrate react-celo? Is anyone chasing them?

@aaronmgdr:

• Loosely me

Eric:

• Dylon and Kyle found that the default provider is making the experience too slow.

[aaronmgdr]

my discord aaron | clabs #8858

[ole-nov]

Call for action: protecting end-users from high slippage when transacting with Mento
https://www.notion.so/clabsco/Proposal-Mento-Consumer-protection-from-high-slippage-76e14c0cd8014dcbbb9a1951ce8ddfee

[arthurgousset]

Meeting notes:

• there is a problem with high slippage on Mento (though it depends on the pairs)
• in Mento slippage exists to protect the reserve from arbitrageurs
• this is good for Mento, but bad for end-users
• Mento was not meant for use by end-users in the first place, swapping was meant to take place on DEXs
• Call to action:
  • recommendation that wallets and DEXs use swappa for swapping instead of Mento
  • recommendation that frontend providers inform their users about slippage better

[arthurgousset]

Eric:

• Instead of bucket sizes, have you considered charging a flat fee for bundled trades (i.e. "hops where you route swaps over different pairs").
• Are you considering lowering the mint and burn rate to be more competitive
• Current version of swappa can be even faster, Dylon has a faster version (reach out to us if you're interested)

[arthurgousset]

Evan:

• we're decentralising our Ubeswap frontend and providing a referral fee (e.g. Gonza's celotracker could provide a swapping frontend)

@MattClabs:

• Are you considering becoming an aggregator link 1inch?

Evan:

• No not really at the moment.

[arthurgousset]

@MattClabs:

• How do you monetise swaps that you route through Mobius?

Evan:

• You want to monetise the frontend so $UBE (DAO) token holders benefit from the popularity of the frontend.

[arthurgousset]

@patricknbaron:

• Has there been any discussion around increasing cREAL liquidity which is quite thin at the moment?

@aleksey-nov:

• Yes, it's on our mind, we're probably increasing bucket sizes by 4x.

@MattClabs:

• Have we revised our cSTABLES strategy since competing stables are coming in?

@aleksey-nov:

• Currently focusing on keeping existing tokens stable. But we should think about launching more carefully going forward.

[product-matt]

launch of stCELO liquid staking derivative on CELO in July
https://github.com/celo-org/staked-celo

[arthurgousset]

Meeting notes:

• "Lido or Rocket Pool of Celo"
• going for a non-rebasing approach (more Rocket Pool than Lido)
• reach out to @MattClabs if you are interested in using or supporting stCELO
• Outstanding questions:
  1. upgradability of smart contract will depend on a multisig (this is an MVP)
  • at the moment, we choose people on the team
  • but the main security comes from a 3 day time lock, which will be visible on a web page.
  2. validator election using stCELO tokens
  • constraints: maximise APR for stCELO holders while being neutral (ideally no influence on elected validators)
  • we want to outline the election process systematically so our neutrality is verifiable

Contact @MattClabs on Discord: matt#9000

[arthurgousset]

@jeanregisser:

• I maintain churrito.fi. How should I support stCELO there?
• I'm very excited about this!

[arthurgousset]

Evan:

• How does this relate to the EGG initiative?

@MattClabs:

• We changed our prioritise re EGG for now. But stCELO as a liquid staking derivative is an important building block for any feature yield protocols.

[arthurgousset]

Eric:

• what about the crosschain version of EGG on abacus?

@MattClabs:

• That would have been an even more long-term vision. So not part of main prioritise at the moment.
• Goal is still to bring yield to Celo, but it's still in the early product phase.
• We all realised, the bear market changes yield parameters a lot.
• My focus is to find sources of yield beyond web3.

Evan:

• Link: https://celo.symm.fi/#/pool/0xa287a3722c367849efa5c76e96be36efd65c290e000100000000000000000020
• you can mint cDEFI token on symmetric and diversify your token holdings
• the pool rebalances the holdings (so it serves as an index)
• 

@jeanregisser:

• Is anyone building leverage using stCELO?
• Similar project: https://indexcoop.com/interest-compounding-eth-index

@patricknbaron:

• we anticipate supporting stCELO in relatively short period of time (Q3/Q4)
• we also have contracts deployed for 5x leverage (but no frontend support yet)

[arthurgousset]

Robin: Question re Valora support in countries and adoption

@jeanregisser:

• there are some restrictions around sanctioned countries (but it's a limited list)
• phone number verification system works better in some countries than others

Robin: Is there another mobile wallet?

• Node.fi (https://nodefinance.org/) is a B2B play, so we ship an SDK so apps can create wallets

[fbaud]

Looking forward to meeting some of you guys at the Celo Connect Salon Paris - 17-22 July https://celoconnect.com/ethcc2022/

If for some reasons, we can not meet there, we could have a drink together in Paris during that week. You can contact me at [email protected] or through discord at Frederic#0038

[arthurgousset]

Thanks for sharing @fbaud! See you in Paris 🇫🇷

[arthurgousset]

📽 Here is the recording for anyone that missed the meeting.