This change sets the frozen CELO (formerly known as Celo Gold, i.e. cGLD) parameters in the reserve.
Changes in parameters:
To help stabilize the value of Celo stabilized assets, the protocol is supported by a component called a reserve. The reserve consists of a basket of cryptocurrencies that helps the protocol to reduce the supply of Celo Dollars (cUSD).
The total amount of CELO allocated to the reserve is 120m. The current target allocation for the reserve is 50% CELO, 30% BTC, 15% ETH, and 5% DAI. The reserve will reach this target over time, and this target allocation can be changed through governance. You can find more information here.
The initial frozen CELO amount will be 80m (frozenReserveGoldStartBalance) which leaves about 40m initially unfrozen. 50% of the unfrozen CELO will be transferred to a reserve custodian account early on (respecting the 5% daily spending limit) to have it readily available for diversifying into the other reserve assets.
To not put too much selling pressure on CELO, the rebalancing will happen gradually. This is enforced by unfreezing the 80m frozen CELO linearly over the course of 18 months (frozenReserveGoldDays). This begins starting from the day that this proposal is executed.
celocli governance:view --proposalID 6