As part of the CELOccelerate initiative, Celo Core Co. returned 1,748,950 CELO in sequencer revenue to the Community Fund (see transaction).
This proposal follows the discussion on Governance Call #88 and the CELOccelerate tokenomics proposal, which establishes that purchased CELO is routed to the Community Fund and lets governance decide whether to burn it. This CGP proposes the first such burn.
This CGP proposes burning the full amount as a one-time, retroactive action.
This burn reinforces that sequencer revenue belongs to the community.
As outlined in the broader CELOccelerate proposal, value generated by network activity is now routed to the Community Fund for governance to allocate. This proposal represents governance choosing to burn the first tranche of that value.
Future Community Fund allocations remain fully subject to governance discretion and will have follow up proposals.
This proposal executes a single transaction calling the built-in burn function on the GoldToken (CELO) contract from the Governance contract (Community Fund).
GoldToken (CELO) at 0x471EcE3750Da237f93B8E339c536989b8978a438burn(uint256)["1748950000000000000000000"] (1,748,950 × 1e18)GoldToken.burn(uint256) is the protocol's built-in burn primitive (source):
function burn(uint256 value) external returns (bool) {
return _transfer(BURN_ADDRESS, value);
}
address constant BURN_ADDRESS = address(0x000000000000000000000000000000000000dEaD);
When the Governance contract executes this proposal, msg.sender is Governance, so the 1,748,950 CELO is moved from Governance's balance to BURN_ADDRESS, where it is permanently unrecoverable.
Note: GoldToken.totalSupply() returns the hardcoded CELO_SUPPLY_CAP (1B CELO) and is not decremented by burn(). Circulating supply on Celo is computed off-chain by subtracting balances at the burn address, the unreleased treasury, and locked accounts from the cap.
See mainnet.json.
Verify the proposal transactions:
celocli governance:show --proposalID 287 --jsonTransactions cgp-0234-proposal.json --node https://forno.celo.org
Verify the source transaction returning sequencer revenue to the Community Fund. It is an ERC-20 transfer of 1,748,950 CELO on the GoldToken contract from 0x7A1E98FC9a008107DbD1f430a05Ace8cf6f3FE19 to the Governance contract 0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972:
cast tx 0xfbe1dac031726b6f580b561bfc2a80262b9529d09e4463fc3600cc74dce31a86 --rpc-url https://forno.celo.org
Verify the Community Fund (Governance) CELO ERC-20 balance is at least 1,748,950 CELO before execution:
cast call 0x471EcE3750Da237f93B8E339c536989b8978a438 \
"balanceOf(address)(uint256)" \
0xD533Ca259b330c7A88f74E000a3FaEa2d63B7972 \
--rpc-url https://forno.celo.org
# Should return at least 1748950000000000000000000
Verify the burn after execution — the dead address balance should have increased by 1,748,950 CELO:
cast call 0x471EcE3750Da237f93B8E339c536989b8978a438 \
"balanceOf(address)(uint256)" \
0x000000000000000000000000000000000000dEaD \
--rpc-url https://forno.celo.org