- Proposal aims to allocate CELO from the Community Fund to support Chainlink SCALE program.
- Chainlink SCALE program enables blockchain communities to fast-track smart contract innovation and support long-term sustainability.
Celo has proposed to allocate CELO from the Community Fund to support the Chainlink SCALE program. The initiative is aimed at enabling blockchain communities to support long-term sustainability and fast-track smart contract innovation.
By supporting the Chainlink SCALE program, Celo can facilitate the launch of Chainlink oracles on the Celo network. Chainlink has enabled trillions of dollars in transaction volume across DeFi, insurance, gaming, NFTs, and other industries.
We're excited the #Celo community has officially approved a proposal for @CeloOrg to join #Chainlink SCALE in an on-chain vote with 99.9% approval.
This commitment is a cross-ecosystem win supporting blockchain and oracle sustainability for the long term. https://t.co/JBrxjqXe1K
— Chainlink (@chainlink) April 12, 2023
The SCALE program will help developers get native access to key oracle services, including configurations specific to the ecosystem’s needs, such as Data Feeds. Chainlink and Celo to Establish Sustainable Economic Framework Joining the Chainlink SCALE program will establish a sustainable economic framework between the Celo and Chainlink ecosystems.
Celo’s ecosystem aims to embody the principles of accessibility, sustainability, and scalability. The program will enable Celo to attract a larger user base and support the network’s long-term cryptoeconomic security. Furthermore, Chainlink’s oracle services can help grow Celo, allowing Celo’s dApp ecosystem to power real-world use cases that generate value.
The program will ensure that dApps have a runway to create sustainable fee-generation models based on real value-add services, eventually supporting the full backend costs of blockchain and oracle infrastructure through user fees.
The Celo Community Fund will allocate 5,980,314 CELO to the node operators supporting Chainlink Data Feeds on the Celo network over a three-year term. The allocated funds will be used to support operating costs of Chainlink node operators. A dedicated team within Chainlink Labs will focus on the initiative, and quarterly reviews will be conducted to ensure continual alignment on services provided to the Celo ecosystem.
The Rewards and Fee Pool keys will be initially jointly held by Chainlink Labs, the Celo Foundation, and a Celo Community Fund representative. The Celo Foundation plans to transition to full community key management six months after the launch.
Celo and Chainlink’s collaboration aims to provide a robust platform for developers to build accessible, sustainable, scalable, and secure smart contract applications. The partnership will enable the Celo network to continue building on its principles of sustainability and accessibility. The community will soon vote to enter into the program.
