In a significant development on Celo's governance forum, Nasdaq-listed browser company Opera has put forth a substantial proposal requesting 160 million CELO tokens. This move aims to establish a three-year commercial framework, replacing the current cash-based partnership model and granting Opera a stake equivalent to 27% of the circulating supply.
Core Demands of the Proposal
The 160 million CELO tokens requested by Opera represent 27% of Celo's current circulating supply and 16% of its total supply of 1 billion tokens. This is not a minor request but a structural reshaping of network control that will significantly impact the network's governance landscape.
To address potential risks of power concentration, Opera has included governance safeguards in its proposal. The company has voluntarily proposed capping its voting power at 10% of total staked CELO, with an exception clause for emergencies. This cap limits Opera's governance influence below what its token holdings would otherwise warrant, a concession designed to make the proposal more palatable to the existing Celo community.
Commercial Rationale Driven by MiniPay Success
The commercial justification for this proposal is anchored in the robust growth of MiniPay. Opera launched its self-custodial stablecoin wallet, MiniPay, on the Celo network in 2023. To date, it has expanded to 66 countries, amassed 14 million registered accounts, and processed over 420 million transactions. Furthermore, over 50 million Opera browser users have received rewards exchangeable for USDT through the MiniPay wallet.
These figures highlight Opera's emergence as one of Celo's most critical distribution channels. The current partnership model involves cash payments to Opera for its distribution efforts. The new proposal seeks to transition this compensation from cash to token incentives, shifting the relationship from a vendor to a stakeholder. Opera's argument is that its contributions to network growth warrant commensurate ownership of the network.
Whether the Celo community agrees will hinge on how they weigh the distribution value Opera brings against the dilution cost of 27% of the circulating supply. This trade-off will be central to the governance vote.
Expansion Plans Under the Framework
The proposal also includes specific commitments to geographic expansion. Opera has identified Latin America and Southeast Asia as the next frontiers for MiniPay's growth, with planned rollouts in Vietnam and the Philippines next month. These regions boast large populations, active remittance activity, and limited access to traditional banking infrastructure, making them prime targets for stablecoin wallet adoption.
Tying expansion commitments to token grants creates a mechanism for performance accountability. Opera is not merely seeking tokens for past achievements but proposing a forward-looking commercial arrangement with defined deliverables tied to new market development.
Celo's Context
This proposal comes at a time when Celo is undergoing a period of transformation.