Prime DAO Collaborates with Celo
Prime DAO collaborates with Celo, Layer-1 Blockchain and Community, to build a ReFi DAO Ecosystem and expand DAO2DAO Coordination.
Prime DAO and Celo Network have great relationship since 2021.
Through a grant from Celo Network, Prime DAO has committed to bringing its D2D ecosystem-building habits to the Celo Network by establishing a ReFi DAO scouting, evaluating/rating, incubating, and launching working squads.
PrimeDAO aims to funnel successful Regenerative Finance projects to the Celo ecosystem while supporting their development throughout their lifecycle.
In April 2022, Prime DAO, Climate Collective, and Celo Network aligned on their efforts by agreeing to merge their ReFi project database and scout potential DAOs together.
With all the developments taken into account, Prime DAO Collaborates with Celo to propose a Token Swap Agreement to emphasize the strong alignment between the two parties.
Deal Clauses
- Celo Network will support the development of the Prime DAO ReFi Working Squads and, where possible, share learnings and resources with Prime DAO.
- Celo Network will get early access to invest in Prime DAO’s launching partners to ensure the projects scouted serves the mission of Celo Network.
- Prime DAO will continue to deploy its product line to Celo Network to support DAO Ecosystem development of Celo Network.
- Conduct a token swap between $CELO and $D2D tokens, totaling a $250k, from a 30-day TWAP from the date of execution of this proposal.
- To ensure operational effectiveness, a monthly call will be set up by at least one representative of each organization.
- To ensure long-term alignment, Prime DAO will hold no less than 50% of the tokens. These tokens received through 2023 and act as a meta-delegate in the Celo Network ecosystem. And Celo Network will hold no less than 50% of the tokens received through 2023 and act as a meta-delegate in the Prime DAO ecosystem.
- The Partnership is open-ended and does not have an expiry date.
- Both organizations can at any moment terminate the agreement through their respective governance systems.
About Prime DAO
PrimeDAO creates next-generation coordination tools to connect them – built the DAO native way. PrimeDAO is a collective of DeFi builders and DAOists focused on researching and building next-generation coordination tools for decentralized organizations.
About Celo
Celo Foundation is a non-profit organization. It’s based in the US that supports the growth and development of the open-source Celo Platform. Guided by the Celo community tenets, the Foundation contributes to education, technical research, environmental health, community engagement, and ecosystem outreach. All these activities that support and encourage an inclusive financial system that creates the conditions for prosperity for everyone.
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