Lately, Allbridge launched on NEAR. It is a cross-chain bridge solution that would open up the NEAR ecosystem to other blockchains such as Solana, Celo, Terra, etc. [Link]
Since, the Ref team has a good conversation with the Celo Foundation, and decided to co-pilot the initiative to encourage more asset communication between NEAR <> Celo, and here is our proposal:
- Celo foundation, will provide $2M incentive in CELO to encourage the cross-bridge movement and to create market on Ref.finance
- Ref.finance will match the incentive with a $2M incentive in REF to support market creations for cUSD, Celo on NEAR.
- Allbridge, will provide 100,000 in ABR to make it triple incentive. In addition, Allbridge will also work with the Ref team to create a ABR <> wNEAR pool.
Price & Date & Amount
We have taken 30-day close average of CELO and REF for amount calculation, with a close date of 16th Feb, the date we agreed with $2M incentive on both end.
As a result, Celo foundation will bring 589,970 CELO, CELO(30-day close average) = 3.39
and Ref will match with 873,362 REF, REF(30-day close average) = 2.29
Hence, I would propose, we to allocate 873,362 REF token from the DAO to create markets:
- CELO - cUSD
- CELO - wNEAR
- cUSD - USDC
Why it makes sense to Ref
- Be the market to connect NEAR and Celo
- Be the market to serve more asset and user
Why it makes sense to Celo
- Ref is the largest Dex / first DeFi component on NEAR
- Market expansion of cUSD / Celo token to NEAR
- grow use cases for cUSD into Ref’s stableswap
Why it makes sense to Allbridge
- Allbridge is the default solution for this collaboration / asset cross-chain interopability movement