Connecting to Celo, using [Allbridge]

Dear community,

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:

  1. Celo foundation, will provide $2M incentive in CELO to encourage the cross-bridge movement and to create market on
  2. will match the incentive with a $2M incentive in REF to support market creations for cUSD, Celo on NEAR.
  3. 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



We are gonna split the total reward (873.362) into 5 parts.

25th Feb - 1 April 1st April - 25th May 25th May - 25th Aug 25th Aug - 25th Nov 25th Nov - 25th Feb (2023)
35.00 54.00 92.00 92.00 92.00
110138.85 180131.34 245512.34 184134.26 153445.21

DAO Proposal for transferring 110138.85 REF for rewards for CELO farms from 25th Feb - 1 April

1 Like

Excellent initiative!

Will the cUSD - USDC pool be a separate pool or is this part of the Sauce StableSwap? If the former, would there be any issues with splitting USD liquidity across a standard pool and the StableSwap? When can we have more tokens paired up with the OG StableSwap pair? If the latter, can we also enable other stable coins such as nUSDO?


DAO Proposal #185 for transferring 245,513 REF for rewards for CELO farms from 25th May - 25th August