Celo
Networks · Layer-2Token Transparency Filing
Project & Team
Description of Project
Provide a concise narrative that clearly states each of (a)–(e) below.
- (a) Problem the project solves — The problem the project is solving.
- (b) Operational priorities — Provide a high-level description of how the project expects to support ongoing development and operations over time.
- (c) High-level project overview — How the project works at a high level.
- (d) Primary token functions — The primary functions of the token (e.g. gov participation).
- (e) Control surface reliance — If any, briefly describe the anticipated or possible evolution of the protocol's governance/control model.
(a) Problem the project solves
Celo is the leading programmable rails for global finance, and the most widely adopted blockchain for stablecoin payments. As an Ethereum Layer-2 built for the real world, Celo has processed 1.2B+ lifetime transactions, reaching a peak of 840K daily active users, while maintaining one-second blocks and sub-cent fees. Celo is also the #1 transport layer for Tether USD₮ (5M weekly active users), and home to MiniPay, Opera’s (NASDAQ: OPRA) stablecoin wallet serving 18M+ users across 66+ countries. To date, there are 87.8M CELO token holders, putting CELO among the Top 10 assets by distribution. CELO is the network’s utility and governance token, with a fixed max supply of 1 billion CELO. All chain profits are directed to CELO holders by going to the DAO-governed Community Fund, which has historically proposed to burn such CELO. Any revenue earned in assets outside of CELO (e.g., USDT or USDC) are programmatically used to buyback CELO. The Celo ecosystem consists of a decentralized, proof-of-stake blockchain technology stack, the CELO native token, USDC, USD₮, and USAT (all enabled as gas currencies), several Mento stable assets (USDm, EURm, BRLm, XOFm, and more), and popular infrastructure including Aave, Uniswap V3 and V4, Morpho, Curve, Velodrome, Self and Chainlink. Launched on Earth Day in 2020, the open-source Celo mainnet supports a rich ecosystem of 1,000+ projects contributing to Celo’s global mission of prosperity for all. For more about Celo, visit celo.org.
(b) Operational priorities
Celo Core Co. is the engineering and ecosystem team behind Celo––the leading programmable rails for global finance and the most widely adopted blockchain for stablecoin payments. The team leads protocol engineering, business development, developer relations, partnerships, and community growth, and supports ecosystem projects including Opera MiniPay and Self.xyz.
(c) High-level project overview
Celo is an Ethereum Layer 2 using the OP Stack, with EigenDA v2 as the data-availability layer and Ethereum as the settlement layer, and is a zkEVM via Succinct SP1. The architecture also includes governable core contracts for governance, attestations, stable tokens, exchange, price oracles, and validator-related functions, while the broader application layer is designed for user-facing financial products and mobile access.
(d) Primary token functions
CELO is the network’s utility and governance token, with a fixed maximum supply of 1 billion tokens. It functions both as the native currency of the Celo blockchain and as an ERC-20 compatible token; CELO holders can participate directly in onchain governance. Under the CELOccelerate tokenomics program approved by governance in 2026, a portion of protocol revenue is directed to CELO buybacks and burns, tying token value accrual to network usage.
(e) Control surface reliance
Public governance materials describe a formal onchain governance mechanism in which protocol changes are managed through the Governance smart contract and must be agreed upon by CELO holders. The current governance flow uses proposal, referendum, and execution phases, while the current L2 security documentation also describes a Security Council structure responsible for urgent security fixes and specified L2 upgrade actions.
Known Project Team
For each existing entity: Labs/DevCo (e.g., Founder, CEO, CTO, COO), Foundation (e.g., President, Executive Director, CFO, COO), and DAO / onchain governance leadership (if applicable) list the: (a) full names, (b) official titles, (c) and prior experience of key team members. For any non-existent entity, explicitly mention it does not exist. External links may be included but they will not factor into the score.
Labs / DevCo
Full Name | Official Title | Prior Experience |
|---|---|---|
Rene Reinsberg | Co-Founder | Rene Reinsberg is a co-founder of Celo and Chairman of the Board of Celo Core Co. Rene is also the CEO and co-founder of Self (self.xyz), a proof-of-humanity and identity verification solution that leverages zero-knowledge technology to verify personhood and key attributes, such as age and country of residence, without disclosing sensitive information. Previously, he started Locu (acquired by GoDaddy). Rene began his career in global capital markets at Morgan Stanley and also worked at McKinsey, the World Bank, TechnoServe, and General Catalyst; he holds graduate degrees from Germany’s WHU and MIT. |
Marek Olszewski | Co-Founder and CEO | Marek is a co-founder of Celo and the CEO of Celo Core Co., the business and technology organization supporting the Celo network and ecosystem. He is also the co-founder of Self.xyz, a proof-of-human and identity verification solutions trusted by Google and Opera. Earlier, he co-founded Locu, a venture-backed machine-learning company acquired by GoDaddy, and Valora, acquired by Stripe. He previously worked at Google, Microsoft Research, and Sun Labs. Marek is a former Ph.D. student at MIT, and is an alumnus of the University of Toronto and is a former Facebook Fellow. |
Sep Kamvar | Co-Founder | Sep Kamvar is a computer scientist, entrepreneur, and artist. He co-founded Celo, Mosaic (an AI-powered construction company backed by a16z), and Wildflower Schools (a decentralized network of Montessori microschools), and currently advises a16z crypto. He holds a PhD in scientific computing from Stanford, where he developed tools for personalized PageRank and authored the widely cited EigenTrust paper on peer-to-peer reputation systems. In 2003, he co-founded Kaltix, a personalized search company acquired by Google that same year, and went on to lead Google's personalization efforts through 2007. He later became a Professor at the MIT Media Lab, directing its Social Computing group. He's also known for web-based art projects like We Feel Fine and I Want You To Want Me (commissioned by MoMA), and has authored several books on software and human emotion. |
Elizabeth Peng | COO | Elizabeth is COO and Secretary of Celo Core Co. She joined Celo in 2022 as Head of Communications, and then, Head of Marketing, to help steer the network through its shift from a standalone L2 to an Ethereum L2. Before Celo, Elizabeth was a brand strategist, building global campaigns and content strategy for consumer and lifestyle companies, including Bally, Tory Burch, and LVMH, and contributing writing to Vogue.com, Harper’s Bazaar, and T Magazine China, among. She is a Fulbright Scholar and studied at Rice University, and Central Saint Martins College of Art & Design. |
Markus Franke | Global Head of Stablecoins | Markus is the Global Head of Stablecoins at Celo Core Co., the engineering and ecosystem team behind Celo, where he leads stablecoin strategy across partnerships, new stable asset issuance, and institutional adoption. He is also a co-founder of Mento Labs, early innovators in local stablecoins and onchain FX, which he spun out in 2022 and led as CEO, and where he built 10+ local digital currencies across the Celo ecosystem, including BRLm (formerly cREAL), the first Brazilian Real-pegged stablecoin. Markus is the former chief economist at cLabs (now Celo Core Co.), where he helped shape Celo's early vision for accessible, mobile-first financial tools before mainnet launched in 2020. An economist with over 20 years of work at the intersection of economics, finance, and technology, he was previously at J.P. Morgan, Merrill Lynch, and Allianz, and was a post-doc researcher at Ludwig-Maximilians-Universität, Columbia Business School, and HKUST. He holds a PhD in economics and advises projects across the blockchain space. |
Kate Gielty | Product Strategy and GTM Lead | Kate is the Product Strategy and GTM Lead and a board member at Celo Core Co., the engineering and ecosystem team behind Celo, where she leads product strategy and go-to-market for the Celo platform. Kate has been part of the Celo core team since 2021, first building out the organization as Partner, Recruiting and then as Talent Lead, before moving into product marketing in 2023, where she led the go-to-market for Celo's transition from a standalone layer-1 blockchain to an Ethereum Layer 2. Prior to Celo, she worked in technical recruiting at EdgeLink, ZipRealty, and Aerotek. |
Foundation
Full Name | Official Title | Prior Experience |
|---|---|---|
N/A | N/A | Celo Core Co. is the engineering and ecosystem team behind Celo––the leading programmable rails for global finance and the most widely adopted blockchain for stablecoin payments. The team leads protocol engineering, business development, developer relations, partnerships, and community growth, and supports ecosystem projects including Opera MiniPay and Self.xyz. (Celo Core Co. is the combined entity of cLabs and the Celo Foundation.) |
DAO / Onchain Governance
Full Name | Official Title | Prior Experience |
|---|---|---|
N/A | N/A | Celo's onchain governance does not rely on a single named leader. By design, it is permissionless and community-driven. Celo Governance Proposals (or CGPs)––of which there have been 300 to date––are discussed and debated on the Celo Forum, which is open to any community member to post to and participate in, and presented at recurring Celo Governance Calls (these run as requested, or on a bi-weekly cadence) for onchain voting; no gated role or credential is required to raise a proposal or weigh in. Community-side coordination of this process is anchored by the Celo Communities Guild, which helps stewards forum and community call discussions, and supporting community contributors and channels, including Discord and Telegram. This structure reflects the intent of onchain governance generally: decision-making authority sits with CELO holders and delegates who vote onchain, not with a designated leadership team. |
DAO Structure
Provide a structured description of the DAO's governance, powers, and economic rights. If a DAO does not exist, state so. Address the lettered items below. Even if there is no DAO, there must be an answer to (d).
- (a) IP ownership & control — State what IP the DAO owns or controls (e.g., codebases/repos, trademarks/brands). Note any license if relevant.
- (b) Contract/admin powers — List on-chain or administrative authorities and limits: pause/upgrade roles (e.g., multisig pause), governance-executor authorities, and the method of authority for each (e.g., veto, majority, super-majority).
- (c) Locked-token rights (conditional) — If locking/staking for additional rights exists, explain the additional rights and what tokenholders can and cannot decide. If no locking mechanism exists, leave absent.
- (d) Value accrual & holder rights — If any, describe the current rights of tokenholders over revenue distribution and the treasury.
- (e) Dissolution authority — State who can dissolve/wind up the DAO and by what mechanism (e.g., on-chain vote threshold, board resolution of a legal wrapper).
(a) IP ownership & control
No separate legal DAO entity exists at Celo; token-holder governance is exercised directly through the Governance smart contract rather than through a distinct DAO wrapper that itself holds assets or IP. Core Celo codebases, including the celo-monorepo, are maintained under the celo-org GitHub organization and licensed under Apache 2.0 unless a specific package states otherwise. Site content and trademarks are held by cLabs, Inc. d/b/a Celo Core Co. and/or its licensors, as described in Section 4; celo.org’s website text is separately licensed under Creative Commons Attribution.
(b) Contract/admin powers
Celo uses a formal onchain governance mechanism managed through the Governance smart contract, which acts as its own owner and governs changes such as smart contract upgrades, adding new stable currencies, and modifying reserve target asset allocation. All changes must be agreed upon by CELO holders. Proposals move through a Proposal Phase (up to 4 weeks), a Referendum Phase (7 days, YES/NO/ABSTAIN voting weighted by Locked CELO), and an Execution Phase (up to 3 days). A designated group of Approvers, initially a 3-of-9 multisig, must approve a proposal during the Referendum or Execution phase before it can be executed. The Celo L2 Security Council is responsible for urgent security hotfixes, upgrading L1 protocol contracts for the L2, and modifying role designations for sequencers, proposers, and challengers. It is structured as a 2-of-2 Safe multisig between a cLabs multisig (6-of-8) and a Celo Community Security Council (6-of-8).
(c) Locked-token rights (conditional)
Locked CELO holders can upvote proposals during the Proposal Phase; the top three proposals by upvote weight are promoted to the Referendum phase daily. During the Referendum phase, Locked CELO holders vote YES, NO, or ABSTAIN, with vote weight determined by Locked CELO balance.
(d) Value accrual & holder rights
CELO is the network’s utility and governance token, with a fixed max supply of 1 billion CELO. All chain profits are directed to CELO holders by going to the DAO-governed Community Fund, which has historically proposed to burn such CELO. Any revenue earned in assets outside of CELO (e.g., USDT or USDC) are programmatically used to buyback CELO. Epoch rewards distribute new CELO over time to validators (currently playing the role of community RPC providers) and to locked CELO holders who vote for these elected validators (similar to delegated proof-of-stake). Community governance recently approved pausing Carbon Offsetting Fund contributions given a 25x surplus relative to annual emissions; the implementing proposal set the relevant fee-handler parameter to zero. As part of the same CELOccelerate package, Celo Core Co. returned the 1.749 million CELO in sequencer fees collected since the L2 migration to the Community Fund and separately proposed to burn it.
(e) Dissolution authority
No separate legal DAO entity exists to dissolve. CELO holders can change governance parameters or authorities through the standard governance process described in Section 3(b), but no mechanism exists in the public record for winding up token-holder governance itself.
Primary Foundation
For the Primary Foundation do the following independently. If an entity does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definitions: The primary Foundation and DevCo can be explained as those entities which are directly involved in the issuance of the native token at launch.
- (a) Entity — Type and jurisdiction.
- (b) IP ownership & control — What IP the entity owns/controls (repos/code, trademarks/brand; license optional) and an explanation of any subsidiary entities.
- (c) Powers over DAO, treasury, protocol-controlled resources, and token administration — If any, describe the current powers over DAO governance, treasury actions, protocol-controlled resources (e.g. revenue), token administration, or reward parameters, and the method/threshold for each.
- (d) Powers over DevCo — Explain whether the foundation can exert direct or indirect influence over decision-making of the DevCo.
- (e) Contract/admin powers — Pause/upgrade/governance-executor authorities and the method/threshold for each (e.g., veto/majority/super-majority; "3/5 multisig").
- (f) Current economic arrangements and distribution policies — Describe any current governance-approved, contractual, or programmatic mechanisms, if any, by which protocol-controlled resources, treasury assets, fees, revenue, rewards, or token distributions may be directed to this entity, its equityholders, contributors, or other participants. If no such mechanism currently exists, state that explicitly. Do not discuss hypothetical future dividends, repurchases, or distributions unless formally adopted.
(a) Entity
cLabs, Inc. d/b/a Celo Core Co. is a non-profit, non-stock Delaware C-Corp with a registered address of 58 West Portal Ave., PMB 729, San Francisco, California, 94127. It has offices around the world, including in San Francisco, California, and Berlin, Germany.
Celo Core Co. is the engineering and ecosystem team behind Celo––the leading programmable rails for global finance and the most widely adopted blockchain for stablecoin payments. The team leads protocol engineering, business development, developer relations, partnerships, and community growth, and supports ecosystem projects including Opera MiniPay and Self.xyz. Celo Core Co. can receive governance-approved Community Fund support for defined ecosystem programs through a Foundation-controlled multisig, with unused funds returned or rolled forward subject to community input.
(b) IP ownership & control
cLabs, Inc. d/b/a Celo Core Co. and/or its licensors own the intellectual property and material on celo.org. Core protocol codebases (e.g., celo-monorepo) are maintained under the celo-org GitHub organization and licensed under Apache 2.0. No subsidiary entities are publicly documented.
(c) Powers over DAO, treasury, protocol-controlled resources, and token administration
Celo Core Co. can receive governance-approved Community Fund support for defined ecosystem programs through a multisig, with unused funds returned to the Community Fund, or rolled forward subject to community alignment and input.
(d) Powers over DevCo
Not applicable––Celo Core Co. is a single entity, which includes the protocol’s core engineering team.
(e) Contract/admin powers
Since becoming an L2, Celo now has a Security Council on Ethereum composed of an outer two-of-two multi-sig with two nested six-of-eight multi-sigs, one governed by Celo Core Co. and one governed entirely by members outside of Celo Core Co. This multi-sig administers the native Ethereum-to-Celo bridge and any L2 parameters that need to be defined on Ethereum. Previously, Celo had no such Security Council and was governed entirely by a globally-distributed network of Celo validators. The current roadmap is to move towards becoming a Stage 2 L2, where such a multi-sig would only be able to step in to resolve disagreements between L2 clients, which could arise from bugs.
(f) Current economic arrangements and distribution policies
Celo Core Co. can receive governance-approved Community Fund support as described in ©, and additionally self-funds its operating expenses through diversified revenue streams, including partnership agreements and grants, app and chain revenue, investments, and yield-generation from active treasury management, among other sources.
Primary Dev Co
For the Primary DevCo do the following independently. If an entity does not exist, state that explicitly. Items (a)–(f) apply only if that entity exists; state explicitly that the entity doesn't exist. Definitions: The primary Foundation and DevCo can be explained as those entities which are directly involved in the issuance of the native token at launch.
- (a) Entity — Type and jurisdiction.
- (b) IP ownership & control — What IP the entity owns/controls (repos/code, trademarks/brand; license optional) and an explanation of any subsidiary entities.
- (c) Powers over DAO, treasury, protocol-controlled resources, and token administration — If any, describe the current powers over DAO governance, treasury actions, protocol-controlled resources (e.g. revenue), token administration, or reward parameters, and the method/threshold for each.
- (d) Powers over Foundation — Explain whether the DevCo can exert direct or indirect influence over decision-making of the Foundation.
- (e) Contract/admin powers — Pause/upgrade/governance-executor authorities and the method/threshold for each (e.g., veto/majority/super-majority; "3/5 multisig").
- (f) Current economic arrangements and distribution policies — Describe any current governance-approved, contractual, or programmatic mechanisms, if any, by which protocol-controlled resources, treasury assets, fees, revenue, rewards, or token distributions may be directed to this entity, its equityholders, contributors, or other participants. If no such mechanism currently exists, state that explicitly. Do not discuss hypothetical future dividends, repurchases, or distributions unless formally adopted.
(a) Entity
cLabs, Inc. d/b/a Celo Core Co. is a non-profit, non-stock Delaware C-Corp with a registered address of 58 West Portal Ave., PMB 729, San Francisco, California, 94127. It has offices around the world, including in San Francisco, California, and Berlin, Germany.
(b) IP ownership & control
cLabs, Inc. d/b/a Celo Core Co. and/or its licensors own the intellectual property and material on celo.org. Core protocol codebases (e.g., celo-monorepo) are maintained under the celo-org GitHub organization and licensed under Apache 2.0. No subsidiary entities are publicly documented.
(c) Powers over DAO, treasury, protocol-controlled resources, and token administration
Celo Core Co. can receive governance-approved Community Fund support for defined ecosystem programs through a multisig, with unused funds returned to the Community Fund or rolled forward subject to community alignment and input.
(d) Powers over Foundation
Not applicable — Celo Core Co. is a single entity, which includes the former Foundation team.
(e) Contract/admin powers
Since becoming an L2, Celo now has a Security Council on Ethereum composed of an outer two-of-two multi-sig with two nested six-of-eight multi-sigs, one governed by Celo Core Co. and one governed entirely by members outside of Celo Core Co. This multi-sig administers the native Ethereum-to-Celo bridge and any L2 parameters that need to be defined on Ethereum. Previously, Celo had no such Security Council and was governed entirely by a globally-distributed network of Celo validators. The current roadmap is to move towards becoming a Stage 2 L2, where such a multi-sig would only be able to step in to resolve disagreements between L2 clients, which could arise from bugs.
(f) Current economic arrangements and distribution policies
Celo Core Co. can receive governance-approved Community Fund support as described in (c), and additionally self-funds its own expenses (operational, business development, etc.)
Token Supply & Allocations
Initial Allocation
Ticker | Date | Allocation Category Name | Recipient Type | Allocation % | Allocation Tokens | TGE Unlock % | TGE Unlock Tokens | Cliff Months | Cliff Unlock % | Linear Vesting Months | Cadence Months | Circulating Treatment | Notes on what each category is used for | If applicable: Contract / Wallet address |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CELO | Apr 22, 2020 12:00 AM | CoinList Public Sale (cGLD) | Public / Sale | 0.01 | 10000000 | 1 | 10,000,000 | 0 | 0 | 0 | 1 | Yes | CoinList Dutch auction for Celo Gold (cGLD); full 10M-token tranche cleared at $1.00/token, raising $10M, settled May 2020. TGE Unlock % assumed 100% (delivered without vesting) — not explicitly confirmed in primary sources; verify internally. Source: CoinList Medium post 'Celo Gold Auction Sells Out on CoinList'. | Not publicly confirmed |
CELO | Apr 22, 2020 12:00 AM | Epoch Rewards (Unreleased Treasury) | Validators/RPC Providers, Locked CELO Voters, Community Fund | 0.4 | 400000000 | 0 | 0 | 0 | 0 | 120 | 1 | Conditional | 400M CELO released over time via epoch rewards from the CeloUnreleasedTreasury contract to community RPC providers, locked CELO holders who vote for elected groups, and the Community Fund. Distribution is continuous/algorithmic (not a fixed cliff+linear schedule) — 120-month linear duration entered here is a MODELING APPROXIMATION for this template, not an authoritative term; Carbon Offsetting Fund contributions currently paused under CELOccelerate (2026). Source: docs.celo.org L2 Epoch Rewards. | CeloUnreleasedTreasury (address not verified) |
CELO | Apr 22, 2020 12:00 AM | Remaining Genesis Allocation — Category Breakdown Not Yet Confirmed | Unconfirmed (likely team/advisors/founders, private investors, community grants, reserve) | 0.59 | 590000000 | 0 | 0 | 0 | 0 | 0 | 1 | Conditional | Represents the remainder of the 1B fixed CELO supply after CoinList public sale and the epoch-rewards/unreleased-treasury pool. No primary Celo source (docs.celo.org, celo.org, whitepapers) provides a category-by-category breakdown of this remainder by recipient (team, investors, community, reserve) or its original vesting terms. NEEDS INTERNAL CONFIRMATION from original 2020 launch/legal documentation before finalizing. |
Airdrop Process
Address each of the following sub-items based on the project's airdrop status. If a sub-item does not apply to the project's situation, state that explicitly.
- (a) Planned but not yet executed airdrop — If the project has planned but not yet airdropped, commit to publishing a recipient wallet list in a public channel and provide it to Blockworks quarterly until the initial TGE airdrop is fully completed. Additionally, generally state the possible target user segments (e.g., "stakers of X," "Aave users") and the allocation method (e.g., proportional to ve-balance or net position).
- (b) Executed airdrop — If the project has already airdropped, point to a per-address source such as CSV/TSV/JSON files, a Dune table, a full Merkle dump, GitHub repo files embedding per-address allocations, or RPC endpoints that expose claim/amount data; explorer links alone do not count. Additionally, clearly state covered user segments (e.g., "stakers of X," "Aave users") and the allocation method (e.g., proportional to ve-balance or net position).
- (c) No airdrop planned or conducted — If the project does not plan to conduct an airdrop for TGE and has never conducted one, state so plainly (e.g., "We have never conducted an airdrop to date and do not plan to execute one").
(a) Planned but not yet executed airdrop
N/A
(b) Executed airdrop
N/A
(c) No airdrop planned or conducted
We have never conducted an airdrop to date and do not plan to execute one.
Transactions & Market Structures
Market Maker Agreements & Deals
Projects must disclose all material terms of market-making arrangements that affect token liquidity. If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. For each market maker, include in a table: (a) Market maker's name — the market maker's name; (b) Token allocation or loaned amount — the token allocation or loaned amount as a percentage of total supply; (c) Duration/term of agreement — the duration/term of the agreement; and, where applicable, (d) Name of agreement structure — label the financial vehicle being used in the agreement (i.e. loan, option/call, retainer model) without describing trading strategy or expected outcomes. If the project has no agreements or deals with market makers, state that explicitly; doing so earns full credit. If no native tokens were loaned or allocated to market makers, state that explicitly; cash/fiat retainers or fees are not required for this item.
Market Maker Name | Token Allocation Committed | Term Duration | Structure Name |
|---|---|---|---|
G-20 | 2.2 million CELO Loan | 18 months | 2.2m CELO Loan + Option (current OOM) |
DWF | 2.5m CELO Loan | 18 months | 2.5m CELO Loan + Option (currently OOM) |
NB: Celo Core Co. does not have any direct agreements with market makers; the above details were provided by a third-party ecosystem team. |
CEX / DEX Agreements & Deals
Projects must disclose all material terms of centralized or decentralized exchange listings that affect token liquidity. For each listing, include in a table: (a) Exchange name / DEX pool — the exchange name (and, for DEX, the specific pool/pair); (b) Token allocation for listing — the token allocation supplied or committed for listing as a percentage of total supply; (c) Term Duration — the duration/term of any listing lockups, liquidity, or incentive programs; and, where applicable, (d) Native-token listing fees — whether any listing fees were paid in native tokens, with amounts (tokens or % of supply), recipients, and any vesting or lock terms tied to the partnership. If the project has no agreements or deals with CEX or DEX, state that explicitly; doing so earns full credit; cash/fiat fee amounts are not required for this item.
Exchange Name | Token Allocation Committed | Term Duration | Native Token Listing Fees |
|---|---|---|---|
Celo Core Co. is not party to any active paid listing agreements or other exchange-specific business arrangements with centralized or decentralized exchanges, beyond collaborations for co-marketing purposes (e.g., events), where it may participate in sponsorship and/or educational research and awareness from time to time. Community-governed initiatives such as incentive campaigns for DEXs (e.g., Merkl Rewards, et al.) are funded through the Celo Community Fund via community-led governance proposals and are not exchange-specific commercial agreements. | N/A | N/A | N/A |
Financial Disclosures & Risks
Prior Token Sales & Fundraising
Disclose all prior token sales by the Project — including fundraising rounds, any material OTC sales to investors, and any discounted market-maker sales. For each sale, provide: (a) Series Name; (b) Early-Stage Investment Instrument used (i.e. SAFT, STAMP, SAFE, SAFE+Token Warrant, etc.); (c) Date of sale (at least month & year); (d) Number of tokens sold (or % of total supply); (e) Vesting schedule. If no prior sales occurred, state that explicitly (e.g., "No prior fundraising, OTC, or discounted MM sales have occurred.").
Series Name | Investment Vehicle | Date Of Sale | Number of tokens sold | Vesting Schedule |
|---|---|---|---|---|
CoinList Dutch auction for Celo Gold (cGLD). citation citation | May 2020. | clearing at $1.00 per token and raising USD 10 million | ||
Celo Core Co. (then operating as cLabs, Inc.) conducted two rounds of prior token sales in advance of mainnet launch, that raised approximately USD 36 million. | $36 Million |
Previous Exploits Affecting The Native Token
If any, list prior exploits or incidents that directly affected the token, token supply, tokenholder balances, token contract, minting controls, burn mechanics, or custody of token supply. This question is not asking about general protocol, application, or smart contract exploits unless the incident directly affected the native token itself. If no prior incidents, state this explicitly (e.g., "No exploits affecting tokenholders or protocol funds as of YYYY-MM-DD").
- (a) Date & component affected — Date (YYYY-MM or YYYY-MM-DD), chain(s)/component affected.
- (b) Exploit vector summary — Plain-language summary of the exploit vector (what the hack was).
- (c) Quantified impact — Quantified impact (assets/tokens affected or a clear "no loss of funds" statement).
- (d) Remediation/response taken — Remediation/response taken (patches, upgrades, governance actions, compensation).
- (e) Current status — Current status (resolved, in litigation, under investigation, refunded, etc.).
- (f) References (optional) — Link(s) to post-mortem/advisory/PR.
(a) Date & component affected
Not applicable. No exploits or incidents affecting the CELO token, token supply, tokenholder balances, the token contract, minting controls, burn mechanics, or custody of token supply have occurred as of 2026-07-03.
(b) Exploit vector summary
Not applicable — see (a). No incidents have occurred that meet this section's scope (direct impact on the native token, token supply, tokenholder balances, the token contract, minting controls, burn mechanics, or custody of token supply).
(c) Quantified impact
Not applicable — see (a). No quantifiable impact to report.
(d) Remediation/response taken
Not applicable — see (a). No remediation required.
(e) Current status
Not applicable — no incident occurred; see (a).
(f) References (optional)
https://forum.celo.org/t/incident-report-chain-id-validation-bypass/13168 https://forum.celo.org/t/incident-report-unlock-prevention-while-voting-invariant-bug/720
Material Risk Factors (Regulation, Technology, Token Economics)
Describe material risk factors across the three categories below. Each category includes prompts to address at a minimum.
- (a) Regulatory, Legal & Tax Risks — Describe how evolving laws and regulations could affect the project by answering, at a minimum, questions like:
- Impact of Regulatory Change on TGE and Listings: (If applicable) How could evolving or conflicting laws and regulations affect your ability to complete the TGE, deliver tokens to purchasers, and list or maintain the token on trading venues in key jurisdictions?
- Entity-Level Regulatory Impact: (If applicable) How could regulatory or legal changes impact your core entities (Foundation, DevCo, DAO, affiliated service providers), including enforcement actions, licensing requirements, or forced changes to structure or operations?
- Tokenholder Tax Treatment: (If applicable) What uncertainties exist around how tokenholders may be taxed, and make clear that tokenholders are responsible for understanding their own tax obligations?
- Jurisdictional & User Access Restrictions: (If applicable) If the project restricts access for certain jurisdictions or user types (e.g., U.S. persons, sanctioned countries, retail vs. professional), what are those restrictions and what risks do they create for users and for the project?
- (b) Protocol, Technology & Security Risks — Describe risks to network and contract reliability, correctness, and safety by answering, at a minimum, questions like:
- Bugs and Design Flaws: (If applicable) What bugs, design flaws, or implementation errors could exist in your core protocol code, smart contracts, and any bridges, rollups, or oracles that you depend on, and how could these lead to loss of funds or disruption of the protocol?
- Security Measures & Their Limitations: (If applicable) What security measures have you taken (audits, formal verification, bug bounties), and what types of failures might these measures still fail to detect or prevent?
- (c) Token Economics, Unlocks & Incentive Risks — Describe how the token's economic design and supply schedule could affect holders by answering, at a minimum, questions like:
- Critical Economic Assumptions: (If applicable) Which economic assumptions (e.g., staking yields, fee revenue, liquidity incentives, MEV capture, demand for blockspace) are critical for protocol security, utility, and governance, and what happens if those assumptions fail?
- Governance Control over Monetary Policy & Rewards: (If applicable) To what extent can governance change monetary policy, fee parameters, or reward allocations (e.g., inflation rate, treasury flows, incentive programs), and how could such changes adversely affect tokenholders?
(a) Regulatory, Legal & Tax Risks
The verified legal terms for Celo Core Co.-operated web properties state that nothing on the site constitutes an offer to sell or a solicitation of an offer to buy securities or tokens, and they also impose jurisdiction and sanctions-related restrictions. The current verified public record therefore supports a regulatory-risk conclusion that changing securities, sanctions, and jurisdictional rules could affect user access, token distribution pathways, and the legal operating environment around Celo Core Co.-controlled surface
(b) Protocol, Technology & Security Risks
Celo's architecture relies on an OP Stack Layer 2, EigenDA for data availability, Ethereum settlement, governable core contracts, and a Security Council with hotfix authority. L2 Architecture Security Council Celo's zero-knowledge fault-proof system (OP Succinct Lite, built on Succinct's SP1 zkVM) activated on mainnet in December 2025. The December 2025 chain-ID validation bypass required same-day mitigation.
(c) Token Economics, Unlocks & Incentive Risks
CELO governance has approved routing protocol revenue toward Community Fund-directed CELO purchases, with base-fee increases and a pause on Carbon Offsetting Fund contributions as companion mechanisms. Tokenholder outcomes remain tied to governance participation, protocol revenue growth, and how future governance proposals direct accumulated Community Fund resources.
This Token Transparency Filing is provided for general informational purposes only. Blockworks reviews completeness only and does not verify or warrant the accuracy of individual answers. Celo is solely responsible for the content, accuracy, and legality of its disclosures.
