Celo Proposes Shift to Long-Term Partnership with Opera

Celo, a leading Ethereum Layer 2 (L2) blockchain, is proposing a significant change to its partnership with Opera, a publicly traded web browser. Under the new structure, Opera would swap its existing quarterly grant arrangement for a one-time token payout that initiates an additional three-year partnership between the two organizations.

The allocation of 160 million CELO tokens, worth approximately $13 million at current prices, would come from Celo's treasury into an Opera-controlled wallet. This represents about 27% of CELO's current circulating supply and 16% of its 1 billion maximum supply. The move is aimed at shifting Opera from a distribution partner to a long-term network stakeholder.

The proposal has already drawn scrutiny from some in the Celo community, with concerns raised about the deal's structure and the potential dilution for existing token holders. However, if approved by the Celo community governance forum, this new partnership could drive further adoption of the Celo ecosystem, particularly in regions where Opera is popular.