Svmuu News Nasdaq-listed company Opera has submitted a proposal to the Celo governance forum, planning to replace its existing cash payment agreement with Celo with a distribution plan for 160 million CELO tokens over three years. This allocation represents approximately 27% of CELO's current circulating supply of about 600 million tokens and 16% of its maximum supply of 1 billion. CELO is currently trading at $0.07.
The transaction would involve a one-time transfer of 160 million CELO from the unreleased treasury to a Safe account controlled by Opera. To maintain governance balance, the voting power of these tokens will be capped at 10% of the total staked CELO, except in protocol emergencies.
Opera stated that this proposal reflects the significant role of its self-custody crypto wallet, MiniPay, on the Celo network. MiniPay operates on Celo, an Ethereum Layer 2 network, and has amassed over 14 million registered users and processed over 420 million transactions in more than 66 countries since its launch in 2023. Opera EVP Jorgen Arnesen said that Opera aims to become a supportive and key stakeholder within the Celo ecosystem. Furthermore, over 50 million Opera browser users who have received rewards in recent months will be able to redeem their rewards in USDT through MiniPay. Opera's stock price is currently $14.6.