Opera Proposes CELO Token Allocation to Replace Cash Payment Protocol

Opera, a Nasdaq-listed company, has submitted a proposal to the Celo governance forum to replace its existing cash payment protocol with a distribution plan of 160 million CELO tokens over three years. According to ChainCatcher, this allocation represents approximately 27% of CELO's current circulating supply of around 600 million tokens and 16% of its maximum supply of 1 billion tokens. CELO is currently trading at $0.07. The transaction involves a one-time transfer of 160 million CELO from the treasury to a Safe account controlled by Opera. To maintain governance balance, the voting rights of these tokens will be limited to within 10% of the total staked CELO, except in emergency situations. Opera stated that the proposal reflects the significant role of its self-custodial crypto wallet, MiniPay, on the Celo network. MiniPay operates on Celo, an Ethereum Layer 2 network, and since its launch in 2023, it has gained over 14 million registered users and facilitated more than 420 million transactions across 66 countries. Opera EVP Jorgen Arnesen expressed that Opera aims to be a supportive key stakeholder within the Celo ecosystem. Additionally, over 50 million Opera browser users who have received rewards in recent months will be able to redeem them in MiniPay in the form of USDT. Opera's stock is currently priced at $14.6.