Update CGP-95 with feedback from Governance Call #35 (#325)

CGPs/cgp-0095.md

@@ -11,10 +11,10 @@ date-executed: 'TBD'
 
 # Abstract
 
-The following proposal is intended to support Centrifuge’s timely native deployment on Celo, by allocating the CELO-equivalent of $150k USD from the Celo Community Fund (400k CELO) towards development costs. 
+The following proposal is intended to support Centrifuge’s timely native deployment on Celo, by allocating the CELO-equivalent of $150k from the Celo Community Fund (from a maximum of 400k CELO) towards development costs. 
 
 ## Background
-Tokenization of Real World Assets, or “RWAs”, is among the fastest growing verticals in web3 -  in large part due to the increased adoption of on-chain credit solutions. RWAs can represent tangible assets such as real estate or precious metals, or intangible assets such as government bonds or carbon credits. In the words of Larry Fink, CEO, BlackRock “The tokenization of asset classes offers the prospect of driving efficiencies in capital markets, shortening value chains, and improving cost and access for investors.” 
+Tokenization of Real World Assets, or “RWAs”, is among the fastest growing verticals in web3 -  in large part due to the increased adoption of on-chain credit solutions. RWAs can represent tangible assets such as real estate or precious metals, or intangible assets such as government bonds or carbon credits. In the words of Larry Fink, CEO, BlackRock “_The tokenization of asset classes offers the prospect of driving efficiencies in capital markets, shortening value chains, and improving cost and access for investors._” 
 
 Celo’s recently established [Credit Collective](http://credit-collective.com/) consists of several companies bridging a wide range of RWAs onchain. The success of Credit Collective’s recent governance proposal ([CGP-84](https://celo.stake.id/#/proposal/117)) is indicative of the burgeoning on-chain credit market and the strong interest in RWAs from the Celo ecosystem - particularly as it relates to Natural Capital assets and Regenerative Finance. 
 
@@ -25,17 +25,26 @@ According to data from RWA.xyz as of 8/14/23, over $4.4B worth of loans have cum
 Through this proposal, we aim to allocate the CELO-equivalent of $150k USD from the Celo Community Fund towards Centrifuge’s timely native deployment on Celo. 
 
 ## Areas of Focus
-The scope of this proposal is to natively deploy and successfully launch Centrifuge on Celo mainnet by the end of October 2023. The associated $150k of development costs breaks out as follows:
+The scope of this proposal is to natively deploy Centrifuge on Celo mainnet, and launch an inaugural pool with Flowcarbon by the end of October 2023. The associated $150k of development costs breaks out as follows:
 - $25k - Initial deployment cost of Centrifuge on Celo
 - $50k - Audit of Centrifuge on Celo
 - $75k - Support, upgrades and maintenance over the first 12 months
 
+Due to the quick turnaround for development and time-sensitive nature of Centrifuge pool launches, fund disbursements are intentionally not split into milestones. Audit costs are required and not generalizable across EVM chains. Note this structure was discussed and agreed on Celo Governance Call #35.
+
 ## Success Criteria
-As outlined in CGP-84, “Total Debt Value Locked” is a key metric by which the Celo community can measure the success of Centrifuge. Several companies in the rapidly expanding Credit Collective have registered interest in utilizing Centrifuge on Celo to launch their debt pools.
+As outlined in CGP-84, “Total Debt Value Locked” is a key metric by which the Celo community can measure the success of Centrifuge. Several companies in the rapidly expanding Credit Collective have registered interest in utilizing Centrifuge on Celo  - and are working to launch Celo-based pools once Centrifuge is live with the inaugural Flowcarbon pool. It is worth noting that Credit Collective is represented on this multi-sig to streamline coordination between Centrifuge and the growing network of Credit Collective companies. 
+
+Since Centrifuge enables the issuance of “ReFi” and Natural Capital assets (eg. carbon credit forward contracts, renewable energy infrastructure loans, traditional development finance) - cumulative impact metrics around CO2, gigawatts, sustainable development goals (SDGs), and domain-specific parameters are relevant indicators of success. Outside of ReFi, Centrifuge is expected to drive adoption of institutional credit offerings on Celo such as treasury bonds, commercial real estate, account receivables, inventory financing, and structured credit.
+
+An important feature of this deployment is that Centrifuge pools on Celo can accept capital from Ethereum mainnet and other chains. Consequently, it is expected that launching Centrifuge and associated debt pools will drive significant bridging volume towards Celo.
 
-Since Centrifuge enables the issuance of “ReFi” and Natural Capital assets (eg. carbon credit forward contracts, renewable energy infrastructure loans, traditional development finance) - cumulative impact metrics around CO2, gigawatts, sustainable development goals (SDGs), and domain-specific parameters are relevant indicators of success. 
+## Reporting
 
-An important feature of this deployment is that Centrifuge pools on Celo can accept capital from Ethereum mainnet and other chains. Consequently, it is expected that launching Centrifuge and associated debt pools will drive significant bridging volume towards Celo. 
+- Phase 1: Fund withdrawal - multisig team will comment on [forum post](https://forum.celo.org/t/centrifuge-deployment-on-celo/6405) indicating the amount of CELO tokens swapped for 150,000 USD
+- Phase 2: Development - Centrifuge team will liase with Celo developer relations for questions/issues/verification. Results of audit will be published in Centrifuge's security repository on Github [here](https://github.com/centrifuge/security/tree/main/audits).
+- Phase 3: Launch - Centrifuge goes live on Celo mainnet and launches inaugural Flowcarbon pool; announcements published across media channels, including a [Celo forum](https://forum.celo.org/) post with a new "RWA" category for future use by Credit Collective organizations.
+- Phase 4: Ongoing - multisig team to provide monthly updates on above mentioned "Success Criteria" to be published on the [Celo Signal](https://celoecosystem.com/signal) newsletter.
 
 ## Known Risks
 Given that Centrifuge is a standalone web3 protocol, there is minimal risk in deploying the infrastructure itself on Celo. The primary risks are associated with the possibility of defaults on debt pools, which is not linked to web3 but rather the underlying RWAs. This risk has been historically mitigated by the diligence conducted by the Centrifuge governance community in the “[Pool Onboarding Process (POP)](https://gov.centrifuge.io/t/introducing-the-pool-onboarding-proposal-pop/3846)”.
@@ -44,7 +53,7 @@ The Centrifuge community has recently established the [Credit Group](https://gov
 
 # Implementation
 ## Budget
-We request to set our spend permit on the community fund at 400,000 CELO - but hope to not use the full amount. This number accounts for CELO at $0.375 (150,000 cUSD from 400,000 CELO) and protects the budget from acute market volatility. Any unutilized CELO will remain in the community fund.
+We request to set our spend permit on the community fund at 400,000 CELO - but hope to not use the full amount. This number accounts for CELO at $0.375 (150,000 cUSD from a maximum of 400,000 CELO) and protects the budget from acute market volatility. Any unutilized CELO will remain in the community fund - which will be indicated on this Celo [forum post](https://forum.celo.org/t/centrifuge-deployment-on-celo/6405) as part of Reporting Phase #1. 
 ## Multisig
 A Multisignature wallet hosted on Gnosis Safe will be used to manage and deploy the funds with a required 2 of 3 signature threshold. The contract address is 0x34CbB11f19D9B6F1fC54d20B5e248Db4a9B9afa2 and can be found [here](https://app.safe.global/home?safe=celo:0x34CbB11f19D9B6F1fC54d20B5e248Db4a9B9afa2). The signers on this multisig are:
 
@@ -69,7 +78,7 @@ A Multisignature wallet hosted on Gnosis Safe will be used to manage and deploy
 
 ## Verification
 
-celocli governance:show --proposalID 129 --node https://forno.celo.org
+celocli governance:show --proposalID 130 --node https://forno.celo.org
 You should see:
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