BroadChain has learned that Opera (NASDAQ: OPRA), the browser developer and Nasdaq-listed company, submitted a proposal to the Celo governance forum on March 19. The proposal seeks to replace its existing cash payment agreement with Celo with a three-year distribution plan for 160 million CELO tokens.
This allocation represents roughly 27% of CELO's current circulating supply of approximately 600 million tokens, and 16% of its maximum supply of 1 billion tokens.
According to the proposal, the deal would involve a one-time transfer of 160 million CELO tokens from the unallocated treasury to a Safe account controlled by Opera.
To preserve governance balance, the voting power of these tokens will be capped at 10% of the total staked CELO, except during protocol emergencies.
Opera stated that this proposal underscores the significant role its self-custodial crypto wallet, MiniPay, plays on the Celo network.
MiniPay operates on Celo—an Ethereum Layer 2 network—and has garnered over 14 million registered users across more than 66 countries since its 2023 launch, processing more than 420 million transactions.
Jorgen Arnesen, EVP of Opera, stated that the company aims to become a supportive key stakeholder within the Celo ecosystem.
Furthermore, over 50 million Opera browser users who have recently earned rewards will be able to redeem them in USDT directly within MiniPay.