MGP-1: Mento Protocol Foundation Funding Request

Hi everyone, the Mento Protocol Foundation just submitted the following MGP on governance.mento.org

Please share your thoughts in this thread if you have any!

Summary

To enable the continued growth & development of the Mento Protocol during times in which the MENTO token is non-transferable/non-liquid, this Mento Governance Proposal (MGP) request that a loan of 2m USD and a maturity of 2 years is provided by the Mento Reserve to the Mento Protocol Foundation. The loan amount is to be financed from the ETH part of the Mento Reserve and shall be used to cover marketing expenses, legal costs, developer & other payroll expenses incurred across the Mento ecosystem.

It is assumed that the Mento Protocol Foundation will receive funding from the Mento Community Fund going forward to repay the loan and to cover future expenses.

The Mento Protocol Foundation is expected to inform about the use of funds as part of its quarterly reporting schedule decided upon in the most recent MGP.

Specification

This proposal outlines the following actions: The Mento Reserve is instructed to send 2m USD worth of USDT (on Celo), financed by selling the equivalent amounts of the ETH, to the Mento Protocol Foundation multisig address on Celo: 0x3468D23A0B1aB3Ab9A537813166A8f7ff1947014

This address has previously been identified to belong to the Mento Protocol Foundation via the Mento Spinoff governance proposal on Celo governance.

The execution of this MGP is conducted entirely off-chain and this proposal therefore does not include execution code (except for the mandatory empty transaction).

Verification

Verify that the Mento Protocol Foundation multisig (0x3468D23A0B1aB3Ab9A537813166A8f7ff1947014) has received 2m USDT (Celo) from the Mento Reserve multisig (0x87647780180B8f55980C7D3fFeFe08a9B29e9aE1).

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