Introducing the MENTO Token: A New Era for the Mento Platform

Dear Mento Community,

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We are thrilled to announce a monumental step forward in our journey: the community voted on the Mento Governance proposal and the launch of the MENTO governance token. This initiative is designed to further support the development of the Mento Platform, enabling new decentralized local currency stablecoins around the world. Read on to learn about the MENTO token, how you can claim yours, and how you can actively contribute to the future of the Mento ecosystem.

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Discover the Mento Platform

Read the Mento whitepaper, a community effort that aims to give an overview of the Mento Platform and its use cases.

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The MENTO Token: Why Now?

In recent years, Mento has established itself as the largest Celo-native project, supporting five stablecoins and reaching over 3 million active cUSD holders as of March 2024. The Mento stablecoins are currently the fastest growing stablecoins in the field in terms of active users and transactions (check out Artemis dashboards). However, to fulfill the vision of global digital asset adoption, the Mento Platform needs to evolve. This community-driven proposal aims to introduce the MENTO token and separate Mento Governance to accelerate development and create pathways toward self-sustainability.

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Why Spin-Off?

The spin-off will strengthen the Mento ecosystem of builders, dApps, and partners. Decentralizing governance will ensure that decisions are made collectively, representing the diverse perspectives within the Mento community.

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High-Level Design Components

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1. MENTO Token: An ERC-20 utility and governance token on the Celo blockchain.

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2. veMENTO Locker: A smart contract where users can lock their MENTO tokens in exchange for governance tokens (veMENTO).

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3. Governor: A smart contract that allows any user to create new Mento Governance proposals.

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4. Governance Executor: The main governance smart contract, time-locked to allow the Mento Watchdog Multisig to veto malicious proposals.

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5. Emission Contract: Emits MENTO tokens from its allocation to the Mento Governance Executor on a predefined schedule.

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6. Governance Factory: Deploys the entire Mento Governance system and can’t be used again after Mento Governance exists.

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7. Watchdog Multisig: A multisig that consists of technical community members responsible for ensuring the execution code matches the proposal description.

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8. Proxy Admin: An admin contract owned by the Mento Governance Executor that can upgrade the system’s contracts.

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Initial Token Distribution

The MENTO token will have a maximum total supply of 1,000,000,000 tokens. Here's the breakdown:

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• Mento Community Treasury: 45% (450M tokens)

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• Mento Labs Team, Investors, Future Hires, Advisors: 30% (300M tokens)

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• Mento Liquidity Support: 10% (100M tokens)

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• Initial Airdrop to CELO holders and Mento stable assets users: 5% (50M tokens)

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• Airdrop to Celo Community Treasury: 5% (50M tokens)

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• Mento Reserve Safety Fund: 5% (50M tokens)

Governance Transition

The governance transition will occur in two steps. First, this proposal will spin up the MENTO token, Mento Governance, locking, and airdrop contracts. A follow-up proposal will transfer ownership of the Mento Platform from Celo Governance to the newly created Mento Governance body.

Join the Discussion

We invite you to participate in the open proposal discussion on the Celo Forum. You can also join the Mento Discord for real-time updates and discussions. Together, let's propel Mento towards an exciting future. Your support and participation are invaluable as we continue to grow the Mento ecosystem into a leading decentralized protocol.