Opera seeks to obtain 160 millions CELO tokens to become a key stakeholder in the Celo network

Jinse Finance reported that Nasdaq-listed company Opera has submitted a proposal to the Celo governance forum, planning to replace its existing cash payment protocol with a distribution plan for 160 millions CELO tokens over three years. This allocation accounts for approximately 27% of CELO's current circulating supply of about 600 millions, and 16% of its maximum supply of 1 billions. CELO is currently trading at $0.07. The transaction will involve a one-time transfer of 160 millions CELO from the unreleased 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 protocol emergencies.