The goal of the SavingsCELO project is to make the Locked CELO a more useful asset overall. As it is today, CELO that is locked in the core protocol is unusable for anything else. It can not be transferred, it can not be sold, it can not be used as a collateral and so on. Only thing it can do is earn 5-6% APY, but otherwise all that capital remains completely unused.
SavingsCELO aims to improve this by providing a tokenized version of the locked and interest bearing CELO. This way users can still earn 5-6% APY, but can also maintain flexibility to sell the tokens on an open market, can potentially use it as a collateral or use it in any other DeFi project that gets deployed on the Celo platform.