Proposal to Whitelist CRV / 1M Coinvestment / LM Rewards

Contract Address : 0xd533a949740bb3306d119cc777fa900ba034cd52

CRV Price $2.37
Market Cap $577,224,047
Market Cap Dominance 0.03%
Trading Volume $344,143,964
Volume / Market Cap 0.5976
24h Low / 24h High $2.11 / $2.46
7d Low / 7d High $2.05 / $2.55
Market Cap Rank #101
All-Time High $54.01 -95.6%
Aug 14, 2020 (7 months)
All-Time Low $0.331577 623.1%
Nov 05, 2020 (4 months)

“The main purposes of the Curve DAO token are to incentivize liquidity providers on the Curve Finance platform as well as getting as many users involved as possible in the governance of the protocol. Currently CRV has three main uses: voting, staking and boosting. Those three things will require you to vote lock your CRV and acquire veCRV. CRV can now be staked (locked) to receive trading fees from the Curve protocol. A community-lead proposal introduced a 50% admin fee on all trading fees. Those fees are collected and used to buy 3CRV, the LP token for the TriPool, which are then distributed to veCRV holders.” - @ProHodler

I propose we whitelist, co-invest and incentivize a pool for Curve Dao’s CRV token with Liquidity Mining Rewards.

  • As it stands right now the Curve token serves as a multiplier on rewards for LP providers on curve that lock them up in terms of 1, 2 , 3, or 4 years. Each one of these tiers unlocks your tokens after the time has passed but it does it in a deflationary manner, with the only way to get the same amount of tokens out that you put in being to stake for a 4 Year period. The use-case for this token also extends beyond into many yield aggregators. The combinations of all the different uses for CRV are important because it shows that we are co-investing into a token that does not abuse It’s inflation.

  • As of today the ETH-CRV pairs on both Uni and Sushi are performing spectacularly, but their lack of good or any incentives give us a ripe opportunity to draw some of that liquidity into Bancor.

Some Stats :

  • As we can see from the Stats roughly 1/4 of the Sushi CRV liquidity is being actively utilized for profit, and on uni its about a 50% utilization ratio, making them some of the best performing pools out there.

  • In addition to the Whitelist and Co-Invest I do believe LM rewards are necessary for this pair since current Onsen Rates are roughly 35% and permanent, but our rates are much more competitive and they are still missing the key element and value of IL Protection.

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Thank you for that @tenzent.

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In favor. Crv would be a fine addition to our growing defi selection.

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Also in favor of this proposal given that this project plays an important role in DeFi and has a large community behind it.

it’s looking like a no on the vote damn seemed like a very good option. if people( :whale: ) wanna voice their opinions as to why they oppose that’d be appreciated so we can better discuss the pros and cons and maybe look for just an initial whitelisting.

Not opposed.

  • Will not support any new addition until vBNT burning enable and gasless voting
  • Plenty of new tokens already to collect some trade data
  • Should focus more on improving trade volume rather than TVL imho. Once this is improve, can probably try and vote 1 new token a day.
  • Launch Pad

I agree @atosm . Please comment on my draft proposal

There wasn’t much voter turnout for this proposal and I bet that with gasless voting going live next week, that It might be good for this proposal to be brought up again.

One other thing, I was under the impression that CRV was already whitelisted as part of the original 2.1 launch (See proposed whitelist in Proposing Bancor v2.1: Single-Sided AMM with Elastic BNT Supply) and I think that the vote should be for 1M co-investment and LM rewards which have a lower quorum requirement (20%). Perhaps @mbr can confirm that this is the case?

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CRV is already whitelisted

Correct. If someone seeds the pool, single-sided exposure and IL protection will activate.

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Interesting, what amount from the BNT and CRV side is required for this to occur?

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1000 BNT seed is required

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