Summary:
Add CVG/FRAXBP to the FXS gauge controller
Curve pool address: Curve.fi
Pool: 0xa7b0e924c2dbb9b4f576cce96ac80657e42c3e42
Gauge: 0x8a111b47b31bba40c2f0d2f9a8cf6b6c4b50114e
Website: https://app.cvg.finance/
Twitter: @Convergence_fi
Background:
Convergence is an agnostic “Convex-like” layer, currently deployed atop Stake DAO. In addition to the well-known “Convex-like” behavior of aggregation/optimization of underlying protocols, Convergence also gathers mechanisms inspired from Curve, and Olympus. Gauges and veTokenomics are used to drive emissions, and a Bonding Program has been established. Bonds are used to build Protocol Owned Liquidity (POL) and a treasury that allows Convergence to ensure self-sustainability, but also to reward token holders with an intrinsic incentive mechanism that does not rely on underlying protocols’ aggregation.
Convergence’s main products are:
- a boosting layer for Curve LPs via Stake DAO
- a yield-bearing locked primitive that acts as a Curve ecosystem index (ysCVG)
- a governance aggregator (mgCVG)
Motivation:
Convergence’s liquidity consists of 2 pools (CVG/WETH and CVG/FRAXBP), where the liquidity is almost entirely owned by the protocol as Protolcol Owned Liquidity.
The CVG/FRAXBP pool is a secondary pool, which purposes are the following:
- allowing users to buy CVG using stablecoins;
- being a farming venue for the treasury which will accumulate CRV CVX and FXS rewards that will be distributed back to ysCVG holders.
Thus, we are looking for a gauge on Frax to maximize earnings from the CVG/FRAXBP pool. The LP will be max locked on Convex/Frax, and vote incentives will be offered to veFXS holders on Votemarket. As previously mentioned, 80% of farmed rewards will be distributed back to CVG lockers who chose to lock their tokens for ysCVG.
Voting:
- For: Add the CVG/FRAXBP pool to the FXS gauge controller
- Against: Do nothing