SDIR - 29 : Whitelist Convergence treasury multisig to lock $SDT

Project presentation:

Protocol name: Convergence
Website: https://cvg.finance/
Twitter: https://twitter.com/Convergence_fi
Discord: Convergence
Medium: cvgFinance - Medium
Gitbook: https://docs.cvg.finance/

TL/DR :

Allow Convergence’s treasury (multisig) to lock $SDT as veSDT.

Rationale:

Convergence is an agnostic Convex-like layer, also gathering mechanisms inspired from Curve (gauges and veTokenomics), and Olympus (homemade bonding technology). A global overview of the protocol is given here: Convergers, to the void!. Gm anon, | by Wireshark | cvgFinance | Medium.

Important disclaimer: Convergence will NOT be, by any mean, a competitor to Stake DAO. Instead, our intent is to closely collaborate by:

  • Integrating Stake DAO directly within Convergence (veSDT liquid locker and boosted sdTKN and LP staking);
  • Use heavily the Stake DAO’s infrastructure for our future treasury deployments (sdTKN boosted with veSDT, and LPs).

Convergence’s treasury will be composed mostly of Curve ecosystem assets. The purpose of our treasury will be to ensure POL, as well as generating as much yield as possible, in order to distribute back 80% of its earning every 3 months to $CVG lockers, in the form of $CRV, $CVX, $FXS and $SDT.

The basics of the treasury deployments strategy can be found here: Treasury - Convergence.

Convergence isn’t live yet. However, prior to launch, our intent is to start to deploy our treasury in order to grow it as much as possible, to give the best possible returns to the ysCVG primitive. Thus, being able to boost our future sdCRV and Curve LPs positions with veSDT is a “must have”, in order to achieve maximum capital efficiency.

Important: as described in the previous link (basics of treasury deployments), the $SDT farmed via our sdTKN and LPs position will be compounded into SDT/FRAXBP, or SDT/ETH. As mentioned, every 3 months, $SDT will be withdrawn from LPs, and distributed back to ysCVG holders.

Means:

Human Resources: Minimal developer time needed.
Treasury Resources: No treasury resources needed.

Technical Implementation: Update the SDT smart wallet whitelist.

Proposal Specifications:

Admin: veSDT holders
Community feedback: 2 days minimum
Voting Duration: 3 days

3 Likes

Very nice to see this promising project building on top of Stake DAO!

1 Like

Good to see such a proposal. Welcome to Convergence.