[Temperature Check] Allocate BSN incentives to support liquidity on Curve dETH/frxETH pool

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Allocate BSN incentives to support liquidity on Curve dETH/frxETH pool

Current state

  1. Temp check to add dETH/frxETH to the Curve gauge controller Temp check "Proposal to add dETH/frxETH to the Curve Gauge Controller"
  2. Curve governance proposal to add dETH/frxETH to the CRV gauge controller Proposal to add dETH/frxETH to the Gauge Controller - Gauge Proposals - Curve.fi Governance
  3. Curve DAO voting for proposal above. Quorum passed, 100% support from Convex and StakeDAO https://dao.curve.fi/vote/ownership/340
  4. Convex voting Snapshot
  5. StakeDAO voting https://lockers.stakedao.org/governance/0xe244c005fcb1fc7ab81f8443bdeed87d48fde426f21e833958271d3a2f2bb52e
  6. Curve pool https://curve.fi/#/ethereum/pools/factory-v2-287/deposit

56.24 dETH/33.34 frxETH 161k USD TVL equivalent

I am proposing to set up 10 weeks BSN incentives campaign on Votemarket platform

The main goal is to create incentives to pool TVL growth and support liquidity to at least 400k USD equivalent.

The requested budget is 950k+50k=1m BSN. The incentives campaign will be splitted as follows

Weeks 1-6 75k BSN per week (450k total), weeks 7-10 125k BSN per week (500k total).

I am proposing Safe wallet owner of Stakehouse DREAM 0x143A3222Fd7e8456f02502979f70A64D337e469c as campaign manager and request 950k+50k=1m BSN to allocate to this address. Additional 50k BSN as gas refund compensation.

If something goes wrong all unused BSN will be sent back to Blockswap DAO.

All veCRV votes from additional incentives for dETH/frxETH Curve pool from FRAX or from 3rd parties will work on top of BSN incentives.

2 Likes
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Update.
Current Curve dETH/frxETH TVL apr 700k USD equivalent and showing good speed to grow. FXS incentives started. (40 FXS per week at the moment). I am proposing adjustment with new parameters
8 weeks campaign
1.6 m BSN budget
200k BSN incentives per week via Votemarket
Campaign manager DREAM LSD account - 0x143A3222Fd7e8456f02502979f70A64D337e469c (BSN destination address)
If something will wrong all unused BSN will be sent back to Blockswap DAO

1 Like
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After successfully passing tokens were distributed

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Report
8 weeks Curve BSN campaign will ending soon and I want to share numbers and give some info for community. During campaign the amount of dETH-frxETH liqudity on Curve sitting between 700k-1m USD (aprx 430-610 in ETH terms). Current state

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APR based on veCRV votes incentivesed from BSN and FXS Votemarket campaigns. Additional incentives on top of CRV provided from Convex and StakeDAO.
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Yearn providing just veCRV boost.
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During managing Votemarket campaign I was struggling with BSN week amount, because unused BSN from previous round automatically adding for next round. It is create the situation when weekly BSN rewards were more than originaly planed 200k BSN/week I did not know this rule when campaign started. Current BSN bi weekly round parametrs
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Current FXS bi weekly round parametrs
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From my view BSN+FXS incentives on Curve working as designed. Unfortunately general market conditions and BSN price action during last 8 weeks not looks good. I believe it is worth to extend campaign for next 8 weeks with same BSN parametrs (1.6 m BSN for 8 weeks starting from 21 of September) and support dETH liqudity on Curve (Convex, Yeran, StakeDAO).

2 Likes
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Ethereum Transaction Hash (Txhash) Details | Etherscan Unused 53696 BSN from first 8 weeks campaign returned to Blockswap DAO