Increase max revshare of crvUSD revenue to scrvUSD from 50% to 80%.

Proposals
1

Summary:

Increase max revshare of crvUSD revenue to scrvUSD from 50% to 80%.

Abstract:

The FeeSplitter divides crvUSD revenue from mint markets between the scrvUSD staking vault and the DAO. This is currently set at 50/50. This vote increases the max revshare to scrvUSD to 80%. Note there is a dynamic component to this so scrvUSD will only receive 80% of the revenue when the proportion of crvUSD staked in scrvUSD to total circulating supply (mint markets + pegkeepers, but NOT yieldbasis or Resupply minted crvUSD) is 80% or greater.

Motivation:

We are taking this action to reinforce the crvUSD peg. This will require 7 days to vote and 7 days to distribute, so this is unfortunately not the speed necessary to take corrective action needed now. Other immediate options are being considered and we are coordinating with YieldBasis on corrective action they can take to also support the peg.

Specification:

Call via agent (0x40907540d8a6C65c637785e8f8B742ae6b0b9968):
 ├─ To: 0x2dFd89449faff8a532790667baB21cF733C064f2
 ├─ Function: set_receivers((address,uint256)[])
 └─ Inputs: [[['0xE8d1E2531761406Af1615A6764B0d5fF52736F56', 8000], ['0xa2Bcd1a4Efbd04B63cd03f5aFf2561106ebCCE00', 2000]]]

VOTE:

2 Likes
2

Has anyone else read this and thought “oh god there goes the majority of veCRV staking revenue”?

Personally, I hope.this proposal doesn’t pass. Yield Basis liquidity pools already give veCRV stakers 0% Admin swap fee and 0% interest of crvUSD tokens.

crvUSD is the number one source of veCRV staking revenue returns. If this vote passes, veCRV crvUSD revenue will drop from 50% to 20%! Thats a 60% decrease in veCRV crvUSD revenue!

Now, considering the importance of stabilizing crvUSD, I would support a shift of crvUSD revenue from 50%/50% to 60%/40% or possibly even 65%/35%.

Also i would rather Curve divert crvUSD revenue into high yield bearing crvUSD protocol-owned-liquidity rather then using diverted revenue to.pay for temporary liquidity incentives.

However, if diverting crvUSD revenue to scrvUSD holders is proven to be the most cost effective method for Curve to raidly scale Yield Basis TVL / crvUSD peg stability, then I would support a proposal to temporarily (within a dedined timeframe) allocating 75% of crvUSD staking revenue to scrvUSD holders.

1 Like
3

As discussed in YieldBasis Forum

I think that Yield Basis should incentivize crvUSD/USDx pools and scrvUSD