Howdy! My name is Kmets and I am an active participant in the CLever community and a frequent user of the Curve, Convex, and Frax Finance protocols. Just wanted to voice my support for this gauge proposal and note some direct benefits to users of all of the aforementioned protocols:
- The derivative LPs (clevCVX/CVX and clevUSD/FRAXBP) will be supportive of the underlying tokens CVX and FRAX either directly through incentivized farming and bribing, or indirectly by directing the clevCVX and clevUSD through the furnace and creating a net buy pressure for the underlying CVX and FRAX tokens directly through the Curve protocol.
- The clevCVX and clevUSD LPs are intended to be “off-peg” (to various degrees), creating an opportunity for an additional defi yield opportunity by arbing the discount and then redeeming the clevtoken for the underlying base token. One clevCVX token will ALWAYS be redeemable for one CVX token, and likewise for clevUSD. The user of CLever’s furnace trades immediate value of the underlying tokens for a time discounted version of the original token. This feature can be utilized in a variety of ways to boost yield for protocols or users.
- The core team takes the concepts of transparency and safety exceptionally seriously. Audits of the CLever protocol and it’s various clevtoken strategies are readily available on their github. The entirety of the CLever treasury is on-chain and is readily verifiable. Additionally, there are no outside VC or corporate investors, as the protocol has been entirely bootstrapped by defi participants (small fish like yours truly).