Proposal to add COIL/FRAXBP to the Gauge Controller

Gauge Proposals
#1

Summary:
This is a proposal to add COIL/FRAXBP, on Ethereum to the Gauge Controller.

References/Useful links:

Protocol Description:

Spiral DAO is a novel DAO model that aims to accumulate a significant share in CRV, BAL, FXS, and other DeFi blue chips through Yield Bonding. The Yield Bonding mechanism allows users to deposit yield-earning assets and receive COIL instead of their underlying rewards, which are then deposited into yield-earning strategies in our treasury. COIL absorbs the sell pressure that CRV/CVX would typically face, as 100% of the yields earned are locked in non-predatory strategies managed by the Spiral DAO team.

Motivation:

Spiral DAO is a governance-maxi DAO dedicated to building around Curve-Convex-Frax infrastructure and collecting and utilizing CRV, CVX and FXS native tokens, and it is important for us to be able to participate in emissions.
As a CRV token holder, you already know the importance of supporting innovative DeFi projects. The inclusion of Spiral DAO’s COIL token in Curve Finance’s gauge would greatly benefit both Spiral DAO and the broader DeFi community. By granting us a gauge, you will enable us to increase the liquidity of COIL, which in turn will provide benefits to the entire DeFi community.

Granting us a gauge also benefits CRV holders by enabling Spiral DAO to increase its exposure to CRV by voting for our own liquidity. Since the majority of the liquidity is protocol-owned, emissions from the gauge to the COIL pool will go directly back into non-predatory yield strategies, locking up even more CRV.
Spiral DAO plans to participate and buy votes on bribe markets with USDC, thus increasing the overall yield to veCRV voters.

Spiral DAO currently owns about 950k locked CRV, or about 1m USD at current prices; see Treasury Multisig. We would like to utilize a portion of these funds to help secure emissions for our liquidity

Specifications:

  1. Governance: Governance process - Spiral DAO

  2. Oracles: Protocol doesn’t rely on external oracles.

  3. Audits: Audits - Spiral DAO
    Spiral DAO has been audited by two auditors teams. One by Pessimstic; the second one is undisclosed.

  4. Centralization vectors: Majority of DAOs functions are protected with Multisigs. Multi-sig - Spiral DAO

  5. Market History: The pool was created on 5th of April. It has $1.4mln of TVL.

1 Like
#2

DAO vote has been submitted.
Check it out / vote:
https://dao.curve.fi/vote/ownership/314