Side Note:
Due to some users pointing out CIP numbers did not match the official DAO ones, we have changed naming conventions meaning Signal CIP should now be labelled as sCIP incrementing from 1 and CIPs (official DAO) now follow the numbering from the DAO site: https://dao.curve.fi/dao
Edit: 3CRV has won, please note they will not be staked at least for now as it complicates the process which we’d really like to be available soon tm. This can be revisited later.
This is an easy choice. By distributing 3CRV it completes the circle of life here. One becomes a veCRV holder by being an LP; or can become an LP by being a veCRV holder.
Can somebody from development explain the user experience of how this is going to work briefly? Also, while i admit 3crv seems like a nice option, where are you going to buy it from - i don’t see it on paraswap, 1inch, or uniswap.info? Also, does the choice matter as far as existing infrastructure - i hear people saying “need an oracle” to avoid front running - does a 3crv oracle already exist? Also, if 3crv, will the existing withdraw work - i can see that if i want to keep it, i just go into the gauge and stake the additional amount i just claimed - but if i want to cash out not my whole amount i have stake in 3pool, but just what i got from staking crv, will i have to unstake everything, withdraw partial, then restake the remainder - that would be messy and expensive? Also, from a tax perspective, i can see how it would be important for everybody to get the price of 3crv at the time it is claimed - is that available somewhere?
I’m leaning toward voting for anything that isn’t 3crv. The compounding is hardly anything, since you have to actively stake in the gauge before compounding CRV. And if I have to go through the staking step anyways, I’d rather receive a stable coin that I can just as easily turn into a 3crv token, or do anything else I want to do with it.
I don’t think we should push people into a pool. Even if I personally would like to accumulate 3crv, I don’t think its right to force all veCRV fees into the pool I like.
For simplicity sake, USDC and DAI are both included in every USD pool. Admin fees for all USD pools can simply withdraw in one of those currencies. As for BTC, I guess you can’t avoid sending those to an exchange, unless we want to consider receiving a different admin fee for BTC (and any additional denominations we add in the future). And of course what makes the most sense today may be completely different from what makes the most sense 6 months from now.
Didn’t we want to get a stable coin pay out because its simpler? Hmm…
the fees are just deposited into 3pool. anything that cant be deposited directly will be converted to dai/usdt/usdc before deposited.
your staked amount of 3crv is in your gauge and can stay there. the crv rewards will be a different contract you claim from. once you receive the LP tokens then just go to the withdraw page and withdraw normally.
@WormholeOracle I think “being forced” is going to be a perspective anyone can claim as long as we are not providing every option available to withdraw veCRV incentives as. I can “be forced” to take USDC even though I only trust BTC and just want that (as an example).
I like the idea of 3Crv because it’s basically a DRIP from the veCRV that I don’t have to take action with unless I want it in the gauge to earn CRV as well as trading fees. Additionally it doesn’t have the volatility of BTC which as you point out I can always go purchase if I choose using these funds.
Some people want USDT, some want USDC, some want DAI, some want sUSD etc. If we are really going to distribute in stablecoin, I rather just leave distribute in the form of 3pool tokens and let the users decide themselves which USD token they want.
I think this also reduces the pool imbalance because if all the admin fees are swapped for USDC, it would cause an imbalance of USDC in the 3pool.
Would the veCRV boost be automatically applied to the 3CRV once it would have been distributed? I.e no gas consuming operations, to be made on our part.
I also like this outcome
It proves to me that decentralized governance makes better collective moves since I voted DAI but after seeing higher vote for 3CRV did my research and it did change my mind I think 3CRV is a better move to make.
Thank you all for boosting my knowledge.
I’d say governance with a small-ish number of dedicated participants (e.g.: the Curve community) works like a charm. Larger “governments” like the Uniswap governance, on the other hand, are currently a mess. So many people who got the airdrop are just out to artificially boost the token’s value in the short term that it might hurt the protocol (in the short term).
I do support also the proposal that fees are gonna be paid out in LP tokens, since it will increase TVL of curve naturally (and thus increase volume by attracting better swaps) and earn you fees and CRV on your LP tokens.
Just a thought, but I assume they will reside in some account which could be staked. What if that account still earned CRV which would be delegated to the community fund so it’s not going to waste?
3pool tokens are essentially USD though, as they represent a basket of stablecoins each worth 1 USD (in theory). You would then be free to cash-in on those 3pool tokens by withdrawing from the pool to a stablecoin of your choosing.
