AIP - 82: Consolidate protocol holdings into agEUR

Angle Improvement Proposals
1

This is a proposal to consolidate some of the holdings of the protocol into agEUR.

Context

As can be found in the treasury page of our analytics, the protocol controls some tokens in its treasury that are not under the form of stablecoins and that have been earned through various operations across the protocol’s existence.
This includes notably:

  • CRV
  • COMP
  • CVX
  • IDLE
  • FXS
  • 3CRV
  • SDT
  • VELO
  • KNC
  • CAKE
  • SONNE
  • SLIZ

Also this treasury page does not factor in some holdings the protocol has on StakeDAO liquid lockers (including claimable FXS, CRV, SDT, cvxPRISMA as well as sdCRV and sdFXS tokens).
The protocol is now not involved in Curve or Frax votes, and hasn’t been using these tokens to vote under any form for a while.

Proposal

The proposal is for the protocol to use these tokens to buyback agEUR to consolidate the treasury and simplify its management.

Implementation

To implement this proposal, we will simply transfer the tokens mentioned to the guardian multisig for it to take charge of the liquidation of the assets. Acquired agEUR will then be sent back to the governor multisig on mainnet.

Value to the protocol

The aim here is to consolidate the protocol’s treasury and equity into Euro denominated assets to further reduce the exposure of the protocol’s equity to any volatile asset that could lose in value.

Other goal is also to simplify the management of the protocol’s treasury.

3 Likes
2

Fully support the proposal.

2 Likes
3

Hello,

I agree that some cleaning can be done…

However, if we are at the beginning of a bull market, why selling ETH or CRV already ?

Furthermore, is it fair to sell some assets that we have received from some protocols ?

Best,

1 Like
4

Hey! Thanks for the question!
I’m not suggesting to sell ETH here, only non ETH assets.

I don’t think it should be the role of the protocol to engage in any speculative element (it’s going to be at a higher price later).
Here assets were not received from other protocols, rather they were farmed by the protocol with its protocol owned liquidity, or acquired on the market for the CRV.
They were not part of grants (like the OP or the ARB that the protocol controls). So I think it’s valid to think about selling these

1 Like
5

I support the consolidation of non-strategic assets, however I question whether these should be consolidated in agEUR or in Ethereum - bC3M (an asset with implicit profitability)?
With regard specifically to the FXS asset, given Fraxchain’s implementation plan and consequent verticalization of the business, wouldn’t it be potentially profitable to hold the token?

1 Like