Now that the protocol has a gauge on Curve, it is time to think of the best ways to get CRV incentives here.
Following the results of the past Snapshot votes, we have currently been incentivizing the Curve pool directly with ANGLE tokens. From a protocol perspective, it could be more interesting to try getting more CRV rewards on the Curve pool by bribing on Convex voters to allocate a portion of their voting power to the 3EUR Pool.
This has been known to be super cost effective in the past (it won’t maybe remain as effective in the future) but the multiplier effect is still greater than 1: for 1$ of ANGLE invested, we should expect LPs of the pool to receive > 1$ of CRV and CVX rewards. In the past, the multiplier was on average 4x (Llama Airforce).
The next Convex vote will start on the 9th of December and at the same time a round of incentives will start on Votium. The idea would be to use some of the emissions scheduled as part of the liquidity mining program for bribing on Votium. Bribes on Votium are airdropped at the end of the vote (in this case on the 15th or on the 16th), and the vote takes effect on the 15th of December and Convex weights will remain as is till the 29th of December.
Some considerations:
- if we use some of the incentives for the liquidity mining of the week of the 8th of the december for the bribes, then the APR will be decreased during that week and we may see some people leaving the protocol (the sell pressure on the Angle will be reduced)
- given that bribes take place every two weeks, it makes sense to use for the bribes incentives from the week of the 15th to the 22nd to gain more weight. One issue if we do so is that on the 15th, a portion of the rewards that should normally be released during the week would directly be released
What I propose is that given the cost effectiveness of this, instead of keeping the incentives on the Curve pool (which were needed to bootstrap it and get the gauge), we should now switch a big portion of it (if not all of it) to Convex/Votium!
A portion of the rewards of the week of the 8th of December and of the week of the 15th of December should be allocated to Convex.
Happy to hear your thoughts and to see how you would calibrate that, like what % of the emissions should we put on Votium