[CAP] - Whitelist crvUSD for the USDC and USDT Omnipools

TL/DR: Whitelist crvUSD to allow CNC holders to vote for exposure to this pool during the Liquidity Allocation Votes [LAV] for the USDC and USDT omnipools.

Curve and $crvUSD

Curve Finance is the leading decentralized finance platform. crvUSD is a decentralized stablecoin administered by the Curve DAO and pays fees to veCRV stakers.

crvUSD Peg Mechanism

The peg of crvUSD is reinforced by four Peg Keeper pools. The balances within these pools inform the crvUSD price and borrow rate. When these pools are overbalanced with crvUSD, the borrowing rate rises to encourage repayment, and when the pools are underbalanced the borrowing rate falls.

Conic $crvUSD Omnipools

Conic has become the leading destination for $crvUSD, with $34MM of the $43MM market cap in its crvUSD omnipool. The omnipool farms the crvUSD within the four Peg Keeper pools, which is delivering a 13% APR at present, beating the peak $crvUSD borrow rate of 10%. The success of Conic Finance’s omnipools is pushing up borrow weights by overweighting the Peg Keeper pools and causing a great imbalance in The Force.

Whitelisting the USDC/crvUSD and USDT/crvUSD Pools

We propose to introduce USDC/crvUSD and USDT/crvUSD voting options during an upcoming Liquidity Allocation Vote (LAV). This would benefit the Conic ecosystem by increasing the yields on the USDC and USDT omnipools, thanks to the CRV liquidity rewards being directed to these Peg Keeper pools. This could also benefit crvUSD by providing downward pressure on the borrowing rate, possibly spurring the growth of the ecosystem.


After consultation with the Conic Finance team, this proposal is to whitelist crvUSD via a CAP for both the USDC and USDT Omnipools. An omnipool specific snapshot vote may be required to whitelist these assets for LAV.


Great proposal, @fiddy. In favour of whitelisting crvUSD for both pools :+1:


crvUSD has been doing very well since its launch and both proposed pools have a high enough TVL for Conic’s needs, so I support this proposal.


bullish on dev support!
this might also help to boost the TVL of the usdt omnipool :eyes:

Big supporter of this proposal. As @fiddy pointed out, operating on both sides (opposed to just one) could potentially really benefit the growth of crvUSD. Curious to see how this will play out!

1 Like