Summary
As part of our reinstatement of the Convex Fed and our continued efforts to reduce INV emissions, the TWG is requesting an allowance refresh for the following tokens: $CRV, $CRX, $INV, $USDC.
CRV and CVX
Our recent TWG allowance refresh approved allowance of 100,000 $CRV and 10,000 $CVX. The allowances for these tokens have been quickly depleted due to the reinstatement and rapid scaling of the Convex Fed. These emissions tokens, once harvested by the TWG, are recycled into bribes in the Curve ecosystem to secure DOLA TVL activating a flywheel for the DAO. This strategy of recycling CRV and CVX allows us to cut back INV token emissions and restore value to the governance token. In order to accommodate a growing Convex Fed for the coming months, we ask allowances be refreshed to 1,000,000 $CRV and 100,000 $CVX.
INV
TWG requests a replenishment INV allowance of 12,000 $INV, as currently only ~3,890 $INV allowance remains. Although $INV expenditure has been reduced according to terms set forward in Proposal #78, $DOLA liquidity is still dependent on $INV token bribes as we work towards our goal of reducing and ultimately eliminating $INV emissions. The TWG continues to adapt and seek the most capital efficient use of $INV for securing $DOLA liquidity depth. Most recently the TWG has found success with Convex Votium, Stakedao Votemarket, Paladin Warden, Redacted Hidden Hand and continues to seek new more capital efficient systems.
USDC
TWG requests an allowance of $USDC to store these assets in the Inverse Finance Treasury. Currently 724,319 $USDC Tokens sit in the TWG wallet. This allowance allows the TWG the flexibility to pull and manage this $USDC freely while securing it in the Treasury when not in use. TWG is requesting an allowance of 5,000,000 $USDC for this purpose. Although allowances seem high as outlined in previous allowance proposals, moving these funds in and out of the treasury a few times burns up much of this allowance.
Allowance Request Actions
TWG is requesting the following allowances to continue to manage and grow DOLA liquidity:
- Approve allowance of 1,000,000 $CRV to the TWG Multisig
- Approve allowance of 100,000 $CVX to the TWG Multisig
- Approve allowance of 12,000 $INV to the TWG Multisig
- Approve allowance of 5,000,000 $USDC to the TWG Multisig