In this latest transmission, we look at: A-Team & Conic Finance Spaces, Latest Liquidity Allocation Votes (LAVs) results, Beefy Zaps and Conic Joins Napier’s Endgame.
The A-Team & Conic Finance Spaces
The official media channel for AladdinDAO hosted a spaces on 13th of March, with Conic Council Member representatives 0xPims and Robo-Odin, unfortunately due to technical errors it was re-scheduled and took place on the 20th.
The spaces ran for a little over an hour, and had both Pims and Robo giving the initial Conic elevator pitch, then expanding into how Conic fundamentally changes the direction of liquidity.
It’s a great listen, and we highly recommend you check out the recording in the link attached above.
As for a couple of tidbits of alpha that was discussed that we’re particularly excited about—take note these items have been hinted at by the team (things they’re currently considering for their roadmap);
An wstETH Omnipool, which will enables Conic LPs to earn multiple points via a single LP token while providing exposure to multiple LRTs.
A Volatile ETH Omnipool, any Curve pool paired with ETH can be whitelisted.
Governance upgrade where LAVs will control CNC inflation as well.
A CONETH: ETH backed stable coin, which will enable unique yield profiles as well as gas optimizations for smaller LPs—which should make deposits alot cheaper.
All of the above are superb directions for Conic to explore, we’re particularly fond of the CONETH:ETH stablecoin and can’t wait to hear more about it.
Latest LAV Results
The latest LAV went live on March 14th and concluded on March 19th. The newest distribution of each of the pools is as follows:
crvUSD POOL
USDT+crvUSD — 40.81%
USDC+crvUSD — 40.57%
FRAX+crvUSD — 18.63%
ETH POOL
ETH+stETH (ng) — 36.06%
ETH+stETH — 30.79%
WETH+frxETH — 23.85%
ETH+frxETH — 9.29%
USDC POOL
USDC+crvUSD — 36.92%
PYUSD+USDC — 28.32%
DAI+USDC+USDT — 16.43%
FRAX+USDC — 18.33%
USDT POOL
USDT+crvUSD — 63.21%
DAI+USDC+USDT — 26.76%
DAI+USDC+USDT+sUSD — 10.04%
FRAX POOL
FRAX+sDAI — 42.70%
FRAX+USDC — 29.68%
FRAX+PYUSD — 27.62%
The latest LAV shows that the biggest gainer was ETH+stETH (ng) in the ETH pool, netting 900bps, up from 27% in the previous vote. In the USDC pool, PYUSD had the largest drop down -7.97% from the previous LAV.
We also saw two CAP proposals and subsequent votes raised by the team, to remove both DAI+USDC+USDT+sUSD from the USDT Omnipool and FRAX+crvUSD from the crvUSD Omnipool.
The votes went live on the 19th of March and had passed by the vote conclusion on the 22nd.
The rational for removing both the pools was due to the security measure of requiring at least $10m, which is to ensure sufficient liquidity in extreme events such as a coin depegging. There has also been less APR in the FRAX+crvUSD Omnipool and therefore was lacking demand.
Additionally, the DAI+USDC+USDT+sUSD removal proposal was to reduce gas costs for deposits and withdrawals and increase APR of the other pools.
Beefy Zaps
On the 18th, Beefy announced three new 1-click Zap Conic Finance vaults on their protocol, including crvUSD, USDC, and ETH. For those that don’t know Beefy is a Decentralized, Multichain Yield Optimizer that allows its users to earn compound interest on their crypto holdings.
These vaults are Beefy’s main offering; they automatically increase a user’s deposited token by compounding reward tokens into the initially deposited asset. Despite being called vaults, the user’s funds are never locked in any contract on Beefy, and they can withdraw at any time.
The new three vaults have juicy APYs ranging from 25% to 35%. You can find them via their app, which we’ve linked above.
Conic Joins Napier’s Endgame
Napier Finance announced today that Conic is joining its Llama Race, marking a significant step for the Curve ecosystem.
Both vICNC holders and crvUSD Omnipool LPT holders who hold at least 4300 vlCNC or 2 ETH equivalent portfolio values will be eligible for the airdrop. The snapshot will be on March 26, 2024, at 10 a.m. (UTC).
Coneheads can check their eligibility for Napier points using the link above once it’s live. Napier has made a call for all llamas to gather for the endgame event but has expressed caution as scammers/phishing links are rife in the space, so please all stay safe and confirm links before clicking anything in the coming weeks as Napier Finance is yet to launch an app or token.