(p31) agEUR/4eur pool on Curve Polygon


1. First returns on the pool 4eur :

In partnership with Mimo, Jarvis has launched 3 weeks ago on Polygon a factory pool on Curve. This pool is composed of 4 tokens:

  • jEUR (Jarvis)
  • PAR (Mimo)
  • EURT (Stasis)
  • EURT (Tether)

This pool is incentivize with $230k worth of $MIMO, $JRT and $UMA during 60 days. It has now reached over $5 million in TVL and nearly $8 million in volume.

Currently Jarvis spends $1625 in incentives per day on the 4eur pool and earns about $1000 per day in fees, which is less than what Jarvis spends.

Averaged over 60 days, that would be:

  • Costs β†’ $97,500
  • Earnings β†’ $60,000

The actual cost of the incentives would be $37,500.

I would like to remind you that the only purpose of these incentives is to obtain a gauge to be eligible for rewards in $CRV on the pool.

2. agEUR-4eur proposal :

Following this success, Angle, a protocol offering a EURO stablecoin on Ethereum and having recently bridged its EURO stablecoin on Polygon, contacted me to propose a partnership with Jarvis and Mimo.

When I made the public announcement of the potential partnership between Jarvis, Mimo and Angle, many people showed their disappointment about helping Angle, partly because Angle would have taken over one of my proposals. I have to remind you that the crypto ecosystem is an open-source world where anyone can copy the work of others, this can be a disadvantage but it is mostly an advantage. If you think that Angle copied my first proposal, then it means that it was a relevant proposal that can be used in other fields of application in the crypto ecosystem.

Not wanting to partner with Angle would be to conflict with a protocol that we could partner with many times in the future to grow the use of jEUR.

This partnership would result in the creation of an agEUR-4eur pool on Curve Polygon and the implementation of incentives. These incentives would last 90 days.

We decided to target a TVL of 3 million euros minimum. This will allow us to make swaps with large amounts without suffering from significant slippage.

To reach this goal, we determined that we would need $300k in incentives.

I proposed to divide the incentives in 3:

  • 100k$ β†’ Jarvis
  • 100k$ β†’ Mimo
  • 100k$ β†’ Angle

If this proposal is approved, it will result in the creation of a future token named agDEN that will have a lifetime of 90 days. It will be composed of:

  • $ANGLE β†’ Angle
  • $MIMO β†’ Mimo
  • $JRT & $UMA β†’ Jarvis

To ensure the liquidity of the agDEN I propose the creation of a pool agDEN/agEUR-4eur on KyberDMM allowing the purchase and the resale of the token.

These incentives resulting in the creation of a future token named agDEN, I propose the creation of 100 agDEN with the following distribution:

  • 2 $agDEN β†’ initial cash ($6k) (+$6k agEUR-4eur from Jarvis’ cash)
  • 10 $agDEN β†’ incentives on the agDEN/agEUR-4eur pool ($30k)
  • 88 $agDEN β†’ incentives on the agEUR-4eur pool ($264k)

That would be about $2950 per day in rewards on the agEUR/4eur pool in total but a cost to Jarvis of about $1000 per day.

At the end of the incentive program, the initial cash brought in on KyberDMM will be returned to a user in the form of an auction with an NFT created by Jarvis.

Creating and incentivizing this pool would not only increase the number of jEUR in circulation but also allow users to have access to more 100% EURO pools. Because of the existence of several EURO pools on Polygon, the creation of this pool could bring more volumes but also more arbitrages between the pools. The incentives could therefore become profitable for Jarvis in the long run.

However creating this pool and incentivizing it is not the final goal of this proposal. We would like (when possible) to apply through the governance for a gauge, allowing us to be eligible for rewards in $CRV on this pool.

To make this request to Curve governance, the factory pool must have a TVL of at least $3 million. If we get this gauge we can then bribe (buy votes from $veCRV and $vlCVX holders) this pool to get $CRV rewards.

If this proposal is accepted and we get a gauge on this pool, I will re-propose in the next few weeks to determine the amount of the bribes.

There is only one problem at the moment, proposal 28 introduced the restriction that unaudited tokens cannot be used. This proposal as well as proposal 18 uses EURT, so I have published a proposal to whitelist EURT available here:

I will only publish the snapshot for proposal 31 if proposal 32 is validated by the governance.

3. Proposition :

Should we create an agEUR-4eur factory pool on Curve Polygon in partnership with Mimo and Angle and then incentivize it with $100k of $JRT and $UMA with the goal of getting $3 million of TVL to get a gauge and bribe this pool?

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