UST Goes Interchain: Degen Strats Part Three

I may have to go over docs. UST in community pool is somehow not minted UST? Moving it affects Luna supply so should be converted to Luna and back? I thought if UST is minted, and exists, it had already affected Luna as it is in order to exist as UST in the first place, and can freely move or not move without affecting Luna unless burned?

Hey @FaeLightCarmenum the UST withdraw from the community pool already exists there from this prop: Burn Pre-Col5 Community Pool, thus we will not be flooding the Luna supply at all.

From this prop the $425k UST will be used to buy Luna on Astroport (buy pressure on an AMM which means NO Luna supply increase) for gOHM incentives. Further the $18m UST that is to be swapped to Luna (also on Astroport) for Convex incentives will occur in $1.5m batches every 2 weeks over 6 months before each Curve gauge vote. The rest of the funds requested will remain in UST.

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Cool, thanks for the info / clarification.

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Hey @zon just wanted to say thank you for putting this proposal together, I think its a very sound approach.

One thing I would change here to make the proposal a lot more efficient is to shift all the incentives in curve wars into UST-3CRV.

One more thing, I would also go more aggressive with and bring bribes close to $7m per epoch, emulating Frax’s strategy. For every $1 paid in bribes, LPs are getting $2.7 worth of emissions according to Llama Airforce. The Terra community pool owns $250m out of $387m of the liquidity in the UST-Wormhole pool. Back of the napkin math, it makes sense to max out bribes as long as the $ of emissions / $1 bribed is more than $1.7. This will significantly accelerate our objective in terms of accumulating CVX and strengthening our foothold in the Curve and Convex wars.

As a cherry on top, now that we have 660,000 vlCVX worth of voting power (source: DAO CVX Leaderboard), this would make our bribes EVEN more capital efficient as a lot of the LUNA bribes that go out to vlCVX voters will come back to us (as we’ll be voting for UST-WORMHOLE). Haven’t done a deep calculation here but this means we can keep recycling the bribes for next rounds. Also worth noting that this capital efficiency will also get better and better as we farm and lock more CVX.

Otherwise - this is a fantastic proposal, curious to know what the community thinks.

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Fantastic idea!

today’s gOHM (~$8k) doesn’t look as great as 11d ago (~$18.5k)

@JeremyDelphi @zon thanks for leading the curve wars on ETH!

  1. No doubt we should keep recycling the $LUNA bribes that is coming back to us.
  2. I also think we should keep accumulating the $CVX we earned through the UST-WORMHOLE LP.
  3. As for cvxCRV, what are we doing with that? Should we swap them for more CVX or are we staking it on Convex? Or are we suggesting to sell them for $UST and add them into UST-WORMHOLE LP?

We should also push Wormhole to release their audit report, and get the Frax-UST gauge up for vote again.

I fucking love these proposals @zon and the transparency expectations are new and welcome. Thank you for all the time you put into writing these, and to the whole team!

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What about Fantom? FRAX is already doing bribes there. They are incentivizing FTM/FRAX liquidity by bribing Liquid Driver (LQDR). FRAX is also accumulating LQDR similar to how they were early to CVX.

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maybe the first step is getting the FTM-UST Pool on Spooky and Spirit going first and then moved into LQDR with a stablecoin pair with MIM/FRAX? @zon what’s our strategy/your thoughts on Solana, Fantom and Avalanche, will we see similar close the loop strategy where we own big portion of the UST LP and we keep recycling the rewards?

Liquidity Mining Proposal #3: Incentives for UST Adoption on Avalanche, Fantom, and Moonbeam

Hey -

I’ve been talking directly with the SpiritSwap, SpookySwap, Beethoven x, and Liquid Driver teams. We’ll be working with the DEXes to set up and incentivize FTM-UST pools once the Axelar bridge comes goes live (sometime this week)

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thanks for the update @Sihyeok - Just curious, what’s the background behind Axelar bridge, I mean we have wormhole to ETH and Sol; Allbridge to Aurora; now Axelar to FTM.

Update Jan 23rd

100m UST Deposited in Tokemak: Ethereum Transaction Hash (Txhash) Details | Etherscan

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but the proposal above says $50m?

please read the proposal again and note the edits that were made long before the vote was conducted

Update Jan 26th

  • 250k UST Bonded with Invictus: Solscan

To date Invictus has sucked in $1,474,057 of UST, $625,976 of FRAX, and $289,835 of UST-FRAX LP

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Update Jan 31st

Roughly 2.5m in UST has been sucked into the OlympusDAO Treasury so far…

Update Feb 2

Update Feb 28

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Update Mar 16

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